www.bullabullinggold.com
Bullabulling Gold Limited is an Australian and UK publicly quoted mining exploration company headquartered in Perth, Western Australia. The Company is the successor entity of GGG Resources plc.
Bullabulling Gold is the 50% owner of a large previously producing mine called Bullabulling. We will acquire the remaining 50% interest in the project under an Australian court approved scheme in April 2012, subject to shareholder and final court approval.
Located in the goldfields of Western Australia, Bullabulling is within easy commuting distance of the main gold mining centre of Kalgoorlie which is less than 80kms away on the main Perth Kalgoorlie highway. The project straddles the main highway with mains power and water running through it.
The company has presently 170 million shares in issue which will rise to circa 290 million shares once Bullabulling Gold Limited acquires the remaining 50% interest in the project.
GGG completes phase II infill programme at Bullabulling
Australia–focused gold explorer GGG Resources (LON:GGG. ASX:GGB) has completed the Phase II infilling drill programme at the Bullabulling gold project near Kalgoorlie.
Assays are expected in between four to six weeks' time with resource estimation work to be completed once all the results are received, GGG said, adding that drill results so far show that 99 per cent of the drill holes intersect gold mineralisation.
Drilling will now focus on exploration at the Gibraltar resource and along strike to the south along the Bullabulling Trend, GGG added.
The phase II programme focused on infilling of the areas between the Phoenix and Bonecrusher pits and saw 425 holes drilled for a total of 74,452m.
The work was at a spacing that will allow for a substantial portion of the 1.9 million ounces of Inferred resources at the project to be reclassified as Indicated resources.
Bullabulling currently has a JORC compliant resource of 2.6 million ounces of which 711,000 ounces are in the Indicated category.
2D seismic and aero-magnetic data acquisition has also been completed over the entire Bullabulling Trend and gravity data will now be acquired to build a 3D model of the trend.
GGG and its partner in the project Auzex agreed last year to merge and put Bullabulling into a new joint venture company.
Shareholders ratified the move last week and the new company, called Bullabulling Gold, will start trading on AIM and on March 2 and in Australia on March 10.
Auzex and GGG shareholders will each own 50 per cent, while Bullabulling Gold will have a new independent board of directors and a unified management team, with a sole focus on the development of Bullabulling.
Last month, independent broker Northland Capital Partners noted that recoveries at Bullabulling are expected to exceed 90 per cent for grades above 0.6 grams per tonne of gold.
The broker added: “The Bullabulling gold project is continuing to develop with positive results. The gold deposit based in Western Australia is continuing phase two of its drilling-campaign which has defined areas of high grade within a larger low grade open pittable resource. The metallurgical study has shown that the ore is neither hard nor abrasive because of the lack of quartz associated with the mineralisation, and as a result should reduce operating costs.”
The Bullabulling prospect is a large tonnage, low grade deposit with high grade shoots located near Coolgardie and approximately 65km south-west of the big mining town of Kalgoorlie, Western Australia.
Bullabulling has been previously mined, producing about 371,000 ounces of gold in the 1990s.
The current programme focuses on the 6km portion of the shear zone known as the Bullabulling Trend where previous operations were concentrated.
