MMN macmin silver ltd

Macmin...Resources doubled

  1. 963 Posts.
    And yet the share price goes down.
    If there's one thing I truly understand about this market it's that "I will never truly understand it"

    Cheers Ralph

    Twin Hills - Texas Silver Project

    MACMIN LIMITED 2002-09-06 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    * Twin Hills silver system (Texas Silver Project), based on anomalous
    surface silver geochemistry, more than doubled in size to 2.6kms in
    length, and is still open to the south and southeast.

    * Phase 2 drilling completed at proposed Twin Hills silver mine with
    the discovery of additional silver/gold mineralisation.

    Surface exploration has substantially increased the potential silver
    mineralised system at Twin Hills. This is a very encouraging
    development and doubles the size of the previously known area which
    will be explored for silver at Twin Hills. Extensive additional
    drilling will be required in the future to determine if economic
    grades of silver occur in this extended zone.

    Soil sampling which located the extended zone was undertaken as part
    of the ongoing exploration program to locate further silver
    mineralisation in the Texas area. Approximately 300 samples of 'B'
    horizon soil were collected and analysed by ALS-Chemex Laboratory in
    Brisbane for silver, gold, copper, lead, zinc, bismuth, molybdenum,
    antimony and arsenic.

    A coherent silver, gold, antimony anomaly was defined, extending in
    excess of 1.5km south from the Twin Hills Mine lease and up to 400m
    in width. Maximum silver in soil value was 19.8g/t. The anomaly,
    named "Twin Hills South", is still open to the south and east. The
    silver values in soil at Twin Hills South are of slightly lower
    values than in the high outcrop area of Twin Hills but this is as
    expected as Twin Hills South is largely soil covered with very
    limited outcrop. The enclosed Plan shows the geochemical anomaly and
    its relationship to the original silver anomaly at Twin Hills and to
    the historical Silver Spur Mine. The position of the proposed Phase 1
    pit is included for scale.

    Phase 2 drilling to extend and upgrade drill Indicated Resources and
    Reserves has been successful. The drilling located a new zone of
    silver mineralisation on the eastern side of the pit (Technical
    Report, 30th June 2002 to ASX), beneath the eastern pit wall. This
    zone extends 100m north-south centered on section 4175N. Drill
    intersections of the higher grade mineralisation (cut off 60g/t
    silver), beneath the floor of the Phase 1 pit such as 22m at 109g/t
    silver between 100 and 122m downhole in hole THR 17 (co-ords 4167N,
    2584E) and 14m at 115g/t silver between 74 and 88m downhole in hole
    THR (co-ords 4151N, 2551E) show that silver mineralisation also
    continues at depth.

    Section 4175N is enclosed to visually illustrate this extended zone
    of silver mineralisation in relation to the original Phase 1 pit
    outline, and to a possible new conceptual pit outline. The new
    conceptual pit will allow access to both deeper mineralisation,
    referred to above, and to the, eastern mineralisation. A
    re-calculation of Indicated Resources within Phase 1 and Phase 2
    zones should be completed by early October and new Reserves later in
    October. Reserves will require pit optimisation by our engineering
    consultants before being finalised.

    Drilling is planned to continue throughout the last quarter and will
    continue to target the Phase 3 zone at Twin Hills followed by, Twin
    Hills South, Mt Gunyan and other possible silver epithermal systems
    at Fenceline, Back Creek North and Branch Creek Prospects.

    Colour copies of the Twin Hills plan and section 4175N are available
    on our web site at www.macmin.com.au.

    R D McNeil
    MANAGING DIRECTOR

    This report is based on & accurately reflects information compiled by
    a competent person as defined in Appendix 5A of the ASX Listing Rules

    A copy of the full announcement including the maps is available in
    PDF format on www.asx.com.au. Alternatively it is available for
    purchase from ASX Customer Service on 1 300 300 279.


 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.