NQ Minerals PLC
(the “Company” or “NQ Minerals”;
NEX: NQMI, OTCQB: NQMLF)
Record Lead and Zinc Concentrate Production Continues at NQ’s Hellyer Mine
November 25, 2019
London listed NQ Minerals Plc (NEX: NQMI) (OTCQB: NQMLF), the base and precious metals producer from the Hellyer Gold Mine (“Hellyer”) in Tasmania, Australia, is pleased to announce that month to date production to close of play on Saturday 23 November 2019 continues to outperform expectations.
David Lenigas, Chairman of NQ Minerals, commented:
“NQ is currently presenting at this year’s Mines and Money conference in London today at 12.40pm, and it was considered prudent to announce to the market that the Company’s Hellyer mining and processing operations in Tasmania have continued to improve considerably since the last update to the market a few weeks ago. Recoveries of Hellyer’s two key outputs of Lead and Zinc concentrates continue to steadily improve and it is pleasing to see the plant operating at record concentrate production levels month to date. The Company still sees room for significant improvements through 2020 as the project expands further.”
Hellyer Operations – Performance for the period 1-23 November 2019
|Mined tonnes:||55,422 tonnes|
|Processed tonnes:||55,419 tonnes|
|· Lead grade %||2.90%|
|· Zinc Grade %||2.02%|
|· Gold Grade||2.29 grams/tonne|
|· Silver Grade||88 grams/tonne|
|Lead Concentrates Produced||2,006 tonnes|
|· Lead Recovery %||46.2%|
|· Lead %||37.0%|
|· Gold (Grams per tonne)||4.6 g/t|
|· Silver (Grams per tonne)||781 g/t|
|Zinc Concentrates Produced||1,103 tonnes|
|· Zinc Recovery %||42.8%|
|· Zinc Grade %||43.4%|
|· Silver (Grams per tonne)||193 g/t|
Note: Precious metals are credits (as shown) in the Lead and Zinc concentrates.
The Hellyer processing plant has been running at 94.7% plant availability for the month to date.
The directors of the Company accept responsibility for the contents of this announcement.
About NQ Minerals:
NQ Minerals is an Australian-based mining company which commenced production in Q4 2018 at its 100% owned flagship Hellyer Gold Mine in Tasmania. Hellyer has a published JORC compliant Mineral Resource estimated at 9.25 Mt which is host to Gold at 2.57 g/t Au for 764,300 oz Au, Silver at 92 g/t Ag for 27,360,300 oz Ag, Lead at 2.99% Pb for 276,600 tonnes and Zinc at 2.35% Zn for 217,400 tonnes. In addition to these resources, the Hellyer assets include a large mill facility and full supporting infrastructure, including a direct rail line to port. The Company anticipates strong cash-flow and profitability from Hellyer and has a portfolio of exciting exploration prospects. Please visit our website at www.nqminerals.com.
Competent Person’s Statement:
The information in this report that relates to the Hellyer and Barnes Hill project is based on information (third party consultants) compiled by Roger Jackson, an Executive Director of the Company, who is a 20+ year Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Member of Australian Institute of Company Directors. Mr. Jackson has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves”. Mr. Jackson consents to the inclusion of the data contained in relevant resource reports used for this announcement as well as the matters, form and context in which the relevant data appears.
For further information, please contact:
NQ Minerals plc:
David Lenigas, Chairman
Colin Sutherland, Chief Financial Officer
Tel: +1 416 452 2166 (North America)
Tel: +44 (0) 7793 839 024 (United Kingdom)
First Sentinel Corporate Finance Limited
Brian Stockbridge/Liza Vasilyeva
Tel: +44 207 183 7407 (United Kingdom)