www.bullabullinggold.com
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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...
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Bullabulling Gold restarts drilling at Bullabulling project, shares surge
July 03 2012, 8:46am
Bullabulling Gold (LON:BGL, ASX:BAB) rallied this morning after announcing the restart of drilling at its flagship Bullabulling Gold project in Australia.
The 26 hole programme should take six weeks to complete with final assays expected by the end of August, enabling the company to update the resource model to complete final mine design and scheduling.
The holes are principally targeting two zones to obtain information to finalise open pit designs for the ongoing pre-feasibility study, which is progressing well and remains on track to be completed before the end of the year. Meanwhile, guidance on capital and operating cost estimates are expected to be released in September.
Bullabulling added that this work is expected to lead to a further “modest” expansion of the existing 3.4 million ounce resource.
Drilling will test an area of the Bacchus prospect, where prior work intercepted mineralisation within or immediately adjacent to the current open pit. However, current hole density is insufficient for resource definition.
The results of the holes planned within the area will enable detailed pit designs to be finalized and all significant mineralisation captured to be included in the mining inventory.
The programme will also test a largely un-drilled section between the Hobbit and Dickson’s prospects.
The area is traversed by the Great Eastern Highway, however, the company said that if drill results show continuity of mineralisation, the highway could be realigned to open up more of the Bullabulling trend for exploration and potential mining.
In the meantime, Bullabulling is evaluating the integration of the Gibraltar project, where a resource update is expected this month, into the prefeasibility study as a satellite ore source.
The company also holds an option to acquire the Geko gold project and include it in the study, which can be exercised until July 6.
Shares in Bullabulling climbed five percent to 12.75 pence per share by 8:30am, giving the company a market cap of £36.85 million.
