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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. The shares trade on the Austalian ASX and the London AIM market. Bullabulling Gold is the 100% owner of a large previously producing mine...Read more
Bullabulling Gold confirms potential for significant resource expansion at Bullabulling projectJune 06 2012, 9:10am
Bullabulling Gold (LON:BGL, ASX:BAB) reported that 3D data and geological modelling provided “clear evidence” that the 3.4 million ounce resource at the Bullabulling gold project could be significantly expanded.
The company has now integrated all geophysical data for the broader project area with 2D geological interpretation, structure and geochemical data to build a 3D geographic information system (GIS) model.
The modelling supports the potential to significantly increase the gold inventory at Bullabulling and satellite deposits.
The company said the eastern limb of the Bullabulling anticline has the potential to replicate the existing resource and that structural features prospective for higher grade mineralisation have been identified beneath the current deposit.
Preliminary analysis has identified eight exploration targets with five at Bullabulling, two at the Gibraltar area and one at Geko.
Bullabulling is currently developing a diamond drilling and seismic data acquisition programmes to test these targets and collect data to further improve the 3D geological interpretation.
“The culmination of several months' work on this project has delivered a breakthrough in relation to the understanding of gold mineralisation in the Bullabulling region,” said managing director of Bullabulling Gold Brett Lambert.
“This greatly enhances potential to expand the company's resource base, which will be pursued in parallel with work currently underway to bring the Bullabulling Gold Project into production.”
Investors welcomed the update, sending shares in Bullabulling rose two percent to 13 pence by 8:45 am, valuing the group at £37.6 million.