Location of Tampia Gold Project
Explaurum’s key asset is the 90% interest in the Tampia Gold Project, located approximately 240km east of Perth in the wheat belt of Western Australia.
In May 2018 the Company announced the completion of a Feasibility Study for the development of Tampia, which confirmed it as a high-margin gold project. In addition, Explaurum announced an initial Ore Reserve of 7.2 Mt grading 2.09 g/t Au (485,000 oz contained).
Highlights of the feasibility study include:
Tampia covers an aggregate area of 327 km2, comprising two granted mining leases and nine exploration licences. EXU has a 90% interest in the two mining leases and one exploration licence, and 100% interest in the remaining exploration licences.
The Tampia Mineral Resource estimate has been updated by independent resource consultants RSC as part of this Study and classified and reported in accordance with the JORC Code (2012). The Tampia Gold Project Mineral Resource is inclusive of Mineral Reserves (Table 2).
EXU is well-funded to carry out additional work aimed at increasing the Mineral Resource for early stage processing, with further exploration of shallow gold mineralisation in the Mace prospect area, within one kilometre of the proposed open pit, as well as through the conversion of existing Inferred Resources.
2018 Work Program
The Company’s work program for 2018 to enable completion of a Bankable Feasibility Study (BFS) includes:
This work will test the Resource estimate model to increase confidence and precede but be part of normal grade control drilling included as part of mining operations. This drilling has commenced.
FEASIBILITY STUDY PARAMETERS
The Feasibility Study was based on the following key parameters:
BHP Minerals (‘BHP’) discovered gold mineralisation at Tampia in 1987 and BHP and subsequent owners in the 1990s established the following features of the Tampia mineralisation:
Only minor exploration was carried out at Tampia from the mid-1990s until Explaurum acquired an 80% (now 90%) interest in April 2012. At that time, although the Project is located within an under-explored greenstone belt, technical aspects of the deposit such as geology, structure, controls on mineralisation and metallurgy were poorly understood, but what was known regarding the mineralisation (open-pittable resource with near surface, high grade mineralisation open in all directions) was highly attractive to Explaurum.