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MacPhersons Resources managing director acquires shares on market

Published: 18:30 07 Oct 2014 BST

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MacPhersons Resources (ASX:MRP) managing director Morrie Goodz has acquired 142,600 shares in the company in an on market purchase.

He paid $19,964, or an average of $0.14 each, for the shares, bringing his total holding up to 4,142,600 shares.

The company is currently carrying out infill and extensional drilling at its Nimbus silver-zinc-gold project in Western Australia to support the final Bankable Feasibility Study.

This will increase mine life and boost Nimbus economics, enabling project finance to be secured on more attractive terms.

Production at Nimbus could begin as early as the September Quarter, 2016.

Drilling, which is focused on depth and strike extensions at both the Nimbus and Boorara projects, has already intersected new gold-bearing mineralisation including 18 metres at 227g/t Ag-Eq and 26.7 metres at 212g/t Ag-Eq.

MacPhersons had recently raised $8.8 million to fully fund the BFS and received the remaining approval to restart mining at the project.

Nimbus currently has an Ore Reserve of 12.37 million ounces silver equivalent (Ag-Eq) consisting of 8.3 million ounces of silver, 44,000 tonnes of zinc and 4,800 ounces of gold.

This includes an underground Ore Reserve of 6.43 million ounces Ag-Eq while excluding additional blocks of 0.86 million tonnes 260g/t Ag-Eq due to ongoing geotechnical study and in-fill drilling.

The project was operated between 2003 and 2007, processing 319,000 tonnes at an average head grade of 352g/t silver to produce 3.6 million ounces.



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