Annual Update of Mineral Resource and Ore Reserve Estimates
Perth, July 23, 2014 AEST (ABN Newswire) - The Directors of Metals X Limited (
ASX:MLX) (MTXXY:OTCMKTS) ("Metals X") have pleasure in announcing the results of our latest Mineral Resource and Ore Reserve statements as at 30th June 2014.
Metals X is a diversified miner with interests across several commodities and a large number of individual mineral deposits. In executive summary form, the Consolidated Total Mineral Resource Estimates for the Group are summarized by Project below:
TOTAL MINERAL RESOURCE ESTIMATES
Consolidated Summary as at 30 June 2014
------------------------------------------------------Gold Division '000 tonnes Grade '000 oz Gold------------------------------------------------------CMGP 62,941 2.48g/t Au 5,020Meekatharra* 67,500 1.7g/t Au 3,610HGO 13,308 2.88g/t Au 1,231SKO 50,378 1.9g/t Au 3,214-----------------------------------------------------Tin Division (50% Metals X) '000 tonnes Grade Tonnes Metal -----------------------------------------------------Renison 11,111 1.58% Sn 175,000 Sn 10,011 0.34% Cu 34,000 CuMt Bischoff 1,667 0.54% Sn 9,000 SnRentails 21,192 0.45% Sn 95,000 Sn 0.21% Cu 45,000 Cu-----------------------------------------------------Tennant Creek IOCG '000 tonnes Grade Tonnes Metal------------------------------------------------------Rover 1 6,814 1.73g/t Au 381,000 oz Au 1.20% Cu 112,000 Cu 0.14% Bi 9,000 Bi 0.06% Co 4,000 CoExplorer 108 11,868 3.24% Zn 384,000 Zn 2.00% Pb 237,000 Pb 11.14g/t Ag 4.2 MOz Ag-------------------------------------------------------Nickel Division '000 tonnes Grade Tonnes Metal-------------------------------------------------------Wingellina/Claude Hills 216,500 0.98% Ni 2,067,000 Ni 0.07% Co 161,000 Co 47.3% Fe203 98,900,000 Fe203-------------------------------------------------------
* Please see Note on Meekatharra Mineral Resource Estimates in link below.
Similarly, the Consolidated Total Ore Reserve Estimates for the Group are summarized by Project below:
TOTAL ORE RESERVE ESTIMATES
Consolidated Summary as at 30 June 2014
-----------------------------------------------------Gold Division '000 tonnes Grade '000 oz Gold-----------------------------------------------------CMGP 15,458 2.36g/t Au 1,174HGO 4,538 3.67g/t Au 535SKO# 960 0.76g/t Au 23------------------------------------------------------Tin Division(50% Metals X) '000 tonnes Grade Tonnes Metal------------------------------------------------------Renison 5,911 1.37% Sn 81, 000 Sn 5,763 0.29% Cu 17,000 CuRentails 20,351 0.45% Sn 91,000 Sn 0.21% Cu 43,000 Cu------------------------------------------------------Nickel Division '000 tonnes Grade Tonnes Metal ------------------------------------------------------Wingellina/Claude Hills 167,500 0.98% Ni 1,645,000 Ni 0.08% Co 128,000 Co 47.3% Fe203 79,300,000 Fe203-------------------------------------------------------
# The Ore Reserve estimate at SKO excludes HBJ as works on this estimate are incomplete.
The following sections of this announcement provide the detail as required under JORC 2012 for the release of these estimates under JORC 2012 and its incorporation in the ASX listing rules.
NOTE ON MEEKATHARRA MINERAL RESOURCE ESTIMATES
The acquisition of Meekatharra was completed on 27th June 2014. Mineral Resources Estimates were released by the previous owner under JORC 2004. Metals X has not has sufficient time to complete a full review or estimate of these Mineral Resources Estimates, however, they are material and it would be misleading for Metals X not to provide some guidance on them as they form a significant part of the CMGP. Metals X has reviewed these in this context and has no reason to believe they will not be quotable under JORC 2012 in the fullness of time, but does conclude it is not in a position to quote them under JORC 2012 at this time. Hence, Metals X provides in Appendix 5 these estimates a previously announced by Reed Resources Limited.
To view the full annual resources statement, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MLX-684781.pdf
About Metals X Limited
Metals X Limited (
ASX:MLX) (OTCMKTS:MTXXY) is a Diversified Resource Company. Australia's largest tin and one of Australia's top 10 gold producers. Considerable cashflow is generated from its two operating gold mines at South Kalgoorlie and Higginsville in WA and from its 50% owned high grade tin mine in Tasmania which is also one of the largest hard rock tin mines in the world. The company boasts resources of over 14 Moz of gold, 140,000 tonnes of contained tin and over 2 million tonnes of contained nickel. The company also has a considerable portfolio of growth assets, including one production ready and one development ready gold project and one of the world's largest undeveloped nickel and cobalt projects.
The Central Murchison Gold Project consists of a fully refurbished 2.0Mtpa gold plant and resource containing over 8.6 Mozs of gold in a combination of high grade underground mines and lower grade open pits, expected to be in production in early 2015. The Company's Rover 1 iron-oxide-copper-gold discovery contains 1.2Moz of gold equivalence which is targeted for production in 2016.
The 100% owned world class Wingellina Nickel and Cobalt Project hosts a global resource of over 180Mt at 1% nickel that includes 167Mt as a probable reserve. Metals X has joined with one of the World's largest companies, Samsung C and T, to work together to finance and develop the Wingellina project.
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