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Maiden copper-gold resource of 4 million gold equivalent ounces defined for Harmony’s Kili Teke prospect

Key highlights:

  • Greenfield porphyry copper-gold discovery
    • The first new porphyry copper-gold deposit defined in PNG since the Golpu discovery in the early 1990’s
  • Drilling to date has defined an initial Inferred Mineral Resource of 128 million  tonnes @  0.4 % copper, 0.3 g/t Au, 170 parts per million (ppm) molybdenum containing
    • 506 000 tonnes copper, 1.2 million ounces gold, 22 000 tonnes molybdenum
    • 4  million ounces on a gold equivalent basis¹
  • Excellent exploration upside
    • Resource model constrained to a zone of 600m long, 300m wide and 400m deep (above the 1000m RL), with the mineralisation remaining open at depth and along strike
    • New significant drill intercepts at depth below the Resource area, and along strike including:
      KTDD014: 144m @ 0.53% Cu, 0.23 g/t Au from 610m
      KTDD017: 374m @ 0.51% Cu,  0.27 g/t Au, 173 ppm Mo from 391m
    • High grade zones of copper-gold skarn mineralisation yet to be included in the modelling
  • Positive preliminary scoping parameters
    • Mineralisation extends to surface and accessible through open pit mining techniques
    • Preliminary metallurgical test-work favourable with good copper and gold recoveries and clean concentrates
    • Proximity to key infrastructure including roads and power
  • Diamond drilling continues with two drilling rigs onsite to accelerate infill and extension drilling

¹ Gold equivalent based on US$1200 /oz gold, US$ 3.0/lb copper with 100% recovery for all metals excluding molybdenum

Johannesburg: Tuesday, 24 November 2015. Harmony Gold Mining Company Limited (Harmony and/or Company) is pleased  to announce a maiden Mineral Resource estimate for the Kili Teke copper-gold deposit on its 100% owned exploration licence EL2310, containing 506 000 tonnes of copper, 1.2 million ounces of gold and 22 000 tonnes of molybdenum.

The Mineral Resource comprises 128 Million  tonnes @  0.4 % copper, 0.3 g/t Au, 170 ppm molybdenum  and was completed in accordance with the  guidelines of the SAMREC and JORC (2012 edition) codes. The Mineral Resource is classified as Inferred, and has been defined over a zone 600m long, 300m wide and 400m deep. At this stage the Resource is constrained only by the drill density and limits of the drill pattern (refer figure 1).

Harmony CEO Graham Briggs commented: “This initial Inferred Mineral Resource estimate for Kili Teke of 4 million ounces of gold equivalent1 represents an extremely positive outcome from the early stage drilling at Kili Teke. Additional significant drill intercepts have already been obtained at depth below and along strike. The declaration of a maiden resource is step one in growing a magnificent resource base – one which is wholly owned by Harmony. Our exploration discovery cost is less than US$10 per gold ounce equivalent – one of the lowest world-wide. We are thrilled at the prospect of turning Kili Teke into a major new deposit, further enhancing the value of our world class copper-gold portfolio in PNG.”

Figure 1

Figure 1: Schematic long section (looking west) showing Inferred Resource outline in relation to drill intercepts and modelled 0.3% (pale yellow) and 0.5% copper (red) block model grade shells.

For more detail on the Kili Teke resource and drilling information, please refer to the Annexure of Kili Teke maiden resource.

Competent Persons statement

The information in this report that relates to Exploration Results and other scientific and technical information, is based on information compiled by Mr Mike Humphries. Mr Humphries is a full time employee of Harmony and a member of the Australia Institute of Geoscientists. Mr Humphries has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in The JORC Code 2012 and SAMREC. Mr Humphries consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mr Greg Job. Mr Job is a full time employee of Harmony and a member of the Australasian Institute of Mining and Metallurgy. Mr Job has sufficient experience that is relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in 2012 Edition of the ‘Australasian Code for Reporting of Exploration Reports, Mineral Resources and Ore Reserves’ and SAMREC. Mr Job consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

For more details contact:

Henrika Ninham
Investor Relations Manager
+27 (0) 82 759 1775 (mobile)

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

Annual report

Integrated annual report 2016
Integrated annual report 2017

(HTML & PDFs)

Investor brief

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

(PDF - 6.5MB)

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