A total of 39,473 metres of diamond drilling and 23,803 metres of reverse-circulation drilling have resulted in a new measured and indicated resources estimate for Nevsun Resources (NSU-T) Segala deposit, immediately north of the company’s Tabakoto project in western Mali.
Prepared by Snowden Mining Industry Consultants, the resource estimate weighs in at about 7.6 million tonnes grading 3.36 grams gold per tonne. Of that, 3.3 million tonnes running 3.34 grams gold are classified as measured; the remaining 4.2 million tonnes of indicated material have an estimated grade of 3.37 grams gold. An inferred resources of 1.2 million tonnes is pegged at 2.84 grams gold. The estimates are based on a cutoff grade of 2 grams gold.
When the cutoff grade is halved, the measured portion climbs to 7 million tonnes running 2.34 grams gold, and the indicated resource grows to include 8 million tonnes averaging 2.44 grams gold. The inferred resource more than triples to 4 million tonnes grading 1.83 grams gold.
Most of the gold (86% at the 2 gram cutoff) is found in the central part of the Main zone. The remainder of the tonnage is hosted by the Northwest zone and the lesser hanging wall and footwall zones.
So far, 586 holes have defined the deposit over a strike length of 1.2 km and to and to vertical depths of up to 500 metres.
Nevsun says the next step at Segala is to complete a feasibility study to evaluate the combined potential of the Tabakoto/Segala projects.
The company is currently negotiating debt financing for the projects and hopes to bring them into production in 2004.
Nevsun acquired a 77% interest the 23-sq.-km Segala project last July. The acquisition boosted the company’s position to 80%.
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