Millennium Minerals (ASX:MOY) is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia.
The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project.
Millennium Minerals (ASX: MOY) and joint venture partner Northwest Resources (ASX: NWR) have increased the gold ounces as well as the confidence of the Resource at the Camel Creek Joint Venture, with 76% now in the Measured and Indicated categories, as a result of a successful drilling campaign.
The importance of the Resource being moved into the higher confidence categories is that it now leads into maiden Ore Reserves for three of the four deposits at Camel Creek.
Resources at Junction, Roscoes Reward and Little Wonder have increased to 97,000 ounces of contained gold.
The joint venture’s Little Wonder deposit and Millennium’s contiguous Little Wonder deposit will be combined and developed as one pit and currently host a combined Resource of 1.5 million tonnes at 1.34 grams per tonne (g/t) for 66,800 ounces of contained gold.
Importantly with Camel Creek, the open pit deposits are a natural fit with Millennium’s nearby Nullagine Gold Project, (where Reserves recently increased 31% to 741,000 gold ounces), due to sharing the same geology and mineralisation style as the company's existing satellite deposits located along the Camel Creek Trend.
Highlighting the already high global Resource inventory Millennium holds, the Nullagine Project hosts 1.33 million gold ounces contained within seven deposits on granted mining leases. Golden Eagle is the largest deposit, hosting almost two thirds of the resource.true
Meanwhile, at Camel Creek, the Junction deposit now contains a Resource of 314,000 tonnes at 1.48g/t for 15,000 ounces of contained gold, an 87% increase over the previous estimate.
The Resource at the Roscoes Reward deposit has increased by 195% to 1.7 million tonnes at 1.09g/t for 58,900 ounces of contained gold.
While the Little Wonder deposit now hosts a 131% increased Resource of 611,000 tonnes at 1.18g/t for 23,100 ounces of contained gold.
The new Resource estimates will now be used to prepare maiden Ore Reserve estimates for the Junction, Roscoes Rewards and combined Little Wonder deposits.
Camel Creek joint venture with Northwest Resources
Camel Creek is a 50:50 mining joint venture between Millennium and Northwest covering the initial four deposits – Junction, Roscoes Reward, Little Wonder and Round Hill.
Millennium is managing the joint venture, and all ore mined as part of the joint venture will pass through Millennium’s 1.5 million tonne per annum Golden Eagle treatment plant, which is currently under construction.
Joint venture ore sourced from the Northwest deposits, located about 6 kilometres from the Golden Eagle plant, will be blended with ore from Millennium’s Golden Eagle deposit.
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