Wilton Resources Corporation Limited, a gold exploration and mining group focused on the Ciemas Gold Project in West Java, Indonesia, has reported a sizeable upgrade of its gold resources. The measured and indicated mineral resources increased to 3,040 kilotons containing 26,740 kg (860,000 troy ounces) of gold, which represents an increase of 31% from the previous estimate of 20,394 kg of gold.
Based on the report titled “Updated Resource Report for the Ciemas Gold Project in Sukabumi Region, Indonesia” (“Resource Report”) from SRK Consulting China Limited, as of30 June 2014 it is estimated that the Ciemas Gold Project contains about 3,040 kilotonnes of measured and indicated resources with an average grade of 8.8 g/t of gold (Au). This translates into total contained gold of 26,740 kg (approximately 860,000 troy ounces), which is an increase of 31% from the previous estimate of 20,394 kg as of 31 May 2013. Including the inferred resources, the estimated total contained gold across all mineral resource categories is 38,970 kg (approximately 1,250,000 troy ounces).
Wilton has also received a second report titled “Ciemas Open Cut Scoping Study” (the “Scoping Study”) from Australia-based consultant Mancala Pty Ltd. Mancala has recommended that Wilton focuses on open pit development of the upper portions of the gold deposits, with subsequent underground mining for mineral resources that are below the optimal limit of open pit extraction.
“The reports from independent consultants SRK and Mancala provide an important step forward for our Ciemas Gold Project,” said Wijaya Lawrence, Executive Chairman and President of Wilton said in a press release on Thursday (4/9). “The resource report not only validates an upgrade of our project’s mineral resources, it also serves as an endorsement of the high quality of our project as the average gold grade of our Measured and Indicated Resources has improved to 8.8 g/t Au as compared to 8.4 g/t Au previously. There is also potential for the project to benefit from a further upward revision of our mineral resources, as the deposits are open at depth as well as along strike.”