1800 Mtr RC Drill.Prog.Targeting Copper-Gold Mineralisation 25/6/03 10:39:00 AM
APEX MINERALS NL 2003-06-25 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Apex Minerals NL has commenced an 1,800 metre reverse circulation drilling programme that will test a series of new gravity and coincident soil anomalies for copper-gold mineralisation at its 1,470 square kilometre Jillawarra project, 150 kilometres north-west of Meekatharra.
Six 300 metre holes will be drilled into the Manganese Range and the Woodlands areas where Apex is focusing its efforts to find a multi-million tonne ore deposit similar to the massive Olympic Dam and Ernest Henry orebodies.
Apex's preference towards drilling gravity rather than prominent magnetic anomalies is due to the targeted mineralisation not necessarily having a strong magnetic signature.
A greater emphasis is also being directed towards those gravity anomalies that sit close to major faults that could have served as feeder structures and where recent soil sampling has delineated coincident, multi-element geochemical anomalies.
Drilling results are expected to be available in about five weeks.
The project is undoubtedly at the exciting high risk / high reward end of the exploration risk spectrum. Other than subtle geochemical anomalies obtained from soil sampling there are very few other clues at surface as to where mineralisation may occur at depth.
In addition to its new gravity and geochemical data, Apex has acquired and reprocessed several other geological datasets and used the latest 3D imaging techniques to screen and finesse targets. The company has also drawn on the expertise of several leading geoscientists.
Jillawarra's mineralisation pedigree was considerably enhanced in 1982 when systematic drilling of magnetic anomalies resulted in the discovery of the 200 million tonne but relatively deep and sub-economic Abra deposit, 9kilometres east of the Jillawarra project. Mineralisation was intersected at several other localities but no other major accumulations were discovered.
Apex has marked out and had cleared by the traditional aboriginal owners sites for several additional drill holes to enable a rapid follow-up of any encouraging results it obtains in this programme. It is also working-up targets at a number of other localities in the Jillawarra region.
The Company has already earned an 80% interest in the Jillawarra project which comprises one granted exploration licence and six applications for exploration licenses. The remaining 20% interest is held by a syndicate comprising prospectors Mark Creasy, Bruce Legendre and Frans Voermans who are free-carried to the completion of a bankable feasibility study.
WINDIMURRA AND NARNDEE PLATINUM-NICKEL PROJECTS
The Jillawarra drilling is the third in an almost continuous series of drilling programmes by Apex since March this year. Two other drilling programmes are planned at the Windimurra and Narndee projects over the next few months.
At Windimurra, Apex is planning in August to follow-up encouraging first round geochemical and drilling results it obtained from a 1,542 metre, 23 hole RC programme in May at the Muleryon Hill and Corner Well prospects where it is targeting platinum and nickel mineralisation (refer release to ASX dated 13th June 2003).
At the Narndee platinum-nickel project, immediately to the south of Windimurra, joint venture partners Falconbridge Limited and Impala Platinum Holdings are expected to drill test in late July recently defined geochemical anomalies.
SOUND CASH POSITION
Apex has 38,875,421 fully paid shares on issue and will hold cash reserves of approximately $2.0 million after completion of the Jillawarra drilling programme.
AXM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held