HomeGoldVentersburg will be Gold One's next flagship project

Ventersburg will be Gold One’s next flagship project

The portal at Gold
One’s flagship Modder
East mine
Johannesburg, South Africa — MININGREVIEW.COM — 28 May 2010 – Gold One International – a combination of South African gold development company Aflease Gold Limited and Australian gold exploration and development company BMA Gold Limited – firmly believes that its Ventersburg project in the Free State will be the company’s next flagship project.

Making this prediction in a statement released here, Gold One president and CEO Neal Froneman said that with the drilling campaign continuing, the Ventersburg resource was continuing to meet and exceed expectations. “In the interim, our focus continues to be the production ramp-up at the Modder East mine, while finalising the components of our new debt facility, which is progressing well,” he added.

The statement revealed that Gold One had been granted further prospecting rights which brought the total Ventersburg prospecting area to 135 sq km, and that its A-Reef horizon, which formed the primary gold target, extended from a depth of 400m to 1 000m below surface at an average dip of 17 degrees to the northwest.

“The shallow nature of the reef is in line with Gold One’s corporate strategy of developing and mining shallow, high margin, low-risk assets,” it said.

The statement went on to say that the company was currently conducting a drilling campaign aimed at updating the existing JORC-compliant resource, which currently consisted of an indicated resource of 8.73Mt at an average grade of 5.12 g/t gold containing 1.44Moz of gold, plus an additional 13.48Mt yielding about1.84Moz in the inferred category.

“Updated resources will be incorporated into a pre-feasibility study being undertaken by Gold One at Ventersburg, which follows a positive scoping study, the results of which were announced in April 2010,” the statement said.