Monday, 31st July 2006 (2816 views)

Ballarat Goldfields (BGF) has reported that its total mineral resources of gold have grown rapidly.

According to a statement released by BGF, resources at the company's Ballarat East site have reached 1.4 million ounces from a starting point of 0.3 million ounces.

This total comprises of estimates of indicated mineral resources and inferred mineral resources.

The company's forecast has been bolstered by 18 months of drilling work, much of which has produced promising results.

Higher grade gold values have been found at greater depths, a new fault structure has been identified which is thought to have to have significantly influenced the mineralistion of high grade gold on site, and a greater understanding of the site's underlying structure has been achieved.

The data collected by the survey indicated that up to 50 per cent of the gold at the Ballarat East site is very coarse gold. The company assumed a very coarse gold content of 25 per cent when computing these results.

The company's managing director, Mr Laufmann, commented; "The discovery of high grades near the Blue Whale fault is extremely significant for us...Further discoveries like this one would have a huge positive impact on the project."

 

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