PO Box 10977
109 Maritana Street
Kalgoorlie WA 6430
T +61 (0) 8 9068 1300
F +61 (0) 8 9068 1310
E info@mrpresources.com.au
ABN 98 139 357 967
Board of DirectorsAshok Parekh Chairman - Executive Director
Morrie Goodz Managing Director - Executive Director
Jeff Williams
Non-Executive Director
Peter Rozenauers
Non-Executive Director
ASX Announcement 19 January 2015
Drilling completed, new gold mineralisation at Nimbus and feasibility study update
MacPhersons Resources (ASX: MRP) is pleased to advise that drilling at its Nimbus project near Kalgoorlie has continued to intersect silver-zinc-gold mineralisation outside the planned stoping designs, paving the way for an increase in resources and reserves.
MacPhersons has now completed the drilling programs at Nimbus and has commenced resource modelling of the Nimbus silver-zinc and Boorara gold zones to complete the inputs for the Definitive Feasibility Study (DFS).
Furthermore recent drilling has identified a new mineralisation zone which is a gold-rich sulphide zone located only 80m south of the Nimbus East Pit (see Figure 2) with the new intersections being:
10.0m @ 4.10 g/t gold, 194 g/t silver and 1.94% zinc in NBRC167 from
122m depth;
• Incl 2m @ 8.22 g/t gold, 245 g/t silver and 2.97% zinc from 122m;
• Incl 3m @ 5.23 g/t gold, 102 g/t silver and 2.16% zinc from 126m;
3.0m @ 5.12 g/t gold, 64 g/t silver and 1.84% zinc in NBRC167 from
141m depth;
Between these 2 zones is:
2.0m @ 197 g/t silver in NBRC167 from 137m depth;
This new mineralisation is only 100m south and 50m deeper than the gold-rich zone reported in NBRC157 on 19 November 2014:
8.0m @ 3.05 g/t gold and 326 g/t silver in NBRC157 from 70m depth;
1.0m @ 6.58 g/t gold and 761 g/t silver in NBRC157 from 89m depth;
Drilling at Nimbus has now been completed and resource modelling has commenced. The final assays for Nimbus will be received by early February and the resource modelling will be completed independently by CSA Global Consultants in March 2015.
CSA Global have commenced the resource modelling of the Boorara gold zone and this will be completed in February. Upon completion of the mineral resource statements the new mine designs and ore reserve statements will be released in March-April and these will be the final inputs into the Definitive Feasibility Study (DFS) which is on schedule to be completed by June 2015.
The overall project economics of the Nimbus project remain robust in light of recent increases in the metal prices along with the falling value of the Australian dollar, and especially with the recent gold-rich zones being defined in the southern extensions.
ASX - MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update - 19 January 2015
Success in growing the Nimbus inventory sufficiently to extend the project's forecast mine life beyond 5.5 years, along with reductions in mining and processing costs, will continue deliver significant benefits to the project's overall economics, including shareholder returns.
Managing Director, Mr Morrie Goodz said "the new gold zone at Nimbus combined with additional gold mineralisation at
Boorara will add significant to the project scope in light of recent positive increases in the gold price."
CSA Global are completing independent models which will enhance the resource and reserve updates and form the final inputs into the feasibility studies due for completion in Q2 2015."
"The recent drilling has emphasised more gold-bearing intersections will continue to deliver additional value to the silver- zinc mineralisation as evidenced now by the new mineralisation in NBRC167 which is 100m south of the NBRC157 intersections reported in November".
"We continue to identify that the upside at Nimbus is substantial and therefore we remain highly confident that the mine life could be extended significantly beyond the current five-and-a-half-year plan," he said.
Figure 1 - Nimbus silver-zinc-gold mine located 10km east of the Kalgoorlie Super Pit showing the current drilling program focused on adding additional extensions to the existing mine design. Continued successful drilling would add significant inventory to the current 5.5 year mine life of the Nimbus project.2 / 8
ASX- MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update- 19 January 2015
Figure 2 - Nimbus' new gold-rich intersections reported in this announcement (NBRC167) located 1OOm south of the East Pit. The results offurther drilling in this area are expected in February and the resource modelling will be completed in March 2015. old-Silver-Zinc Mineralisation Discovered in November 2014 New Gold-Silver-Zinc MineralisationASX - MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update - 19 January 2015
Table 1 - JORC Table 1 sections 1 and 2 are unchanged from the ASX release dated 19th November 2014. JORC Table 1 Sections 3 and 4 are unchanged from the ASX release dated 8th August 2014. A full mineral resource and ore reserve update is scheduled for (Q1-Q2 2015).
Table 2 - Details of drillhole locations of RC exploration holes completed to date (NBGT005 was a geotech design diamond drillhole for the proposed decline portal from the base of the East Pit).4 / 8
ASX - MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update - 19 January 2015
NBRC231 | 370568.11 | 6593282.67 | 395.39 | 210 | 35 | -60 |
NBRC233 | 370542.36 | 6592962.28 | 398.00 | 228 | 35 | -55 |
NBRC234 | 370718.73 | 6592946.69 | 400.62 | 258 | 35 | -60 |
NBRC235 | 371125.94 | 6593005.67 | 398.97 | 216 | 215 | -60 |
NBRC236 | 370694.00 | 6592868.40 | 398.00 | 402 | 35 | -60 |
NBRC237 | 370630.00 | 6592894.00 | 400.00 | 400 | 35 | -60 |
NBRC238 | 370736.00 | 6592839.98 | 400.82 | 444 | 25 | -60 |
NBRC239 | 370777.32 | 6592810.11 | 401.38 | 360 | 20 | -60 |
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Table 2 - Continued.ASX - MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update - 19 January 2015
Hole_ID | Easting | Northing | RL | Length | Azimuth | Dip |
NBRC240 | 370814.71 | 6592778.95 | 401.75 | 396 | 20 | -55 |
NBRC241 | 370937.48 | 6592776.18 | 403.02 | 378 | 20 | -55 |
NBRC242 | 370890.03 | 6592804.66 | 403.47 | 400 | 20 | -55 |
NBRC243 | 370755.57 | 6592911.70 | 401.66 | 438 | 20 | -55 |
NBRC244 | 370884.84 | 6592835.62 | 403.90 | 390 | 20 | -55 |
NBRC245 | 370975.61 | 6592752.70 | 401.90 | 366 | 20 | -55 |
NBRC246 | 370932.33 | 6592809.90 | 403.21 | 323 | 20 | -55 |
NBRC247 | 370805.19 | 6592813.83 | 401.73 | 474 | 20 | -55 |
NBRC248 | 370906.85 | 6592866.41 | 403.00 | 168 | 20 | -55 |
NBRC248A | 370907.85 | 6592867.41 | 403.00 | 231 | 20 | -55 |
NBRC249 | 370793.77 | 6592907.89 | 402.68 | 360 | 20 | -55 |
NBRC250 | 370958.82 | 6592855.94 | 402.11 | 360 | 20 | -55 |
NBRC251 | 371015.73 | 6592710.60 | 401.63 | 372 | 20 | -55 |
NBRC252 | 370945.68 | 6592739.67 | 401.64 | 396 | 20 | -55 |
NBRC253 | 370900.90 | 6592771.25 | 402.87 | 432 | 20 | -55 |
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ASX - MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update - 19 January 2015
Nimbus Ore Reserve Statement: Nimbus Mineral Resource Statement:
For more information on MacPhersons Resources Limited and to subscribe for regular updates, please visit our website at: www.mrpresources.com.auor contact our Kalgoorlie office on info@mrpresources.com.auor 08-9068-1300.
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About MacPhersonsASX - MacPhersons New Gold-Silver mineralisation at Nimbus & feasibility update - 19 January 2015
MacPhersons Resources Ltd (MRP) is a Western Australian resource company with a number of advanced gold, silver and zinc exploration projects.
The Company's focus is to explore and extend the highly prospective Boorara and MacPhersons geological domains of which the Company holds 100% interest in 20km and 11km of strikelength, respectively, including the Nimbus silver- gold-zinc mine and the namesake MacPhersons open cut gold mine.
To fast track the opportunity to process MacPhersons' ore within the MRP business, the Company has acquired mill processing and mine assets at the Nimbus silver-gold-zinc mine, located 10km east of Kalgoorlie's super pit. The assets come with an approved site for ore processing. A Bankable Feasibility Study (BFS) examining a 4-fold increase in the processing plant capacity is nearing completion.
The assets are at an advanced stage of exploration with prospects adjacent to and beneath 10 existing open cuts and with multiple polymetallic VHMS deposits carrying silver-gold- zinc-lead-copper mineralisation, and new greenfields discoveries.
The information in this report that relates to Ore Reserves, Mineral Resources and Exploration Results is based on information compiled by Mr Morrie Goodz who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Morrie Goodz is a full time officer of MacPhersons Resources Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Goodz has given his consent to the inclusion in this report of the matters
based on the information in the form and context in which it appears.
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