GDM unknown

Goldstream drilling report

  1. 470 Posts.
    I have an interest in this one but these results seem to me at least somewhat underwhelming. In particular I dislike the way platinum palladium and gold grades are grouped together. What do experts think about this? Is it a goer?

    AnnaP

    GDM : Progress Report - Drilling at Mibango Platinum Project
    ASX Report
    14:51:0249 20/11/2002 Issuer: GDM
    GOLDSTREAM MINING NL 2002-11-20 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    (GOLDSTREAM 100%, LONMIN EARNING 65%)

    Diamond drilling at Mibango has intersected primary PGE
    mineralisation associated with both disseminated sulphide and
    chromitite layers below the extensive surface oxide mineralisation
    previously announced.

    The 2002 field programme has concluded with the completion of 16
    diamond drill holes for a total of 3696m. Sulphide and chromitite
    rich intervals are present in 15 of the drill holes. These intervals
    were targeted for sampling because sulphide and chromitite are
    typically associated with platinum mineralisation in layered
    intrusions such as the Bushveld Complex in South Africa. All samples
    were submitted to Genalysis Laboratories in Perth for assay.

    Some results have been received and several higher grade intervals
    are present in both the oxidised and primary zones. Assay results
    greater than 3g/t platinum + palladium + gold (2PGE+Au) are listed
    below:

    SECTION HOLE FROM TO INTER- 2PGE+Au STYLE
    (m) (m) SECTION
    (m)

    19,200E 22 4.00 20.00 16.00 3.48 Oxide
    includes 13.00 18.50 5.50 5.74 Oxide
    20,000E 24 53.00 53.30 0.30 6.10 Chrome/Sulphide
    24 58.41 59.46 1.05 3.76 Sulphide
    20,000E 27 64.52 64.82 0.30 3.65 Sulphide

    Diamond drill hole KPD22 was inclined at 55 degrees with azimuth grid
    north on 19,200E. The pre-collar triple tube section drilled through
    the previously reported oxidised mineralisation in vertical RAB Holes
    KRB93 and KRB94 (10m @ 3.28g/t 2PGE+Au and 12m @ 3.11 g/t 2PGE+Au
    respectively). The grades and widths of oxide mineralisation in the
    diamond core are comparable with those obtained in the 2001 RAB
    programme. The higher grade oxidised zone occurs in weathered bedrock
    and demonstrates similar chromitite layering and Pt:Pd (1:1) ratios
    as the primary zone.

    Diamond drill hole KPD24 was inclined at 55 degrees with azimuth grid
    north on 20,000E to undercut the vertical 2001 RAB hole KRB116.
    This RAB hole is located 75M to the north and intersected 8m @ 3.1g/
    2PGE+Au. Two higher grade primary zones were intersected in hole
    KPD24 representing two different styles of mineralisation. The upper
    interval at 53m is chromitite related (6.47%Cr, 0.32% Ni, 0.08%Cu)
    whilst the lower interval at 58m is sulphide related (1.04%Cr,
    0.62%Ni, 0.17%Cu). The interval between these two zones has not yet
    been sampled.

    Diamond drill hole KPD27 was inclined at 55 degrees with azimuth
    grid south on 20,000E and intersected primary mineralisation on the
    southern limb.

    In general the chromitite layers (reefs) and sulphide rich zones
    form well layered alternating packages. Individual chromitite layers
    are typically 1cm to 25cms thick and 20 to 35 layers are present over
    10 to 12 m intervals. Hole KPD34 has an exceptional 77m interval with
    178 individual chromitite layers and sulphide zones with 2 to 15%
    disseminated sulphide.

    The bulk of the assay data from this years programme is still
    awaited.

    The limited results received to date have provided the following
    significant and encouraging information;

    * Significant PGE grades have been intersected in the primary zone
    * The PGE grades encountered in the primary zone are comparable to
    those demonstrated in the oxide zone and have similar Pt: Pd ratios.
    * Three potentially economic styles of mineralisation are now
    recognized
    - Chromitite reef
    - Sulphide reef
    - Oxidised blanket
    * Primary mineralisation has been demonstrated on both the northern
    and southern sides of the intrusive.

    We look forward to receiving the complete set of assay results for
    the 2002 field season.

    G S Kenway
    MANAGING DIRECTOR

    The information in this report as it related to ore reserves, mineral
    resources or mineralisation is reported in accordance with the Aus
    IMM "Australian code for reporting of Identified Mineral Resources
    and Ore Reserves" and is based on information compiled by Competent
    Persons as defined by the Code. "Significant' drill results refer to
    results that are indicative of potentially economic mineralisation or
    that warrant follow up work.


 
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