GOLDEN VALLEY MINES LIMITED 2002-07-02 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ GVM is pleased to announce the addition of the extensively mineralised Eastman project to its East Kimberley portfolio. The 227 km 2 project consolidates GVM's regional presence in the East Kimberley and strengthens it's exposure to platinum group elements (PGE's), copper-zinc-lead-gold (VMS) and gold.
The Eastman project, together with GVMs Laura River project, gives GVM strategic dominance of the highly prospective Koongie Park Formation. The Koongie Park Formation hosts significant platinum-bearing layered intrusions and is the principal host to the regions VMS deposits. The Koongie Park Formation also hosts the relatively recent "new generation" high-grade gold discoveries in the Nicholson's Find area immediately south of GVM's Laura River project.
PLATINUM GROUP ELEMENTS (PGE'S)
The project contains multiple occurrences of PGE+gold mineralisation with grades up to 7 g/t. Mineralisation is hosted by several chromitite seams; chromite-bearing ultramafic rocks; and PGE-bearing shears and veins containing abundant copper mineralisation. The hosting layered mafic-ultramafic intrusion has a strike length of 6.5km. The western 3.5km of the intrusion is largely under cover and has not been drill tested despite small exposures of chromitite with rockchip sample grades up to 5.4 g/t PGE's. Previous drilling in the outcropping eastern portion of the intrusion is restricted to two localities, and is limited and inconclusive.
COPPER-ZINC-LEAD-GOLD (VMS)
The Eastman property includes two known significant VMS occurrences and several smaller occurrences. Significant drill intercepts by previous explorers dating back to the 1970's include 9.6m @ 2.7% Cu, 1.5%Zn and 1.5g/t Au at the Landrigan Creek prospect, and 16.8m @ 1.42%Cu, 13.3m @ 2.1%Zn and 1.1%Pb at the Eastman Bore prospect. Drilling is limited at both Landrigan Creek and Eastman Bore with good potential for extensions and satellite deposits. Exploration will benefit from modern geophysical techniques not available when the area was explored previously. In addition, aeromagnetic data indicate that the VMS-hosting stratigraphy extends under cover through the western half of the property, where it is totally untested. The potential for further VMS deposits, which typically occur in clusters, is rated highly.
GOLD
There has been no modern gold exploration in the Eastman project despite discoveries of high-grade gold mineralisation hosted by the Koongie Park Formation in the Lamboo (Nicholson's Find) area. Old dry blowing heaps present within the project are regarded as encouraging.
R Linnell CHAIRMAN
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