SUBSTANTIALLY INCREASED ZONE II RESOURCE AT RECENTLY GRANTED MINING LICENCE AREA
107% INCREASE IN THE MINERAL RESOURCE AT JUST ZONE II
$7.1 BILLION METAL IN SITU IN JUST ZONE II
MINERAL RESOURCE ESTIMATES FOR CURRENTLY MINED ZONE III AREA AND NEW ZONES V & VIII AREAS TO BE ANNOUNCED IN NEAR FUTURE
26TH JANUARY 2021
Griffin Mining Limited (“Griffin” or the “Company”) is delighted to announce a significant increase to the Zone II Mineral Resource at the Caijiaying Mine. These additional Indicated and Inferred Mineral Resources are located immediately adjacent to the south of Zone III and within the recently approved Mining Licence (See Company Announcement “Issue of New Mining Licence” dated 4th January 2021).
These new resources, which are reported in compliance with The JORC Code, are in addition to the Zone III Mineral Resource currently being mined at the Caijiaying Zinc-Gold deposit. The highlights include:
- 1.49 million tonnes of Zinc Metal (from 0.638 million tonnes)
- 463,000 ounces of Gold (from 164,000 ounces)
- 36.8 million ounces of Silver (from 15.5 million ounces)The new Zone II Indicated and Inferred Mineral Resource estimate comprises 40.7 Mt at 3.7% Zn, 0.9% Pb, 28.4 g/t Ag and 0.4 g/t Au, resulting in total contained metals of approximately 1.49 Mt of zinc metal, 36.Moz of silver metal, and 0.46 Moz of gold metal.This is an increase of 21.1 Mt (107%) from the previously reported Zone II Mineral Resource of 19.6 Mt at 3.3% Zn, 0.7% Pb, 24.6 g/t Ag and 0.3 g/t Au (Company Annual Report “Results for 2018 and Annual Report and Accounts” dated 30th April 2019).
Regarding the contained metal this is an increase from approximately 0.6 Mt to 1.5 Mt of zinc metal, from 0.14 Mt to 0.38 Mt of lead, from 15.5 Moz to 36.8 Moz of silver and from 0.16 Moz to 0.46 Moz of gold.
The large increase in resources at Zone II is the result of the significantly improved geological understanding of the structural controls on mineralisation, and on mineralogical associations gained from the extensive work over many years, together with a more recent detailed re-logging and assaying review of selected areas within Zone II. As underground access and mining activities progress into 2021, further improvements to the geological model are expected.
Further information in relation to the Mineral Resource estimate is set out in the appendix to this announcement.
Chairman Mladen Ninkov said “The substantial increase to the yet unmined Zone II resource justifies the long wait for the new Mining Licence and guarantees the increased mining throughput and mine life of Caijiaying for decades to come. I couldn’t be happier for the shareholders of the Company who have waited so patiently and so eagerly for this day. We look forward now to the estimation and announcement of the total global Caijiaying resource in the near future.”
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Mineral Resources is based on, and fairly reflects, information compiled by Mr Serikjan Urbisinov a Competent Person, who is a Member of the Australian Institute of Geoscientists. Mr Serikjan Urbisinov is a full-time employee of CSA Global Pty Ltd. Mr Serikjan Urbisinov has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Serikjan Urbisinov consents to the disclosure of the information in this announcement of the matters based on his information in the form and context in which it appears.
*The insitu metal value is the result of the Company’s’ assessment and does not consider modifying factors such as the cost of metal extraction and recovery.
GRIFFIN MINING LIMITED Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman.
Roger Goodwin – Finance Director
PANMURE GORDON (UK) LIMITED Telephone: +44 (0)20 7886 2500
BERENBERG Telephone: +44(0)20 3207 7800
BLYTHEWEIGH Telephone: +44(0)20 7138 3205
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