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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 ups Gibraltar resource estimate by 10 pctJuly 11 2012, 7:24am
Gibraltar lies five kilometres from the firm's flagship Bullabulling project and management believes there is potential to expand resources here at depth and in untested areas.
The JORC compliant estimate for the wholly owned Gibraltar project in Australia now stands at 4.8 million tonnes at a grade of 1.15 g/t for 177,500 ounces of contained gold.
"The company intends to evaluate the mining of Gibraltar as a satellite mine to Bullabulling as part of the prefeasibility study currently underway," it told investors in a statement today.
Although the deposit is generally deeper than Bullabulling the higher average grade may mean it will make an attractive source of mill feed in the early years of mining, it added.
Previous mining at Gibraltar included heap leaching of around 1.6 million tonnes of overlying laterite grading 1.5 g/t.
In the 1980s, open pit mining extracted 0.34 million tonnes of primary ore with an average grade of 1.57 g/t.
In the whole Bullabulling area, the company's resources now total around 3.4 million ounces.
Earlier this month, the company announced the restart of drilling at the Bullabulling 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.