Newcrest is pleased to announce a significant increase in the Wafi-Golpu Mineral Resource following an extensive resource definition drilling program on the Golpu porphyry deposit, located in the Morobe Province of Papua New Guinea. The Wafi- Golpu Mineral Resource(1) has increased to over one billion tonnes of ore containing 26.6 million ounces of gold and 9 million tonnes of copper. The previous Wafi-Golpu Mineral Resource(1) estimate contained 16 million ounces of gold and 4.9 million tonnes of copper.
Wafi-Golpu comprises the Wafi epithermal gold deposit, the Nambonga porphyry copper-gold deposit and the Golpu porphyry copper-gold deposit. Resource estimates for Wafi and Nambonga remain unchanged from those reported for June 2010. The Golpu Mineral Resource has been updated following a drilling program designed to increase the Mineral Resource along strike and at depth.
The Mineral Resource for Golpu as at June 2011 is summarised in the following table:
Golpu Mineral Resource as at June 2011*
The June 2010 Golpu Mineral Resource estimate was reported as 500 million tonnes at 0.95 % Cu and 0.54 g/t Au containing 4.8 Mt Cu and 8.8 Moz Au. The updated June 2011 Mineral Resource represents a 74% increase in tonnes, 88% increase in contained copper and 121% increase in contained gold.
The total Mineral Resource for the Wafi-Golpu project as at 30th June, 2011 is:
Wafi-Golpu Mineral Resource (including Nambonga) as at June 2011*
* Reported numbers have been rounded which may cause apparent computational discrepancies. The figures presented are in 100% terms; Newcrest holds a 50% interest. Refer Newcrest website at www.newcrest.com.au for further information regarding resources and reserves.
Wafi-Golpu Schematic Plan View
Golpu Scematic Long Section (looking South West)
In October 2010, an Exploration Target for the Wafi-Golpu project area in excess of 30 million ounces of gold and 8 million tonnes of copper based on a tonnage range between 900 and 1400 million tonnes was reported. This targeted growth of epithermal deposits to between 100 and 200 million tonnes at a grade range between 1.5 and 2.0 grams per tonne plus porphyry deposits to a range of 800 and 1200 million tonnes at grades between 0.7 and 1.1% copper and 0.5 to 0.9g/t gold.
The updated resource estimate for Wafi-Golpu demonstrates that this previously announced Exploration Target for Wafi-Golpu has been achieved and supports the revised Exploration Target for the Wafi-Golpu project area announced in March 2011 to in excess of 40 million ounces of gold and 15 million tonnes of copper based on a tonnage range between 1200 and 1700 million tonnes. This targets growth of epithermal deposits to between 100 and 200 million tonnes at a grade range between 1.5 and 2.0 grams per tonne plus porphyry deposits to a range of 1100 and 1500 million tonnes at grades between 0.8 and 1.5% copper and 0.6 to 1.0g/t gold.**
Deep drilling undertaken and reported in recent quarters continues to show strongly mineralised porphyry at depth and to the north, where the orebody remains open, with grades persisting well into metasediment wall-rocks.
Competent Person Sign-Off
The information in this statement that relates to Mineral Resources is based on information compiled by Mr Stuart Hayward who is a member of the Australian Institute of Geoscientists and a full-time employee of the Morobe Mining Joint Ventures. Mr Hayward has sufficient experience which is relevant to this style 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 the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Hayward consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
** The potential quantity and grade of this Exploration Target is conceptual in nature and is expressed in 100% equity terms. At this point there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
For further information, please contact:
Investor Enquiries – North America/Europe
T: +1 212 351 5064
Investor Enquiries – Australia/Asia
T: +61 3 9522 5316
T: +61 3 9522 5593
This information is available on our website at www.newcrest.com.au.