APG 0.00% 0.3¢ austpac resources nl

newcrest drilling update

  1. 410 Posts.
    AUSTPAC RESOURCES NL 2002-11-28 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    NEWCREST COMMENCES DRILLING ON EL 4521 IN THE MURRAY BASIN

    Austpac is pleased to announce that following receipt of all
    necessary approvals, drilling commenced on 28 November 2002 in the
    western portion of Exploration Licence 4521 at Horsham, Victoria. The
    drilling program may continue into January 2003, and initial results
    are expected in February 2003.

    Newcrest Mining is managing the program, which will include
    approximately 100 holes designed to drill through a veneer of sands
    and penetrate and sample the basement lithologies. The exploration
    target comprises gold and copper mineralisation within intrusive and
    extrusive volcanic rocks, whose distribution is indicated by regional
    and detailed aeromagnetic surveys. Altered volcanics were encountered
    in several holes drilled earlier this year in the search for coarse
    grained heavy minerals. These volcanics have the potential to host
    large porphyry-style gold-copper deposits similar to those being
    mined by Newcrest at Cadia-Ridgeway in NSW.

    This exploration program is the first stage commitment by Newcrest
    under the Horsham Joint Venture which, if successful, requires
    Newcrest to sole fund all operations through to a decision to mine.
    Austpac will then hold a 10% contributing interest in any resulting
    mine, or may elect to revert to a 2% Net Smelter Return royalty on
    production.

    For further information please contact:

    M J Turbott
    MANAGING DIRECTOR
    Austpac Resources NL

 
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