- Minerals explorer Aurelia Metals (AMI) has updated the mineral resource estimate (MRE) for the Federation Deposit in NSW
- The MRE was calculated from nearly 55,000 metres of drilling undertaken after the discovery of high-grade gold, lead and zinc mineralisation in April 2019
- The MRE now totals 3.5 million tonnes at 5.5 per cent lead, 9.8 per cent zinc, 1.4g/t gold, 7g/t silver and 0.3 per cent copper
- Exploration drilling is continuing to test the down-plunge extensions of the sulphide mineralisation in the northeast of the deposit
- Infill drilling will continue in the upper zone of the deposit, aiming to build confidence in the MRE and collecting data for mining and processing evaluation
- Aurelia is up 1.88 per cent on the market and shares are trading at 40.8 cents
Minerals explorer Aurelia Metals (AMI) has updated the mineral resource estimate (MRE) for the Federation Deposit in NSW.
Federation lies 15 kilometres south of the historical mining town of Nymagee and 10 kilometres south of the company’s Hera Mine.
The MRE was calculated from nearly 55,000 metres of drilling undertaken after the discovery of high-grade gold, lead and zinc mineralisation in April 2019.
The MRE now totals 3.5 million tonnes at 5.5 per cent lead, 9.8 per cent zinc, 1.4g/t gold, 7g/t silver and 0.3 per cent copper.
This updates the maiden MRE released in June 2020 of 2.6 million tonnes at 7.7 per cent lead, 13.5 per cent zinc, 0.8g/t gold and 9g/t silver.
The updated MRE was reported according to JORC 2012 guidelines and used a $120 net smelter return cut-off.
Mineralisation extends from 25 metres to 550 metres below surface over a strike length of more than 500 metres.
According the company, lower zinc and lead grades and higher gold grades show the potential for improved economic terms.
Exploration drilling is continuing to test the down-plunge extensions of the massive and semi-massive sulphide mineralisation in the northeast of the deposit.
Infill drilling will continue in the upper zone of the deposit, aiming to build confidence in the MRE and collecting data for mining and processing evaluation.
Aurelia is up 1.88 per cent on the market and shares are trading at 40.8 cents at 11:17 am AEDT.