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More good drilling results

  1. Chuck

    11,931 posts.
    OXR RIO - ASX Company Announcement
    $mtl7 THIS IS A PRIORITY ITEM
    18 July 2002
    Part 1/1
    --------
    OXIANA RESOURCES NL
    -------------------

    HOMEX - Melbourne
    -------------------------
    Sepon Project - Khanong Copper Drilling

    SEPON PROJECT 80% OXIANA, 20% RIO TINTO
    KHANONG COPPER DRILLING

    Western extensions to Khanong resource confirmed. New high grade zone
    delineated.

    All results have now been received from the Copper Project Bankable
    Feasibility Study (BFS) infill and extension drilling programme at
    Khanong. A robust high grade resource has been confirmed, extensions
    have been delineated and the deposit remains open in several
    directions.

    * Full results for the infill and extension drilling programme at
    Khanong have now been received. This programme, completed as part of
    the copper BFS studies, has been highly successful in achieving its
    objectives.

    Infill drilling in the central core of the deposit has confirmed a
    robust high grade copper resource with excellent continuity
    demonstrated between holes and sections. The majority of this central
    core mineralisation is expected to be classified as measured and
    indicated resources. This will establish a substantial initial
    mineable reserve base for the BFS.

    Continuity of the resource to the west has been confirmed and
    extensions to the deposit have been delineated in a number of areas
    to the north, south and south-east. The deposit remains open in
    several directions (figure 1).

    * Results received for the final batch of holes (KHN 275 KHN 294)
    from the Khanong BFS extension drilling have confirmed continuity of
    the resource to the west. Of particular significance is the
    delineation of a new 500 metre long core of near surface higher grade
    mineralisation. Some of the better results from the latest batch are
    as follows:

    HOLE NO EASTING NORTHING INTERCEPT DEPTH FROM METCODE

    KHN284 607200 1875400 11m 1.0% Cu 7 metres CC,CuO
    KHN285 607300 1875400 19m 1.3% Cu 34 metres CC,LCC
    KHN286 607500 1875400 22m 4.4% Cu 12 metres CC,CuO
    including 5m 12.7% Cu 19 metres
    KHN288 607700 1875500 31m 1.6% Cu 2 metres LCC,CC
    KHN293 607350 1875700 16m 1.6% Cu 28 metres CuO
    including 2m 5.6% Cu 29 metres

    Note: sample interval is 1 metre; intercepts are weighted averages
    calculated using a 0.5% copper cut-off grade; maximum internal waste
    is 2 metres; metcode CC _ chalcocite, CuO _ copper oxide, PR _
    primary; LCC _ Limonite + chalcocite; all holes are vertical.

    * Extensive quality control incorporating diamond twins of RC drill
    holes, check standards, external lab assay checks, field and assay
    duplicates, coarse and pulp blanks and assays of cyclone derived
    drill fines have been thoroughly analysed. No anomalies of any
    significance have been detected and the data is of excellent quality.
    Extensive analysis of bulk density measurements is also complete.

    * Final data compilation and validation is complete and resource
    modelling is in progress. A revised resource is expected to be
    completed in August.

    O L Hegarty
    MANAGING DIRECTOR

    Note: Within this statement references to resources and exploration
    results have been approved for release by Tony Manini BSc (Hons),
    FAusIMM who has more than five years experience in the field of
    activity concerned.

    A copy of the full announcement, including figure 1, 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.

    ends - AAP

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