Africa Consolidated Resources (ACR) says gold resources at its Gadzema project have reached 1 million ounces.
A Joint Ore Resource Committee-compliant upgrade for the final 8 000m of a total 13 000m drill programme concluded in May, identified 600-metre-wide mineralisations showing strong potential for large-scale open-pit mining.
ACR technical director Michael Kellow said: “Reaching the 1 million ounce milestone at our Gadzema Gold Project is a significant step in our ongoing exploration of the belt where we now have significant intercepts on several zones over approximately 8km of strike length with potential open-pit mining widths of up to 600m demonstrated.
“Following a successful fundraising last month for further exploration drilling, between 10 000 to 30 000m of drilling will be committed in the second half of 2011. This will explore strike extensions of known mineralisation and additional diamond core drilling will provide information on alteration, structure, mineralogy and rock mechanics as we advance our strategy of defining a total resource of 2 million ounces of gold at our Gadzema Gold Project by Q4 (fourth quarter) 2012.”
