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Promising future for Wafi-Golpu as Harmony reports further significant increase in the Mineral Resource

Harmony Gold Mining Company Limited (Harmony) is pleased to announce a significant increase in the Mineral Resource at the Wafi-Golpu porphyry copper-gold project in Papua New Guinea (PNG), which is part of the company’s 50/50 joint venture with Newcrest Mining Limited. The mineral resource for Wafi-Golpu now contains 16 million ounces (Moz) of gold and 4.8 million tonnes (Mt) of copper. Expressed as gold equivalents, this resource amounts to 38.5 Moz of gold, which spells an exciting and promising future for this project and also provides great opportunities for investors.

The increase in the Mineral Resource is due to the discovery of a new zone of mineralisation directly adjacent to the previously defined Golpu resource. The mineralisation has been extended by the drilling along strike to the northeast and at depth. The estimate is based on an additional 19 179 m of drilling in 22 PQ/HQ/NQ diamond drill holes.

Contained metal at Golpu only, has increased from the 2007 mineral resource (163Mt at 0.57 g/t Au, 1.08% Cu, 132 ppm Mo) as follows:

  • Gold increased from 3.0 to 8.8 Moz of gold;
  • copper increased from 1.8 to 4.8 Mt of copper;
  • molybdenum increased from 22 to 55 kt of molybdenum; and
  • on a gold equivalent basis the deposit increased to 30.9 Moz Au equivalent.

Harmony CEO Graham Briggs says, “These results have a profoundly positive impact on our future resource base and drilling results continue to prove that investing in exploration was a very good long term decision”.

The drill programme at Golpu is testing an exploration target in the range of 500 to 800 Mt at high grades of between 0.7% and 1.1% copper (Cu) and 0.5 to 0.7g/t gold (Au) for 8 to 18 Moz of gold and 3.5 to 8.8 Mt of copper. This target includes the current resource2.

Briggs adds, “We have now added significant size to what is one of the highest grade copper gold porphyries in South East Asia and potential for further growth in this Mineral Resource remains highly promising.”

Over the broader project area including the Wafi gold deposit, a number of targets have been earmarked for follow-up testing, with several that already contain significant gold intercepts. At Golpu, the mineralised footprint of the deposit now extends over 700m of strike and remains open to the north and at depth. The ongoing drilling programme, involving five drill rigs continues to expand high-grade zones of mineralised porphyry.

Below is a diagram of the schematic section 21000N indicating the new resource outline

21000N

Wafi-Golpu project mineral resource1,2 as at 30 June 2010
Deposit Tonnes
(Mt)
Gold
g/t
Copper
%
Gold
Moz
Copper
Kt
Gold equivalent*
Moz
Golpu 501 0.54 0.95 8.8 4767 30.9
Nambonga 40 0.79 0.22 1.0 86 1.4
Wafi 96 1.55   4.8   4.8
Wafi Link 7 6.62   1.4   1.4
Total 644 0.77 0.75 16 4853 38.5

*Gold equivalent is calculated using a gold price of US$950/oz Au and $4 412/t Cu at 100% recovery for both metals

Golpu mineral resource1, by resource classification
Resource code Lode Tonnes
(Mt)
Grade
Cu (%)
Grade
Au (g/t)
Grade Mo
(ppm)
Contained
Cu ('000 t)
Contained
Au (Moz)
Contained
Mo ('000 t)
Indicated Supergene 5 2.53 0.44 68 120 0.1 0.3
  Porphyry 85 1.32 0.66 110 1,122 1.8 9.3
Subtotal Indicated 90 1.38 0.65 108 1,242 1.9 9.7
Inferred Supergene 9 0.77 0.45 65 68 0.1 0.6
  Porphyry 88 1.82 1.10 42 1,606 3.1 3.7
  Metasediment 314 0.59 0.36 132 1,851 3.6 41.5
Subtotal Inferred 411 0.86 0.52 111 3,525 6.9 45.7
Total 501 0.95 0.54 111 4,767 8.8 55.4

Note: The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves. The estimates of Ore Reserves and Mineral Resources in this statement were prepared in accordance with the standards set out in the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code" (December 2004) as published by the Joint Ore Reserve Committee of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC) The JORC Code is the accepted reporting standard for the Australian Stock Exchange (ASX).

The Exploration Results, Mineral Resources and Ore Reserves in the summary tables are based on information compiled by Michael Smith who is a corporate member of the Australian Institute of Mining and Metallurgy and is a Competent Person' as defined by the code for reporting of Mineral Resources and Ore Reserves in relation to the mineralisation being reported on and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Michael Smith is a full-time employee of Harmony Gold (PNG Services) (Pty) Ltd.

1Expressed in 100% terms. Harmony’s interest is 50%.

2 Refer to www.harmony.co.za for details on Wafi Resources and the Golpu exploration target guidance.

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Annual report

Integrated annual report 2016
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