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Wolf Minerals Limited (ASX:WLF) announced a 34% increase in ore reserves at the Hemerdon Tungsten and Tin Project in Devon, England: new Ore Reserve is 35.7Mt at 0.18% WO3 and 0.03% Sn (reported above a 0.05% W (0.063% WO3) cut-off). The increase is a result of a successful geotechnical drilling program in 2014 which targeted the potential for steeper pit walls. The program resulted in a new pit design 65 meters deeper, and an increase in ore reserves.
As quoted in the press release:
Specialty metals development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (“Wolf” or “the Company”) is pleased to announce details of a major increase in the Ore Reserves at its wholly owned Hemerdon tungsten and tin project (“the Project”) in Devon, in southwest England.
The new Ore Reserve is 35.7Mt at 0.18% WO3 and 0.03% Sn (reported above a 0.05% W (0.063% WO3) cut-off), and is a 34% increase on the previous Ore Reserve reported in the Definitive Feasibility Study (“DFS”) in 2011. It comes as a result of a six hole geotechnical drilling program which targeted the perimeter of the open pit, completed in Q4, 2014 (refer ASX announcement dated 1 December 2014).
Consistent with Wolf’s expansion plans for the Project, the drilling program was designed to better understand the strength of the wall rocks with a view to steepening the final pit slope, resulting in a deeper open pit and increased Ore Reserves.
The program has been successful and concluded that the pit walls can be steepened. This has resulted in a new pit design that takes the pit floor approximately 65 metres deeper, increasing the Ore Reserves by 34% (detailed in Table 1 below). This equates to a 34% increase in mine life or around three years.
Wolf Minerals Managing Director, Russell Clark, said:
This is very pleasing news. A 34% increase in the Ore Reserves, which has resulted from steepening the open pit walls within the existing planning permission boundary, is effectively an increase in mine life of 34% or around three years, assuming a five and a half day working week. This is the next stage of optimising the Drakelands Mine, and comes ahead of commencing operations at the new process plant. The Project remains on schedule and is fully funded and commissioning of some of the installed equipment has commenced, with a view to introducing ore into the plant in July 2015.
Click here to read the Wolf Minerals Limited (ASX:WLF) press release
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