Diamond and reverse-circulation drilling have resulted in a new measured and indicated resource estimate for the Segala deposit, held by
The total figure, prepared by Snowden Mining Industry Consultants, is 7.6 million tonnes grading 3.36 grams gold per tonne. Of that amount, 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 resource 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 is halved, the measured portion climbs to 7 million tonnes running 2.34 grams gold, the indicated resource grows to 8 million tonnes averaging 2.44 grams gold, and 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 in the central part of the Main zone; the rest is hosted by the Northwest zone and the lesser hangingwall and footwall zones.
So far, 586 holes have defined the deposit over a strike length of 1.2 km and to vertical depths of up to 500 metres.
Segala is immediately north of the Nevsun’s Tabakoto property, and the company will conduct a feasibility study to evaluate the combined potential of the two deposits.
The company is 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%.
The recent program consisted of 39,473 metres of diamond drilling and 23,803 metres of reverse-circulation drilling.
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