Harmony Reports Significant Increase in Wafi-Golpu Mineral Resource

Strategic Insights -

Harmony Gold Mining Company Limited has announced a significant increase in the mineral resource at the Wafi-Golpu porphyry copper-gold project in Papua New Guinea, with the total mineral resource now containing 16 million ounces of gold and 4.8 million tonnes of copper. The new mineral resource was discovered through an additional 19,179 meters of drilling in 22 PQ/HQ/NQ diamond drill holes. The increase in the mineral resource is due to the discovery of a new zone of mineralisation adjacent to the previously defined Golpu resource, which has been extended by drilling along strike to the northeast and at depth.

Key Takeaways:

  • The Wafi-Golpu mineral resource now contains 16 million ounces of gold and 4.8 million tonnes of copper, making it a promising project for investors.
  • The increase in the mineral resource is due to the discovery of a new zone of mineralisation adjacent to the previously defined Golpu resource.
  • Drilling has extended the mineralisation along strike to the northeast and at depth, with the current resource containing significant gold and copper intercepts.
  • Harmony CEO Graham Briggs believes that investing in exploration was a good long-term decision, citing the exploration target's potential for further growth in the mineral resource.
  • The ongoing drilling program is expanding high-grade zones of mineralised porphyry, with the mineralised footprint of the deposit now extending over 700 meters of strike.
  • Several targets have been earmarked for follow-up testing, with several already containing significant gold intercepts.

Statistics:

  • 16 million ounces of gold in the Wafi-Golpu mineral resource
  • 4.8 million tonnes of copper in the Wafi-Golpu mineral resource
  • 19,179 meters of additional drilling in 22 PQ/HQ/NQ diamond drill holes
  • 3.2 million ounces of gold in the previous 2007 mineral resource
  • 1.8 million tonnes of copper in the previous 2007 mineral resource
  • 500 to 800 million tonnes of exploration target
  • 0.7 to 1.1% copper grades in the exploration target
  • 0.5 to 0.7 g/t gold grades in the exploration target
  • $4,412/t Cu and $950/oz Au for gold equivalent calculations

Sources:

  • [1] Harmony Gold Mining Company Limited Executive: Corporate and Investor Relations
  • "Harmony Reports Further Significant Increase in Wafi-Golpu Mineral Resource" published on 29 July 2010.
  • Harmony Gold Mining Company Limited (2010) Wafi-Golpu Project Mineral Resource as at 30 June 2010.