Results of up to 125gpt show Paulsens set to expand … · 2015-08-16 · even replicate the...

Highlights

� Follow-up drilling in both the Gabbro mineralisation and shallow levels at Paulsens returns numerous high-grade intersections of up to 125gpt

� Latest results provide more evidence that the Gabbro is mineralised and has strong potential to boost resources and mine life

� This Gabbro mineralisation is the deepest intersected in Paulsens’ history, 350m vertically below current production level

� Shallow levels will be added to Paulsens’ inventory, providing increases to production and cashflow for the next 5-7 years

� Shallow levels require no capital and little underground development - cheap to mine

� Significant Shallow Levels results (down hole and uncut);

1.8 m @ 75.5 g/t gold 1058mRL LZ including 0.7m @ 125 g/t

0.6 m @ 29.8 g/t gold 888mRL LZ 0.8 m @ 29.6 g/t gold 901mRL LZ 2.0 m @ 27.4 g/t gold 1085mRL LZ 3.3 m @ 25.7 g/t gold 884mRL LZ 2.5 m @ 19.8 g/t gold 926mRL LZ

1.2 m @ 19.2 g/t gold 895mRL LZ 1.0 m @ 15.6 g/t gold 893mRL LZ 3.1 m @ 13.2 g/t gold 887mRL LZ

2.2 m @ 12.1 g/t gold 1073mRL LZ 1.6 m @ 11.3 g/t gold 884mRL LZ

� Significant Gabbro results include (down hole and uncut);

2.3 m @ 15.3 g/t gold 512mRL Gabbro

4.7 m @ 13.9 g/t gold 296mRL Gabbro 1.3 m @ 13.8 g/t gold 284mRL Gabbro 1.1 m @ 12.9 g/t gold 596mRL Gabbro 1.7 m @ 12.8 g/t gold 382mRL Gabbro 1.4 m @ 9.4 g/t gold 430mRL Gabbro

ASX ANNOUNCEMENT 19 DECEMBER 2012 Australian Securities Exchange Code: NST Board of Directors Mr Chris Rowe Non-Executive Chairman

Mr Bill Beament Managing Director

Mr Michael Fotios Non-Executive Director

Mr Peter O’Connor Non-Executive Director

Mr John Fitzgerald Non-Executive Director

Ms Karen Brown Company Secretary

Issued Capital Shares 424 M Options 4.25M Current Share Price $1.315 Market Capitalisation $558 million Cash/Bullion and Investments: 30 Sep 12 - $67 million Projects Commodities Paulsens gold Ashburton gold Range gold, silver Emull Zn, Cu, gold Investments Commodities Venturex (15%) Cu, Zn, Ag & gold

Results of up to 125gpt show Paulsens set to expand resources

and mine life Intersections support Northern Star's strategy to target two

new areas of mineralisation

ASX ANNOUNCEMENT 19 DECEMBER 2012

Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111

Email: [email protected] Website: www.nsrltd.com

Northern Star Resources (ASX: NST) is pleased to announce that its strategy to add substantial resources to its Paulsens inventory by targeting two new sources of mineralisation is paying dividends, with drilling in these areas returning results of up to 125gpt. In the Gabbro rock unit, which sits either side of the 900,000-ounce Paulsens orebody and was previously considered to be un-mineralised, a second round of drilling was conducted to follow-up the maiden results (see ASX announcement 01 November 2012). These latest high-grade results confirm the presence of additional lode structures that may supplement or even replicate the existing Paulsens mineralisation, with far-reaching benefits for the Project's resources, mine life production and cashflow (see figure 1).

Figure 1 - Plan View of Significant drill results for Gabbro and Offset Mineralisation

Of note is the intersection of 1.3m at 13.8gpt (916m below surface and 350m below current production level), which is the deepest mineralised intersection in Paulsens’ history. These results are highly significant because they show that the Gabbro rock unit on both sides of the Paulsens quartz lode is now a potential target from at least 900m underground and continuing all the way up-plunge to the surface. In addition to the Gabbro drilling, Northern Star recently announced a review of the shallow levels at Paulsens where large portions of the orebody were left unmined by previous owners due to gold price hedging, mine scheduling and a lack of surplus funds for exploration and extensional drilling (see Figure 2):




Figure 2 - Long Section of Paulsens Mine with large portions of the orebody not mined

The first round of drilling on these shallow levels returned intersections of up to 857gpt (see ASX announcement 07 November 2012).

The latest results from the follow-up program returned grades up to 125gpt, confirming that these areas have strong potential to boost Northern Star's cashflow and production for the next five to seven years. Figure 3 below shows the shaded hatched area which has been mined and, outside of this, the quartz structure which has generated the results contained in this announcement.

Figure 3 - Plan View of New Significant drill results for Upper Paulsens




Some of the areas which have generated the latest results contain previously known mineralisation while others have until now been considered barren or uneconomic. Some also remain open along strike, offering further potential for additional mineralisation which will increase the Project's resources. "Our theories in respect to both the Gabbro and shallow levels are rapidly gaining weight," Northern Star Managing Director Bill Beament said. "After just two rounds of drilling, it is becoming clear that both of these areas have outstanding potential to add substantial resources to Paulsen's inventory, bringing valuable increases in production, mine life and cashflow in the process. "The shallow levels are emerging as a source of easy, low-cost production while the gabbro is a game-changer in terms of its potential impact on resources and mine life at Paulsens. "We will continue to drill these areas with a view to establishing resource estimates as soon as possible." These latest drilling results are not included in Paulsens' current resource estimate of 403,000oz1 (see ASX Release 02 August 2012). Further announcements will be released regarding the ongoing underground diamond drilling as results become available.

Assay results from both underground diamond drilling are listed in the attached tables. Yours faithfully,

Bill Beament Managing Director Northern Star Resources Ltd Competent Persons Statements The information in this announcement that relates to Paulsens Project and Ashburton mineral resource estimation, exploration results, data quality, geological interpretations, potential for eventual economic extraction and estimates of exploration potential, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern Star Resources Ltd. Mr Ekers has sufficient experience which is relevant to the 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". Mr Ekers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements Northern Star Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.




GABBRO RESOURCE DEFINITION DRILLING

Hole # Downhole

Intersection (m)

Est. True Thickness

(m)

Uncut Grade (g/t)

Grade (g/t) cut to

(150g/t)

Ore zone and comments

RL of intersection

PDU2239 6.5 3.1 3.7 3.7 Quartz in gabbro 446mRL
















UPPER PAULSENS AND GABBRO GRADE CONTROL DRILLING

Hole # Downhole

Intersection (m)

Est. True Thickness

(m)

Uncut Grade (g/t)

Grade (g/t) cut to

(150g/t)


RL of intersection




PDU2090 1.5 0.3 3.9 3.9 SOY 1073mRL

PDU2090 0.6 0.2 11.4 11.4 SOY 1069mRL

PDU2100 1.9 1.8 7.8 7.8 SOY 1081mRL

PDU2150 0.3 0.1 6.8 6.8 LZ 980mRL

PDU2150 0.2 0.1 2.7 2.7 UZ2 993mRL




PDU2176 1.7 0.3 3.1 3.1 SOY 1080mRL

PDU2176 2.2 1.9 12.1 12.1 SOY 1073mRL


PDU2177 1.7 0.6 9.9 9.9 SOY 1077mRL

PDU2177 2.0 0.4 3.1 3.1 SOY 1076mRL

PDU2177 1.7 1.4 2.2 2.2 SOY 1066mRL

PDU2178 1.3 0.7 11.0 11.0 SOY 1080mRL

PDU2184 1.8 0.4 33.9 33.9 LZ 899mRL

PDU2184 1.8 0.5 5.4 5.4 LZ 900mRL

PDU2185 3.0 1.7 3.4 3.4 LZ 883mRL

PDU2185 3.3 1.9 25.7 25.7 LZ 884mRL




Hole # Downhole

Intersection (m)

Est. True Thickness

(m)

Uncut Grade (g/t)

Grade (g/t) cut to

(150g/t)


RL of intersection

PDU2186 1.3 0.7 14.0 14.0 UZ 875mRL

PDU2188 4.7 3.0 6.9 6.9 LZ 901mRL

PDU2188 1.2 0.7 19.2 19.2 UZ 895mRL

PDU2189 2.0 1.6 3.1 3.1 LZ 891mRL

PDU2192 1.3 0.8 2.7 2.7 LZ 892mRL

PDU2193 3.1 1.8 13.2 13.2 LZ 887mRL

PDU2193 1.5 1.0 11.1 11.1 UZ 884mRL

PDU2193 1.3 0.9 6.7 6.7 UZ2 886mRL

PDU2194 1.1 0.5 5.3 5.3 LZ 873mRL

PDU2194 1.4 0.9 3.5 3.5 LZ 871mRL

PDU2194 0.6 0.4 3.4 3.4 UZ 877mRL

PDU2196 2.8 1.2 7.4 7.4 LZ 894mRL

PDU2197 0.2 0.2 5.4 5.4 UZ2 881mRL

PDU2198 3.3 2.7 1.5 1.5 LZ 869mRL

PDU2198 0.9 0.7 2.4 2.4 UZ2 875mRL

PDU2198 0.5 0.4 2.6 2.6 UZ2 870mRL

PDU2198 0.2 0.1 14.1 14.1 UZ2 870mRL

PDU2200 0.6 0.5 29.8 29.8 LZ 888mRL

PDU2200 1.6 1.4 11.3 11.3 UZ2 884mRL

PDU2200 0.4 0.4 2.7 2.7 UZ2 885mRL

PDU2201 1.3 0.8 5.2 5.2 LZ 874mRL

PDU2202 1.6 1.4 5.5 5.5 LZ 892mRL

PDU2203 0.4 0.4 5.7 5.7 LZ 884mRL

PDU2203 0.3 0.2 10.4 10.4 UZ2 883mRL

PDU2223 0.3 0.1 8.5 8.5 LZ 980mRL

PDU2225 2.5 1.2 19.8 19.8 LZ 926mRL

PDU2246 0.8 0.3 29.6 29.6 LZ 901mRL

PDU2247 4.5 1.8 4.1 4.1 LZ 922mRL

PDU2249 0.3 0.2 11.4 11.4 UZ 910mRL

PDU2251 1.6 0.6 6.4 6.4 LZ 915mRL

PDU2251 1.0 0.4 2.7 2.7 LZ 916mRL

PDU2252 0.5 0.1 10.1 10.1 LZ 977mRL

PDU2253 1.5 0.9 5.0 5.0 LZ 975mRL

PDu2254 0.7 0.5 5.5 5.5 LZ 973mRL

PDU2256 1.4 0.7 8.4 8.4 LZ 968mRL

PDU2257 2.0 0.5 3.6 3.5 LZ 958mRL

PDU2258 0.3 0.3 6.4 6.4 SOY 1079mRL

PDU2258 0.5 0.4 4.0 4.0 SOY 1079mRL

PDU2258 0.4 0.4 8.0 8.0 SOY 1079mRL

PDU2259 0.3 0.2 6.0 6.0 SOY 1066mRL

PDU2259 0.5 0.4 3.2 3.2 SOY 1065mRL

PDU2259 1.0 0.8 3.1 3.1 SOY 1060mRL

PDU2259 1.8 1.5 75.5 75.5 SOY 1058mRL

Including 0.7 125.0




Hole # Downhole

Intersection (m)

Est. True Thickness

(m)

Uncut Grade (g/t)

Grade (g/t) cut to

(150g/t)


RL of intersection

PDU2260 0.6 0.6 5.4 5.4 SOY 1084mRL

PDU2260 2.0 1.9 27.4 27.4 SOY 1085mRL

PDU2260 0.6 0.6 16.9 16.9 SOY 1086mRL

PDU2260 1.0 0.9 1.9 1.9 SOY 1086mRL

PDU2261 0.5 0.5 2.6 2.6 SOY 1081mRL

PDU2261 2.7 2.6 4.4 4.4 SOY 1081mRL

PDU2261 0.6 0.6 5.9 5.9 SOY 1082mRL

PDU2262 0.4 0.3 3.4 3.4 SOY 1077mRL

PDU2262 2.0 1.6 2.3 2.3 SOY 1055mRL

PDU2263 1.1 1.0 4.3 4.3 UZ2 888mRL

PDU2264 0.7 0.6 2.0 2.0 UZ2 885mRL

PDU2264 0.2 0.2 5.8 5.8 UZ2 886mRL

PDU2265 0.8 0.7 3.1 3.1 LZ 881mRL

PDU2265 1.0 1.0 5.6 5.6 UZ2 881mRL

PDU2266 1.1 1.1 4.8 4.8 LZ 864mRL

PDU2267 1.2 1.1 1.9 1.9 UZ2 867mRL

PDU2268 0.9 0.8 3.5 3.5 UZ2 897mRL

PDU2269 0.8 0.1 4.6 4.6 UZ 892mRL

PDU2270 0.8 0.7 2.1 2.1 UZ2 887mRL

PDU2271 0.7 0.7 3.5 3.5 LZ 884mRL

PDU2271 0.4 0.4 2.8 2.8 UZ2 883mRL

PDU2271 0.3 0.3 3.1 3.1 UZ2 883mRL

PDU2272 1.0 0.9 4.3 4.3 UZ2 871mRL

PDU2275 0.8 0.8 2.8 2.8 LZ 866mRL

PDU2275 0.2 0.2 13.0 13.0 UZ2 869mRL

PDU2278 0.9 0.2 8.0 8.0 UZ 826mRL

PDU2278 0.9 0.2 2.3 2.3 UZ 890mRL

PDU2279 1.1 0.9 3.0 3.0 UZ 882mRL

PDU2283 1.5 1.5 10.3 10.3 LZ 889mRL

PDU2287 1.0 0.3 15.6 15.6 UZ 893mRL

PDU2287 2.0 0.4 9.7 9.7 UZ2 900mRL

PDU2292 1.2 0.2 9.7 9.7 LZ 890mRL



PDU2295 0.8 0.2 7.3 7.3 LZ 888mRL

PDU2298 2.4 1.4 9.1 9.1 LZ 886mRL



PDU2325 1.0 0.6 2.9 2.9 UZ 876mRL

PDU2326 1.0 0.4 5.7 5.7 LZ 866mRL At a nominal 3g/t lower cut off and a 150g/t upper cut off NSR means no significant result




Paulsens resource and grade control drilling collar data

Drill Hole # Drill Type Easting Northing RL Grid_ID Azmimuth

(degrees)

Dip

(degrees)

PDU1985 DD 9869 50179 1080 PMG 20 -14

PDU2090 DD 9869 50179 1080 PMG 14 -10

PDU2100 DD 9868 50179 1080 PMG 14 2

PDU2150 DD 9796 50272 1001 PMG 70 -18

PDU2176 DD 9869 50179 1080 PMG 355 -10

PDU2177 DD 9868 50179 1080 PMG 341 -14

PDU2178 DD 9868 50179 1080 PMG 340 7

PDU2184 DD 9643 50373 883 PMG 122 11

PDU2185 DD 9643 50373 882 PMG 122 1

PDU2186 DD 9643 50373 882 PMG 122 -8

PDU2188 DD 9645 50373 882 PMG 128 13

PDU2189 DD 9645 50373 882 PMG 128 6

PDU2192 DD 9643 50373 882 PMG 135 13

PDU2193 DD 9643 50373 882 PMG 135 4

PDU2194 DD 9642 50373 882 PMG 135 -8

PDU2196 DD 9643 50373 882 PMG 141 11

PDU2197 DD 9643 50373 882 PMG 141 0

PDU2198 DD 9643 50373 882 PMG 142 -12

PDU2200 DD 9643 50373 882 PMG 148 5

PDU2201 DD 9642 50373 882 PMG 148 -7

PDU2202 DD 9643 50373 882 PMG 155 10

PDU2203 DD 9643 50373 882 PMG 155 2

PDU2223 DD 9796 50272 1001 PMG 82 -32

PDU2225 DD 9644 50374 882 PMG 113 16

PDU2239 DD 8905 50472 588 PMG 253 -28

PDU2245 DD 8905 50472 588 PMG 238 -28

PDU2246 DD 9645 50374 882 PMG 108 9

PDU2247 DD 9645 50374 882 PMG 108 15

PDU2249 DD 9645 50374 883 PMG 119 16

PDU2251 DD 9645 50373 883 PMG 135 21

PDU2252 DD 9797 50271 1001 PMG 71 -25

PDU2253 DD 9797 50271 1001 PMG 70 -33

PDU2254 DD 9797 50271 1001 PMG 70 -43

PDU2256 DD 9797 50271 1001 PMG 60 -42

PDU2257 DD 9797 50271 1001 PMG 47 -49

PDU2258 DD 9869 50179 1080 PMG 20 -2

PDU2259 DD 9869 50179 1080 PMG 20 -24

PDU2260 DD 9869 50179 1081 PMG 14 8

PDU2261 DD 9869 50179 1081 PMG 355 3

PDU2262 DD 9869 50179 1079 PMG 355 -36

PDU2263 DD 9640 50373 882 PMG 162 13

PDU2264 DD 9639 50373 882 PMG 161 7

PDU2265 DD 9640 50373 882 PMG 160 -1

PDU2266 DD 9640 50373 881 PMG 161 -21

PDU2267 DD 9640 50373 881 PMG 162 -30

PDU2268 DD 9639 50373 883 PMG 171 28

PDU2269 DD 9639 50373 883 PMG 171 18

PDU2270 DD 9639 50373 882 PMG 171 11




Drill Hole # Drill Type Easting Northing RL Grid_ID Azmimuth

(degrees)

Dip

(degrees)

PDU2271 DD 9639 50373 882 PMG 171 2

PDU2272 DD 9640 50373 881 PMG 171 -25

PDU2275 DD 9640 50373 882 PMG 182 -19

PDU2278 DD 9639 50373 883 PMG 192 16

PDU2279 DD 9639 50373 882 PMG 192 3

PDU2283 DD 9629 50370 882 PMG 189 12

PDU2287 DD 9629 50369 883 PMG 200 26

PDU2292 DD 9645 50375 882 PMG 100 4

PDU2294 DD 9645 50375 882 PMG 104 8

PDU2295 DD 9645 50374 882 PMG 104 3

PDU2298 DD 9645 50374 882 PMG 116 3

PDU2304 DD 8914 50451 589 PMG 139 -2

PDU2305 DD 8914 50451 589 PMG 147 2

PDU2325 DD 9645 50373 882 PMG 120 -6

PDU2326 DD 9645 50373 882 PMG 120 -12

Quality Control – Paulsens, All core is logged and whole core samples (if LTK60 size, NQ2 sized core is cut and half cored) are marked and prepared for shipping at the Paulsens Mine Property and sent to an independent Laboratory for assay. The remaining half core is stored on site. All samples from which information in this document is derived were received by ALS Chemex – Australian Laboratory Services Pty (‘ALS’) Limited in Perth, Western Australia. Samples are weighed and crushed to 70% passing -6mm mesh. The crushed material is split and a portion is pulverised. A 100-gram pulp is sent to ALS Perth, Western Australia for assay. A 30-gram portion of the pulp is treated by fire assay method with atomic absorption finish (Au-AA25). Sample rejects are discarded after 90 days. Limit samples (>100 grams per tonne gold) are re-analysed using ALS’ dilution method (Au-DIL). Northern Star Resources inserts one standard in each hole, and one blank is now inserted in each ore zone. Laboratory standards and blanks are inserted by ALS and several pulp duplicates are also assayed as a determinant of mineralisation variability. ALS has AS/NZS ISO 9001:2000 certification in Perth.

30 June 2012

Measured Indicated Inferred Total

Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Oz Au

(,000) (g/t) (,000) (g/t) (,000) (g/t) (,000) (g/t) (,000)

Open Pit 573 2.5 169 2.5 742 2.5 61

Paulsens Upper Levels 136 7.1 32 5 168 6.7 36

Voyager 1 277 8.8 75 12.4 44 10.7 395 9.7 123

Voyager 1 Extension 64 20.0 39 33 103 25.0 83

Voyager 2 22 14.3 71 10.5 93 11.4 34

Paulsens Stockpiles 11

Belvedere 45 2.8 123 3.5 168 3.3 18

Merlin 523 1.4 523 1.4 24

Mt Clement JV 226 1.8 226 1.8 13

Total 277 8.8 915 5.5 1227 3.8 2418 5.0 403 1Table 1 - Paulsens Resources @ 2.5g/t Au Lower Cut-Off Underground and 1.0g/t Au Lower Cut-Off Open Pit

Results of up to 125gpt show Paulsens set to expand … · 2015-08-16 · even replicate the...

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