OXR oxiana limited

exceptional gold results from discovery colluvial

  1. 679 Posts.
    Document date: Thu 08 May 2003 Published: Thu 08 May 2003 10:25:21
    Document No: 204066 Document part: A
    Market Flag: Y
    Classification: Progress Report
    OXIANA RESOURCES NL 2003-05-08 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    MEDIA RELEASE

    SEPON PROJECT 80% OXIANA, 20% RIO TINTO

    EXCEPTIONAL GOLD RESULTS FROM DISCOVERY COLLUVIAL DEPOSIT

    Wide thicknesses of near surface, high grade oxide gold
    mineralisation has been intersected in development drilling across
    the Discovery Colluvial Gold Deposit. Exceptional results include
    [email protected] 14.5g/t Au, [email protected] 10.9g/t Au and 11m @ 18.2g/t Au

    The Discovery Colluvial gold deposit is one of three mineable
    resources (Colluvial, Main, and East) delineated within the large
    Discovery gold system.

    Feasibility study drilling on the Sepon gold deposits in 2001-02
    comprised a wide 50 x 50 metre pattern infilled to 25 x 25 metres in
    areas designated for early stage mining. Close spaced grade control
    drilling (10 x 5 metres) completed as part of the mining activities
    to date has seen strong positive gold grade reconciliations between
    the feasibility and mine grade control models, as reported in
    Oxianas first quarterly activities statement for 2003.

    Oxiana is currently undertaking a comprehensive mine and near mine
    exploration and development drilling program to expand the gold
    resource and reserve base at the Sepon project. As part of this
    resource/reserve expansion program, extensive development drilling is
    being undertaken to upgrade the resource models for all gold
    deposits. Re-optimisation studies will then be completed to produce a
    revised reserves statement.

    The Discovery Colluvial deposit is the first of the existing defined
    resources to be drilled as part of this program. While the attached
    results support a continuation of the trend towards higher gold
    grades seen to date, further detailed evaluation work is required to
    determine the impact on current resource/reserve estimates for the
    deposit.

    Development drilling will be ongoing at the Discovery, Discovery
    West, Namkok (East and West) and Nalou deposits over the coming
    months and exploration drilling to delineate new resources is
    continuing throughout the Sepon mineral district.


    O L Hegarty.

    Note:

    Within this statement references to resources and exploration results
    have been approved for release by Tony Manini B.Sc (Hons), F.Aus.IMM
    who has more than five years experience in the field of activity
    concerned and is a Competent Person as defined by the JORC Code.
 
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