Auzex Resources (ASX: AZX) and GGG Resources plc (ASX: GGB; AIM: GGG) are in advanced talks with their resource consultant Snowden for an updated Resource at the 2 million gold ounce Bullabulling Joint Venture.
Preliminary optimisation studies have been completed and the company expects a final sign off on the resource estimate classification shortly. The JV partners will release their JORC resource statement based on the 34,800 metres of Phase One drilling as well as prior work.
The development of the Bullabulling Gold Project remains on track as an extensive exploration campaign continues. Auzex is targeting sufficient reserves for a ten year mine life, and an initial JORC Reserve at the project.
Exploration in 2011 at the project is extensive, with Auzex receiving approval of the program of works for a planned 194,000 metre drilling program from the Western Australian government.
A Phase Two infill drilling program has commenced and over 18,000 metres of drilling has been completed.
Results from this Phase Two drilling program are now being reviewed and an announcement summarising results to date will be made available in due course.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17936/auzex-resources-close-to-gold-jorc-resource-upgrade-at-bullabulling-joint-venture-17936.html
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