22 March 2016
NQ Minerals PLC (ISDX:NQMI)
(“NQ Minerals” or the “Company”)
NQ Minerals PLC (ISDX: NQMI), an Australia-based exploration and mining company, which listed on the ISDX Growth Market in July 2015, is pleased to provide an update on the progress of its projects.
- The first round of the drilling program at Ukalunda is complete with a further drill program planned, which is awaiting imminent approval (government & landowner);
- 2661 metres of drilling has been completed with a further 830 metres planned shortly;
- 1423 samples have been submitted for assay with multiple over range / ore grade results on copper, silver, lead, bismuth and a number of unexpected gold results;
- The 2016 drilling program to date was carried out at Whites Hope, Rosenthal, Walhalla and Carrington in that order. Carrington had the largest number of holes. Long intervals of mineralization and extensive hydrothermal alteration were encountered. The drill results have been sent for assay analysis and the Company is expecting a full report & modeling from the Geologists (to JORC standards) in the coming weeks;
- Various samples from the Sunbeam stockpiles have also been sent to ORO Industries in California for analysis and processing. This has shown positive results for marketable concentrates to be produced from the ore. Whilst strong silver values continue to be evident in the Sunbeam stockpiles – unexpected free milling gold was also reported, as well as good copper values. Work by ORO on the Sunbeam samples has indicated good recovery rates for all minerals without the use of chemicals (which reduces costs and environmental impact). The same process is proposed during production on site;
- ORO Industries are in the process of designing Crushing, Milling & Concentrating Circuits for processing minerals in the stockpiles and subsequent mining activities; and
- The Mining Lease application is progressing through the approval process to enable production to commence in the second half of 2016.
Commenting, Brian Stockbridge, Non-Executive Chairman of NQ Minerals, said:
“Since the Company’s July 2015 listing, where the Board has executed its stated strategy on time and under budget, the Board and Management of NQ Minerals are encouraged by the unexpected commercial grade gold values reported in stockpile samples and is awaiting confirmatory assays. The Board looks forward to receiving full geology reports and modelling from the recent drilling program and a further statement will be made in due course”
About NQ Minerals plc:
NQ Minerals is an Australian-based exploration and mining company, focusing on projects where past exploration work has established the presence of mineral occurrences. The Company’s management team has decades of experience in the exploration and production of gold, silver and a variety of base metals.
NQ Minerals is focused on two exploration projects known as Ukalunda and Square Post, in North Queensland, Australia. These projects are both located in prospective mining districts that form part of the well- known Charters Towers Gold Province, where more than 20 million ounces of gold has been mined.
NQ Minerals plc
Tel: + 44 (0) 7876 888 011
Alfred Henry Corporate Finance Limited – Corporate Advisor
Nick Michaels and Jon Isaacs
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Alistair de Kare-Silver, Dominic Barretto and Harriet Jackson
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