Alcyone: SE Queensland Mine Contains 23Moz Silver

Mineweb reports Alcyone Resources Limited (ASX: AYN) announced an increase in silver resources from its Texas Silver & Polymetallic Project in SE Queensland to over 23 million ounces, following a 35 per cent increase in the mineral resource for the Mt Gunyan deposit  - its second planned open cut mine.

The new metals inventory along with preliminary  mining optimization studies would extend the life of the heap-leach silver mining operation to between 7 and 10 years, the company states.

Highlights from the press release:

  • 35% increase in Mt Gunyan Mineral Resource estimate (by total contained silver) to 3.9Mt @ 55g/t Ag for 7.0Moz of contained silver, using a revised cut-off grade of 30g/t Ag.
  • Increase in total Texas Project Mineral Resource inventory (encompassing Twin Hills and Mt Gunyan deposits) to 13.3Mt @ 53.6g/t Ag for 23Moz of contained silver, at cut-off grades of 26.5g/t and 30g/t Ag respectively
  • Open pit optimisation plus design studies are underway and indicate an increase in the Twin Hills Ore Reserve.
  • Feasibility Study continuing on development of Mt Gunyan, located 4km east of Twin Hills, as a second source of ore feed for the Twin Hills mining operation. Positive results have been obtained from preliminary optimisation studies.
  • These results represent another key step towards increasing the overall mine life at the Texas Project to between 7 and 10 years.
  • Ramp-up of silver production at Texas Operations is continuing with construction of Leach Pad 4 (LP4) on schedule and on budget, and commissioning expected in September.

Read the full news release at Mineweb