Harmony Gold has announced a positive maiden mineral resource estimate for its Kili Teke copper-gold mine in Paua New Guinea. This is the start to developing a major new mine, further enhancing the value of Harmony’s copper-gold portfolio in Papua New Guinea.
The maiden resource consists of 506 000 t of copper, 1.2 Moz of gold and 22 000 t of molybdenum.
The mineral resource comprises 128 Mt at 0.4 % copper, 0.3 g/t gold, 170 ppm molybdenum and was completed in accordance with the guidelines of the SAMREC and JORC (2012 edition) codes,
The discovery is the first porphyry copper-gold deposit in the region since the early 1990s.
Classified as inferred, the resource has been defined over a 600 m long, 300 m wide and 400 m deep zone. Mineralisation remains open at depth and along strike with new significant drill intercepts at depth below the resource area.
Still to be included in the modelling is high grade zones of copper-gold skarn mineralisation, according to the company.
The resource is, at this stage, constrained only by the drill density and limits of the drill pattern.
Initial positive scope parameters confirmed by Harmony Gold include confirmation that mineralisation extends to the surface of the area and that open pit mining techniques can be employed on the site.
“This initial inferred mineral resource estimate for Kili Teke of 4 Moz of gold equivalent represents an extremely positive outcome from the early stage drilling at Kili Teke,” comments Harmony CEO Graham Briggs.
“Additional significant drill intercepts have already been obtained at depth below and along strike. The declaration of a maiden resource is step one in growing a magnificent resource base – one which is wholly owned by Harmony.”
“Our exploration discovery cost is less than US$10 per gold ounce equivalent – one of the lowest world-wide. We are thrilled at the prospect of turning Kili Teke into a major new deposit, further enhancing the value of our world class copper-gold portfolio in Papua New Guinea.”