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Latest Golpu drilling results will have profoundly positive impact on project resource base

Johannesburg. Thursday, 22 April 2010. Harmony Gold Mining Company Limited (Harmony) today announced additional significant high grade drill intercepts from its 50:50 Morobe Mining Joint Venture in Papua New Guinea (PNG).

Harmony CEO Graham Briggs says: “These results, together with those released in January 2010, will have a profoundly positive impact on the resource base of the project. The drill programme at Golpu is testing an exploration target in the range of 500 to 800 million tonnes (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 million ounces (Moz) of gold and 3.5 to 8.8 Mt of copper. This target includes the current resource.

“Golpu could develop into one of the most significant copper-gold projects in PNG with a possible size potential of 13 Moz Au and 6.5 Mt Cu, putting it on a scale similar to other major copper-gold projects like OK Tedi and the historic mine in Bougainville. This is a very exciting possibility for investors”.

New drill intercepts include:

  • WR331W_1i: 379m @ 0.88g/t Au and 1.05% Cu from 1062m
  • Including: 156m @ 1.09g/t Au and 1.48% Cu from 1149m
  • WR333i: 528m @ 0.70g/t Au and 1.41% Cu from 551m
  • Including: 187m @ 1.57g/t Au and 3.16% Cu from 892m

The mineralisation which is associated with diorite porphyry is located around the margin and to the northwest of the main Golpu orebody.

Mineralisation remains open to the northwest, to the south and at depth. Drilling to realise the full potential of the system is ongoing. In particular, the high-grade copper gold mineralisation in WR333 (187m @ 1.57 g/t Au and 3.16% Cu from 892m) is open along strike to the northwest and at depth.

Additional exploration work is underway on the adjacent Wafi gold lodes as well as at Golpu and concept studies on the Golpu and Wafi deposits are being undertaken. Results from this work together with a new resource estimate for the Golpu system will be released with the annual resource statement.

The diagram below indicates the schematic section through the Golpu deposit showing recent drill intercepts.

schematic section through the Golpu deposit showing recent drill intercepts

(1)100% Wafi Golpu resource, refer July 2009 resource statement

i Full assay results have not been received.

ii Cautionary Note: It is important to note that the potential quantity and grade of this exploration target is conceptual in nature and is expressed in 100% equity terms. A resource estimation is underway but at this point there has been insufficient work to complete a Mineral Resource.

For more details contact:

Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0)82 888 1242

Esha Brijmohan
Investor Relations Officer
+27 (0)82 759 1775

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

(PDF - 6.5MB)

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