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drilling confirms strike extention at mt kasi

  1. Fig_Jam

    4,756 Posts.


    30 Mar 2004

    The Manager Announcements Australian Stock Exchange Limited

    Dear Sir

    Initial DriDing Results Confirm Significant Strike Extension at Mt Kasi

    The Board is pleased to announce that initial results from exploration diamond drilling commenced at Mt Kasi in February 2004 confirm that gold mineralization of the Mineral Hill deposit extends 175 metres to the south along strike from the current 500 metre long pit design.

    Significant zones of mineralized silicified and sulphide-rich breccia material occurring at shallow depths have been encountered at Kasi South, the southern extension of the Mineral Hill deposit.

    Results from the three mine grid section lines drilled and assayed to date (4300m N, 4325m N and 4350m N) include 13.0 metres at 2.0g/t Au from 41.5 metres (true width approximately 9 metres), including 4.0 metres at 2.74g/t Au from 41.5 metres and 6.0 metres at 2.11g/t from 46.5 metres in drill hole KADD006 and 5.0 metres at 2.59g/t Au from 24.5 metres in drill hole KADD005.

    The zone of mineralization at Kasi South appears to be widening with depth. The strong continuity and tenor of the mineralization is also very encouraging and highlights the larger resource potential of the area south of the main deposit at Mineral Hill.

    The maximum depth drilled to date in the current programme is only 61 metres at drill hole KADD006, which terminated in mineralization after encountering drilling stability problems. Further drilling is planned to test the continuity and grade of this part of the system south along strike and at depth.

    These new drill results support detailed geological mapping undertaken by the Company during the past two years that confirmed the presence of untested siliceous epithermal lodes coinciding with strongly gold anomalous soil auger geochemical values extending 2km south of the Kasi South drill sections.

    Mapping of the southern extension has also located rock chip samples returning grades up to 71 g/t Au. The Company intends to test this anomaly towards the latter part of the current programme. In addition drilling is planned to test at least five separate prospective zones of mineralization to the north and west of Mineral Hill where minimal drilling has taken place.

    The drilling contractor has experienced delays in mobilizing the Reverse Circulation (RC) drill rig to site causing delays with the execution of the planned programme. As a result the diamond component of the programme has been extended to include a number of additional drill holes in areas where diamond core was not previously available.

    The Company has been advised that the RC rig is now expected to be mobilized at site by mid April.
    Exploration drilling will continue with the diamond rig until this time.

    Assay results referred to in this communication have been generated by fire assay conducted by independent consultants SGS Australia Pty Ltd (previously Analabs) at the Company's fully equipped laboratory on site.

    Yours faithfully
    Jerome G Vitale Executive Chairman
    Tel +61 8 9322 6045

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    Cheers,


    Fig Jam

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