australia's identified mineral resources 2005 - Geoscience Australia

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AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 Copper-Gold ■ WMC Resources Ltd reported an increase of 29.2% in total mineral resources at its Olympic Dam mine (SA). Total mineral resources are estimated to be 3.81 billion tonnes @ 1.1% Cu, 0.4 kg/t U 3 O 8 and 0.5 g/t Au. Total copper in the resource increased by 7 Mt to an estimated 42.7 Mt, while uranium increased by 230 000 t to an estimated 1.4 Mt. Gold resources have risen by about 24% to an estimated 55.1 Moz. ■ Drilling by Minotaur Resources Ltd to test the eastern extension of mineralisation at the Prominent Hill deposit in central South Australia continued to yield good intersections. Some were: 41 m @ 2.85 g/t Au, 30 m @ 3.52% Cu and 0.93 g/t Au and 111.5 m @ 1.30% Cu and 0.59 g/t Au. An initial resource estimate was released for part of the deposit. At a 0.5% Cu cut-off grade the inferred resource was 97 Mt @ 1.5% Cu and 0.5 g/t Au but does not include gold resources from areas of gold-only mineralisation. ■ Tasman Resources N.L. reported that it had intersected at least 225 m of hematite-altered breccias in a drill hole at its Marathon South prospect located 24 km northeast of the Olympic Dam mine. The company reports that the rock is very similar to rocks known from the upper unmineralised parts of the Olympic Dam deposit. ■ In the Curnamona Craton (SA), 100 km west of Broken Hill, Havilah Resources NL reported an intersection of 36 m @ 3.1% Cu and 1.0 g/t Au at its Kalkaroo prospect. They note that mineable grades of molybdenum are also present. Mineralisation has been traced over 1 400 m around a large arc. The company has drilled 14, 100 m–spaced, drill traverses and each has produced ore-grade intersections. ■ Alkane Exploration Ltd reported encouraging first results from its Galwadgere prospect in the Wellington project, 15 km southeast of Wellington, NSW. Results include 4 m @ 1.69% Cu and 0.08 g/t Au, 26 m @ 1.09% Cu and 0.26 g/t Au and 47 m @ 0.9% Cu and 1.58 g/t Au. ■ Pre-feasibility drilling at Conquest Mining Limited’s Mount Carlton epithermal project in central Queensland returned intersections including 20 m @ 3.52 g/t Au, 61.3 g/t Ag and 0.65% Cu from 35 m and 25 m @ 2.08 g/t Au, 88.2 g/t Ag, and 1.26% Cu from 67m. Production Australian gold production reported by ABARE for 2004 was 259 t, a reduction of 25 t on 2003 production. The Super Pit at Kalgoorlie in Western Australia was again the largest producer with an output of nearly 0.9 Moz. In 2004, Western Australia dominated Australian production with 166 t, which was just under two-thirds of total Australian output. TABLE 2. Australian gold production 2000 to 2004. 2000 (t) 2001(t) 2002 (t) 2003 (t) 2004 (t) New South Wales 18.58 17.10 23.48 27 29 Victoria 4.23 3.50 3.24 4 4 36 Queensland 37.01 31.89 25.06 26 23 South Australia 2.95 4.31 3.14 5 4 Western Australia 203.74 196.59 187.20 188 166 Tasmania 6.68 6.18 6.05 10 11 Northern Territory 23.14 20.51 17.95 24 22 Australia 296.41 280.08 266.14 284 259 Source: ABARE Australian Commodity Statistics 2003 and ABARE Australian Mineral Statistics March and December Quarters 2004.
AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 ABARE’s longer-term outlook is for gold production to rise to 382 t in 2009-10. The outlook for future production is reliant on new mines coming on stream successfully at expected levels of output, especially the larger operations such as Telfer and the proposed Boddington mine (WA), Bendigo and Ballart (Vic) and Cowal (NSW). World Ranking The USGS estimate of world gold reserves of 42 000 t was slightly lower than in 2003. According to the USGS, South Africa still has the world’s largest reserve of gold at 6 000 t (14.2%) but this was a substantial reduction of the 8 000 t held in 2003. The USGS reported a major downgrading of reserves in the USA to 2 700 t (6.4%) compared to 13% in 2003. This revision was based on the closure of mines in the country. Australia has the second largest reserves with approximately 12% of the world’s holdings. GFMS estimate that world gold production in 2004 was 2 464 t, which was 128 t less than in 2003. South Africa with about 14% of world production remained the leading producer. It was followed by the USA, which had an estimated production of 262 t, a reduction of 19 t from 2003. The USA accounted for 10.6 % of world output. Australia followed with 259 t produced in 2004. China’s output rose by 6% to 212 t. Industry Developments NEW SOUTH WALES ■ Barrick Gold Corporation has commenced construction of the Cowal gold mining development north of West Wyalong. The Cowal project contains approximately 2.5 million ounces of proven and probable reserves in 63.6 million tons of ore grading 1.3 g/t. Mine and process plant construction is expected to take 21 months, with production commencing in early 2006. ■ Newcrest Mining Limited has lodged a Development Application for an extension of its Ridgeway mine at depth. If approved, the development will allow production from Ridgeway to continue at existing production rates for over 12 years and remove an additional 53 Mt ore. Newcrest decided to proceed to the next stage of development of the Cadia East project which will involve work, over three to four years to support a bankable feasibility study at its Cadia East project. The Cadia East resource has about 18 Mozs of gold and 2.9 Mt of copper. This work will include development of an 11 km decline to facilitate bulk sampling, diamond drilling and the collection of geotechnical data. Development of the decline will start in early 2005 and is be completed at the end of 2006. NORTHERN TERRITORY ■ Giants Reef Mining Limited commenced in September at its Malbec West high-grade deposit near its Chariot mine west of Tennant Creek. The ore is under 5 m of cover and the initial development of a 65 m deep pit will mine up to 15 000 ozs with an expected cash margin of $300/oz. The company also started mining the small high-grade Cat’s Whisker deposit, 6 km southeast of Tennant Creek. Cat’s Whiskers has 5 500 t @ 24 g/t Au. SOUTH AUSTRALIA ■ Dominion Mining Limited received approvals from the South Australian Government to mine underground resources at its Challenger mine. Development commenced in February with construction of a decline and associated surface facilities adjacent to the open pit. 37 QUEENSLAND ■ At Charters Towers, Citigold Corporation announced completion of the second stage of the Warrior mine development, which involved the construction of a portal for the decline from the Washington open pit. The third stage will be a 1 km decline to the gold resource and gold production is expected around the end of 2004 at an annual rate of 40 000 ozs. ■ SMC Gold Limited started mining at its Christian Kruck mine 90 km southwest on Townsville in September.
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