Mineral Resource Update

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
12 December 2012
Goldplat plc ('Goldplat' or 'the Company')
Resource Update

Goldplat plc

Resource Update

Goldplat plc, the AIM listed gold producer in Africa, announces an updated total JORC compliant Mineral Resource Statement across its gold mining and development portfolio in Africa including the producing Kilimapesa Gold Mine in Kenya, the Anumso gold exploration project Ghana and the Nyieme gold exploration project in Burkina Faso.

Overview

  • Total Goldplat JORC compliant Mineral Resources increase by 25% from 742,392 oz Au to 931,071 oz Au across its Kenyan, Ghanaian and Burkina Faso gold mining and development portfolio 

  • Anumso gold project in Ghana - maiden JORC compliant mineral resource of 2,545,000 tonnes at 2.04 g/t Au for 166,865 oz Au at a cut-off of 1 g/t 

  • Kilimapesa Gold Mine in Kenya - updated mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t 

  • Optimisation study underway at Nyieme gold project in Burkina Faso which has a resource of 92,760 oz Au to access suitability of ore for processing at proposed new gold recovery plant at site  

Goldplat's CEO Russell Lamming said, "We are pleased to report a 25% increase in our total resource to 931,071 ounces of gold across our three gold mining and exploration projects in Kenya, Ghana and Burkina Faso. In addition, we have also commenced optimisation studies on the Nyieme deposit to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant in Burkina Faso.  The new plant when developed will be Goldplat's third recovery business and complement its existing gold recovery operations in South Africa and Ghana which produced 31,354 ounces in FY 2012."  

Anumso - Ghana

Goldplat's 29 sq km Anumso Gold Exploration licence is located in the highly prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana.  A 32 hole, 6,125m diamond drilling programme at Anumso has been completed over a 4km strike which had been identified on the eastern Tarkwaian conglomerate between the villages of Banka and Tokwae. The database used for the resource calculation also incorporated data from three historical drilling campaigns over the eastern conglomerate zone: Stanley Mining completed 29 reverse circulation ('RC') holes for 1,450m in 1995; Mwana Africa plc completed 25 diamond core holes in 2006 for 2,409 m and 21 diamond core holes in 2007 for 2,999m.

A JORC-Compliant ore resource of 2,545,000 tonnes at an average grade of 2.04 g/t giving 166,865 oz Au at a 1 g/t cut-off has been declared.  All samples were submitted to ALS Chemex Laboratories in Kumasi and SGS in Tarkwa.  

The following table summarises the significant intercepts for the drilling programme:

Hole IDEasting UTM WGS84 30NNorthing UTM WGS84 30NTotal Depth (m)AzimuthDipDepth from (m)Depth to (m)Interval (m)Grade (g/t)
AGDD003698 415696 951177321-5068.8769.200.336.04
AGDD004698 602697 094168321-5072.5075.002.508.04
including72.5073.000.5020.80
107.50109.001.504.15
140.00140.500.504.60
AGDD005698 572697 130179321-5076.5077.000.507.23
167.50168.000.503.13
AGDD006698 642697 216138321-5044.0044.500.503.45
65.0065.500.504.21
72.0073.001.005.53
including72.5073.000.508.50
AGDD007698 764697 279171319-50115.00115.500.504.95
AGDD009698 816697 366132317-5059.5060.000.504.84
72.5073.000.503.91
AGDD010698 875697 433174321-5067.4067.650.253.04
77.5078.000.504.90
130.50131.000.503.84
AGDD011698 770697 415180317-5018.0018.500.503.33
47.5048.000.507.25
AGDD012698 921697 516186318-50113.00113.500.503.47
126.50127.000.504.24
AGDD014A698 975697 584174315-50111.50112.000.503.93
AGDD015698 998697 689135315-5071.5072.000.5012.40
AGDD019699 295698 043207319-50202.50203.651.154.39
including202.50203.100.605.16
AGDD024699 810698 728138323-5042.5043.000.503.05
AGDD027699 763698 605159323-50133.70135.151.455.02
including134.50135.150.659.17
148.00149.501.503.58
including149.00149.500.506.60
153.70154.500.804.26
including154.00154.500.506.07
AGDD030698 962697 724168315-5015.0015.500.503.53
AGDD031698 474696 789420317-65258.00258.500.5010.65
317.50318.000.506.76
379.00379.500.5011.65
AGDD032698 413696 664411315-65310.50311.000.5057.90
322.00323.001.003.17
including322.00322.500.503.41
326.50327.000.506.38
359.50360.000.503.73

The following tables show the Anumso Mineral Resource:

ANUMSO TOTAL  RESOURCE( 1 g/t cut-off)
Resource ClassificationWithin Conglomeratic Horizons
TonnesAu Grade g/tContained Au Ozs
Measured8 00011.292 903
Indicated647 0002.7356 712
Inferred1 393 0001.7276 875
Total2 048 0002.07136 490
 ANUMSO TOTAL  RESOURCE( 1 g/t cut-off)
Resource ClassificationOutside Conglomeratic Horizons
TonnesAu Grade g/tContained Au Ozs
Inferred497 0001.9030 375
Total497 0001.9030 375
 ANUMSO TOTAL  RESOURCE( 1 g/t cut-off)
Resource ClassificationTotal Project
TonnesAu Grade g/tContained Au Ozs
Measured8 00011.292 903
Indicated647 0002.7356 712
Inferred1 890 0001.76107 250
Total2 545 0002.04166 865

The Company will undertake a scoping study on the Anumso project to ascertain if the ore can be used as a source of primary material for the CIL circuit at the recovery operation in Tema, Ghana or potentially as a site for an additional recovery business in Ghana.

Kilimapesa, Kenya

Goldplat's wholly owned Kilimapesa gold mine is located in the historically productive Migori Archaean Greenstone Belt in western Kenya.  Kilimapesa's updated mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t comprises the Kilimapesa Hill and the Red Ray deposits located approximately 4km to the southwest and 2km to the northeast of the gold processing plant location respectively.  The Phase 2 drilling project at Red Ray was designed to infill the existing drill holes and also to extend the strike length of the mineralised zone from the 800m determined by Phase 1 to 2,500m.  The drilling to the west of the Red Ray target area proved to be successful and a mineralised zone was intersected below some historical colonial and artisanal workings, with the best intersection of 100cm at 6.20 g/t.  This extended the ore body strike to 1,800m. The drilling to the east of the Red Ray target failed to intersect the mineralised zone despite the presence of artisanal workings at the surface. Consequently, only 1,800m of the projected 2,500m extension has been proven so far. The drilling results to date confirm the similarity of mineralisation style between Red Ray and Kilimapesa Hill.

A JORC-compliant ore resource of 139,815 oz Au at an average grade of 2.28 g/t at a 1 g/t cut-off has been declared at Red Ray, based on a total of 22 diamond drill holes (13 holes in Phase 1 and 9 holes in Phase 2) for a total of 1,360m of core.  Total strike length of the area drilled is approximately 2.5km.  All samples were submitted to ALS Chemex Laboratories in Johannesburg and Intertek Genalysis.  

The following table summarises the significant intercepts for the drilling programme:

Hole IDEastings UTM ARC1960Northings UTM ARC 1960Total Depth (m)AzimuthDipDepth from (m)Depth to (m)Interval (m)Grade (g/t)
KPGRR15702 4509 863 48250.2820-5023.1623.940.780.75
KPGRR16702 5399 863 425165.2020-5064.4066.942.543.35
including64.4065.401.006.20
KPGRR17702 7649 863 35445.3620-5030.2631.261.000.63
KPGRR23703 4579 863 06450.5720-4512.4613.601.141.24
15.6116.500.891.43
KPGRR24703 5219 862 941123.9820-5070.3873.082.7016.30
including71.0972.581.4922.23
74.8875.380.502.42
81.0581.550.502.52
97.58101.283.701.12
KPGRR25703 7069 862 94750.080-5028.3930.351.961.11
KPGRR26703 7379 862 918120.9820-5051.2152.901.691.16
KPGRR34704 7219 862 93651.00170-50---
KPGRR35704 9649 862 97951.76170-50---

The following table shows the updated Red Ray Mineral Resource:

Total Red Ray Resource (at 1 g/t cut-off)

RED RAY ( 1 g/t cut-off)
Resource ClassificationWithin Veins and Host
TonnesAu Grade g/tContained Au Ozs.
Measured514 6782.9248 319
Indicated362 2502.6530 875
Total876 9282.6979 194
Inferred1 028 3631.8360 621
Total1 905 2912.28139 815

No further exploration has taken place at Kilimapesa Hill for the year. The following table shows the Kilimapesa Hill Mineral Resource:

Total Red Ray Resource (at 1 g/t cut-off)

Kilimapesa Hill ( 1 g/t cut-off)
Resource ClassificationWithin Veins and Host
TonnesAu Grade g/tContained Au Ozs.
Measured112 0003.6513 143
Indicated975 0002.9592 315
Total1 087 0003.02105 458
Inferred5 723 0002.32426 173
Total6 810 0002.43531 631

The total resource for Kilimapesa Gold Mine, including the updated resource from Red Ray, is shown below.

TOTAL  RESOURCE( 1 g/t cut-off)
Resource ClassificationWithin Veins and Host
TonnesAu Grade g/tContained Au Ozs
Measured626 6783.0561 462
Indicated1 337 2502.86123 190
Total1 963 9282.92184 652
Inferred6 751 3632.24486 794
Total8 715 2912.40671 446

Nyieme, Burkina Faso

The 246 sq km Nyieme project is located in the prospective Birimian Greenstone Belt in southern Burkina Faso, West Africa.  As reported in October 2011, the Company defined a JORC compliant resource of 1,395,000 tonnes at 2.06g/t gold for 92,760 ounces. No further exploration has taken place at Nyieme this year.  See the Nyieme resource table below:

NYIEME TOTAL  RESOURCE( 1 g/t cut-off)
Resource ClassificationWithin Veins and Host
TonnesAu Grade g/tContained Au Ozs
Indicated305 0002.8527 941
Inferred1 090 0001.8564 818
Total1 395 0002.0792 760

Goldplat is now undertaking optimisation studies on the Nyieme deposit to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant to be located in the vicinity of the Nyieme project in Burkina Faso, with the intention of processing Goldplat's own ore in addition to by products from other mines.  The Dano Gold Recovery plant, where a feasibility report is currently being completed, will be Goldplat's third gold recovery operation and complement its existing operations in South Africa and Ghana.  

Total Goldplat Group

The total resources for the Goldplat Group are shown below:

GOLDPLAT TOTAL  RESOURCE( 1 g/t cut-off)
Resource ClassificationTotal Project
TonnesAu Grade g/tContained Au Ozs
Measured634 6783.1564 365
Indicated2 289 2502.82207 843
Inferred9 731 3632.11658 862
Total12 655 2912.29931 071

Qualified Person

This announcement has been reviewed by Mr. Mark Austin, the group geologist for Goldplat who has more than 30 years of relevant experience in the field of activity concerned.  He is a fellow of the Geological Society of South Africa ('GSSA') and is registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions and he has consented to the inclusion of the material in the form and context in which it appears.

The author and practioner of the Anumso resource estimation report, Mr. Dexter Ferreira, is a senior geostatistician with over 20 years' experience in project evaluation internationally, including extensive involvement with mineral projects throughout South America and Africa. He is a member of the South African Council for Natural Scientific Professions, and qualifies as an 'Expert', 'Competent Person' and 'Qualified Person' as defined in National Instrument 43-101 and the JORC Code.

The JORC-Compliant resource for the Red Ray area was compiled by Dr Cedric Simonet, European Geologist No. 739 and who qualifies as a Competent Person in terms of the rules of the JORC code.

* * ENDS * *

For further information visit www.goldplat.com or contact:

Russell Lamming, CEOGoldplat plcTel: +44 (0) 781 0870587
Ewan Leggat/Katy Birkin           SP Angel Corporate Finance LLPTel: +44 (0)20 3463 2260
Felicity EdwardsSt Brides Media & Finance LtdTel: +44 (0)20 7236 1177

Notes:

Goldplat plc, which has a market cap of circa £22 million, is an AIM-listed profitable, debt free gold producer and mine development company focused in Africa, which has a strong cash position of £4.57 million as at 30 June 2012. The Company has a solid portfolio of assets including two gold recovery operations in South Africa and Ghana, which recover precious metal from by-products of the mining process such as woodchips, fine carbon and waste grease. For the FY 2012 these operations produced circa 31,354 ounces of gold. Goldplat also has a producing gold mine in Kenya and two brownfield gold development projects in Ghana and Burkina Faso.