GTM giants reef mining limited

CHARIOT GOLD DEPOSIT BULKS 'UP AT DEPTH

  1. 6,931 Posts.
    CHARIOT GOLD DEPOSIT BULKS 'UP AT DEPTH
    Giants Reef is pleased to report a further significant result from its pre-production drilling program
    at the Chariot gold deposit. Assays results confrm mineable widths in excess of ten metres true
    thichess in the main ore shoot.
    A new deeper intersection to hand from hole CHRD 120A at approximately 270 metres in depth
    contained:
    19.1 metresat lO.Og/tAu
    The intersection equating to a true ore thickness of 12.6 metres. The ore width is a further increase
    on the previous widest intersection announced last week from hole CI-IRD 116A of 13 metres at
    17.5dt Au for a true ore thickness of 8.6 metres at approximately 220 metres in depth.
    Increases in ore reserves can be expected due to the wider ore intersections. More significantly, the
    new drilling results indicate the robustness of the ore shoot near the base of known ore body. The
    ore bodyremains open at depth and to the west. Further deep drillingbeyond the depth of the
    current program is planned t o be completed from underground following the establishment of drill
    platforms from production drives. Location details for hole 120A are tabled below.
    An updated ore resource estimate is currently being computed and will be released when it comes to
    hand in approximately one week.
    Drill Hole Table Jntersection
    Hole no l start I Finish
    10.0 12.6 19.1 CHRD 120A 1 315.4 I 334.5
    Grade True Width LenDh
    1 metres I luelres g/tAu metres Incwcs
    Drill Hole Table Location
    Hole NO 1 Easting Grid I NorthinE Grid I Inclination (Degrees)
    CHRD 12OA 1 5584.2 I 3140.4 I -GO I 183.5
    I Azimuth (Degrees)
    Peter N Smith
    Chief Executive Officer
    1 lth July 2002
    Note: the infomlation in this reporl has bccn colnpilcd by Mr Peter Simpson and Mr Craig Imine who are members of
    the Australasian Institute of Mining &Metallurgy and have a minimum OF hvc years cq~cricncc in thc ficld ofaclivily
    bcing reponed on. This report accurately reflects the information compiled by these persons.

    I hold the options

    Regards

    Desmond
 
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