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Millennium Minerals drilling reveals potential to grow Nullagine gold

Free operating cash-flow of $3.9 million generated in the last quarter.
Millennium Minerals drilling reveals potential to grow Nullagine gold
Commenced further drilling at Bartons to extend known mineralisation

Millennium Minerals (ASX:MOY) has received outstanding drilling results highlighting the potential to grow the production rate and increase the mine life at the Nullagine Gold Project in Pilbara.

The high-grade results include intercepts of up to 36 g/t gold, many of which lie immediately below the Bartons pit, indicating that the material could be accessed via a cutback.

It is worth noting that Millennium generated a free operating cash-flow of $3.9 million in the March 2017 quarter after producing 16,543 ounces of gold.

The latest drilling has returned numerous wide, high-grade intersections including:

- 16 metres at 5.91 g/t gold from 115 metres; and
- 8 metres at 11.56 g/t gold from 87 metres.

In light of these results, Millennium has commenced further drilling at Bartons to extend known mineralisation and upgrade it into JORC resource classification.

The company will also continue to evaluate additional drilling programs below many of the 30 other deposits at Nullagine which remain open at depth.

Recent metallurgical test work has demonstrated the fresh ore at Bartons can be processed using the existing CIL plant at Nullagine with +90% recoveries.

In addition to ongoing work at Bartons, conceptual underground studies have also been initiated for the Golden Gate, Shearers, and Little Wonder deposits.

This work is contributing to the broader goal of assessing the economic viability of treating fresh ore sources requiring floatation through a 500,000 tonne-a-year bulk sulphide floatation circuit.

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Millennium Minerals Timeline

Newswire
December 31 2014

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