Perth, Australia — MININGREVIEW.COM — 12 February, 2008 – Moto Goldmines Limited – a gold exploration and development company listed on the Toronto Stock Exchange and the AIM in London – hopes to establish a high-grade underground mine as part of the Moto gold project in north-eastern Democratic Republic of Congo (DRC).
A company news release issued here reports a substantial 47% increase in indicated mineral resources at the Moto gold project, which is a joint venture between Moto and L’Office des Mines d’Or de Kilo-Moto (OKIMO), the state-owned DRC gold mining company.
This increase demonstrates the robustness of previous mineral resource estimates and further adds to the project’s significant potential for an underground gold mine. The revised mineral resource estimate was independently undertaken by Cube Consulting Pty Ltd., using additional drilling information acquired during the period February to December 2007.
Drilling activities during this period were focused on the definition of high grade lodes within the Karagba-Chauffeur-Durba (KCD) mineralisation system, which has been identified as having significant potential for extraction by underground methods.
Given the strength of these revised estimates, says the news release, Moto – in conjunction with OKIMO – intends accelerating its information gathering to further develop understanding of the
extent of the KCD mineralisation system. This will enable the company to assess the viability of incorporating a high grade underground mine to the existing scope of the project, it adds.
Global mineral resources for the overall project, above a 1.0 g/t Au reporting cut-off, are now
estimated to be:
- Indicated mineral resources – 95.3 Mt @ 3.4 g/t for 10.3 Moz Au
- Inferred mineral resources – 96.5 Mt @ 3.6 g/t for 11.3 Moz Au
The new estimates also demonstrated growth of the mineral resource in both the upper and lower areas of the KCD mineralisation system. Highlights of these estimates include:
- An 87% increase in contained gold for KCD system’s indicated mineral resource
- A 49% tonnage increase in the indicated mineral resource of the KCD system
- A25% grade increase in the indicated mineral resource of the KCD system, and
- The continuation of very high conversion rates to indicated mineral resources of material previously classified as an inferred mineral resource.