New significant copper-gold drill results at Harmony’s Kili Teke prospect
- 13 April 2016
Johannesburg: Wednesday, 13 April 2016. Harmony Gold Mining Company Limited (’Harmony’ or ‘the Company’) is pleased to advise continuing exploration success at its 100% held Kili Teke prospect in the Hela province in Papua New Guinea (PNG).
A maiden Mineral Resource estimate for Kili Teke was declared and announced in November 2015, comprising 128 million tonnes at 0.4 % copper and 0.3 g/t Au (506,000 tonnes copper, 1.2 million ounces Au)1. The deposit contains two main areas of higher-grade quartz stockwork related mineralisation. Drilling completed since the release (10 holes / 6,820m) has focussed on potential to expand these zones along strike and down dip, with very encouraging results:
KTDD027: 584.4m @ 0.52% Cu, 0.35 g/t Au from 4.6m
Including 287.4m @ 0.56% Cu, 0.44 g/t Au from 4.6m (on section below)
- New zones of near surface, stockwork related copper-gold mineralisation developing within the current footprint:
KTDD022: 206m @ 0.59% Cu, 0.42 g/t Au from 482m
KTDD025: 376m @ 0.47% Cu, 0.29 g/t Au from 495m
- Depth extensions of porphyry related quartz vein stockwork mineralisation confirmed in latest drilling:
KTDD025: 7.8m @ 12.98% Cu, 11.45 g/t Au from 920.2m
- Results also include high-grade massive sulphide chalcopyrite-bornite skarn mineralisation intersected at depth:
Harmony’s chief executive officer, Peter Steenkamp, commented: “It is a rare phenomenon, in this day and age, to drill a 584 meter borehole and achieve grades averaging over 0.5 percent copper and 0.35 grams per tonne gold from surface. Massive sulphide lodes averaging 13% copper and 11.4 grams per tonne gold are even rarer - which is what we are seeing from our Kili Teke drill results.”
Drilling at the prospect continues with 2 drill rigs. A revised mineral resource estimate incorporating the latest drill results is planned for the September 2016 quarter.
“The latest drilling results support our belief that Kili Teke has the potential to develop into a major new porphyry copper-gold system. Developing a portfolio of world class copper-gold assets in PNG - replacing ounces at a discovery cost of less than US$10 per gold equivalent ounce - creates excellent long term value for our shareholders,” Peter added.
Figure 1: Transverse section through the northern stockwork zone showing recent drilling intercepts from KTDD025 and KTDD027. Results support the current model, highlight an extension of the mineralisation developing at depth below the current resource limit, and extend the mineralised porphyry hosted quartz vein stockwork zone to surface. High-grade massive sulphide copper-gold mineralisation was intersected by KTDD025 off section near the footwall contact of the intrusive with the marbleised limestone host sequence.
¹ For more details refer to the press release “Maiden copper-gold resource of 4 million gold equivalent ounces defined for Harmony’s Kili Teke prospect” 24 November 2015 – available on https://www.harmony.co.za/our-business/exploration/kili-teke-prospect .
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.
For more details contact:
Investor Relations Manager
+27 (0) 82 759 1775 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)