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[Pause Scroll] [Restart] Republic Gold update, extends Whumbal West program
Sydney, Jul 02, 2007 (RWE via COMTEX) -- (RWE Aust Business News) Republic Gold Ltd (ASX:RAU) has extended its field program on the new Whumbal West tungsten prospect in north Queensland.
The company is also in the process of preparation for drilling at both Northcote and Tregoora.
Further fieldwork is ongoing in the vicinity of the Whumbal West tungsten prospect in EPMs 14737 and 14739.
This sampling work is on three new apparent structures and is following up additional anomalous panned concentrate assays in the company's geochemical database in an area that occurs within a seven kilometre radius of the Whumbal West Prospect, along the western contact with the Mt Elephant Granite.
One of the areas being sampled has indications of a widespread occurrence of a bright lime green florescent mineral that has tentatively been identified as powellite, the molybdenum equivalent of the tungsten mineral scheelite.
Molybdenum commonly occurs with tungsten and evidence of this mineral was seen over a 400-metre width.
Due diligence activities continue on the Mt Carbine tungsten project, which has been difficult to properly evaluate until recently because very little information could be found from the period of the operation in the 1970s and 1980s.
For the Northcote and Tregoora projects, drill pads have been prepared for the holes outlined in a program of 2,500 metres of drilling designed earlier this year, and discussions are ongoing with drilling contractors for a rig to drill this program.
The aim of the program is to increase the combined resource at these two projects that currently totals 416,000 ounces of gold and 10,700 tonnes of antimony, for a total gold equivalent resource of approximately 500,000 ounces.
Economic modelling carried out by the company indicates that at a level of 750,000 ounces of resource the combined projects are economically very robust
BIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
