Increases in Mineral Resources were achieved via exploration drilling and resource additions at Ramelius' Eridanus, Galaxy and
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Mineral Resource Commentary
Mt Magnet is comprised of numerous gold deposits contained within a contiguous tenement holding, located within an 8km radius of the Checkers processing facility. Ramelius has operated the project continuously since 2012. Current and recent mining operations include the Eridanus,
It is located 130km north of Southern Cross and ore is hauled and milled at Edna May. All deposits reported in this update have been depleted for mining during the 2021 financial year. Continued exploration, resource definition and grade control drilling has delivered increases to resources and reserves for many of the deposits including Eridanus, Galaxy,
The Penny project was acquired via the takeover of Spectrum Metals in early 2020.
Sampling has been via riffle or cone splitters (RC) or by sawn half core. Assay is carried out by commercial laboratories and accompanied by appropriate QAQC samples. Generally a substantial proportion of drill data is historic in nature or gathered by previous owners, however Ramelius has added significant further drilling for all deposits, especially those forming Ore Reserves. Mineralisation has been modelled via cross-sectional interpretations using deposit appropriate lower cut-off grade envelopes and geological interpretations. Geological understanding has formed the basis of all ore interpretations and is generated prior to grade interpretations. Ore domain interpretations have then been wireframed using geological software, including
Modelling has been undertaken with recognition of the probable mining method and minimum mining widths and the resource classifications reflect drillhole spacing, data quality, geological and grade continuity. Density information for fresh rock is generally well established and new measurements have frequently been obtained. Nearly all deposits listed, with the exceptions of Tampia and Symes, have had some degree of recent production or historic mining. Resources are reported using cut-offs approximating an
Ore Reserve Commentary
All Ore Reserves have been estimated from Measured and Indicated Resources only. All current pit and underground operations were depleted to
FORWARD LOOKING STATEMENTS
This report contains forward looking statements. The forward looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns.
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