AGZ a.g.d. mining limited

agz-good volume on announcement

  1. 284 Posts.
    New Gold/Antimony Anomalies Discovered at Costerfield


    HOMEX - Melbourne

    AGD Mining Limited ("AGD") is pleased to announce the following
    results from its recent geochemical exploration efforts at
    Costerfield in central Victoria.


    * Results from the 574 air core holes over sections of the 3.5 km
    potential mineralised Costerfield corridor has outlined four further
    exploration targets for gold/antimony mineralisation.

    * Assay results above 30 ppb Au are regarded as anomalous for the
    Costerfield corridor. Results of up to 340 ppb Au, 1,300 ppb As and
    700ppb Sb were recorded, in this programme. Assays up to 2.8 g/tAu
    were recorded in the quartz laterite horizon in the Prince of Wales
    zone, situated about 100 metres east of the main Costerfield

    * Previous geochemical exploration on the Costerfield corridor
    resulted in the discovery of the Augusta Gold Project (previously
    called the MH Zone). This exploration programme has now extended the
    Augusta mineralisation some 80 metres further south from the southern
    most diamond drill hole, giving a potential strike zone of a minimum
    of 500 metres.

    * The Augusta mineralisation is still open on strike to the south and
    has not been closed off to the north.

    * Gold/antimony mineralisation has also identified two possible
    extensions of mineralisation some 500 metres south of the main
    historic Costerfield workings in areas not previously mined.

    The geochemical exploration was designed to test the bedrock "C"
    horizon on line spacing of about 400 metres with holes drilled along
    the lines on 5m hole centres.

    The purpose of this geochemical programme was to define additional
    near surface gold targets along the 3.5 kilometre main shear zone
    linking the old main workings at Costerfield and the new Augusta Gold
    Project discovery to the south of Costerfield. Historically there has
    been very little modern day exploration conducted over this main
    corridor apart from the Augusta area, which proved successful with
    the discovery of a resource of 290,000 tonnes grading 12 g/t gold and
    6.2% antimony.

    A 15 hole diamond drill programme is scheduled to begin in early
    January to test the upper, oxidised parts of the Augusta Gold Project
    and extend the near surface strike lengths of the Augusta's three

    J Debrodt

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