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PNA $1.84

nice release on pna - wide intercepts

  1. excelsior

    2,656 posts.
    Note the size of the BH intercepts - 60m is not a bad result, especially when averaged over the drill core. I wouldnt be surprised to see more of this stuff emerge as it is an epithermal stockwork and generally quite homogenous across the orebody.


    PAN AUSTRALIAN RESOURCES NL 2003-01-28 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    MEDIA RELEASE

    WIDE INTERCEPTS AND HIGH-GRADE HITS ARE BUILDING A LOW STRIP RATIO
    ORE RESERVE AT THE PHU BIA GOLD PROJECT

    Pan Australian has announced that final assay results from reverse
    circulation (RC) drilling have confirmed the ore reserve potential
    for two of the three deposits that comprise the Phu Bia Gold Project
    in Laos (Figure 1).

    Pan Australian Managing Director, Mr Gary Stafford said the results
    from the Long Chieng Track (LCT) deposit have confirmed the potential
    for a near-surface ore reserve containing intervals of high-grade
    ore, while results from Ban Houayxai have confirmed the presence of a
    new 'ore-grade' mineralised zone.

    "The results from this latest round of drilling have made it clear
    that we have two near surface deposits with the capability of hosting
    robust, economic ore-bodies.

    LONG CHIENG TRACK RESULTS

    "At LCT, where drilling was designed to test a quartz stock-work zone
    and a separate shear zone, results from a number of RC holes support
    results from a diamond core drilling program conducted previously by
    the Normandy Anglo joint venture.

    "Best RC drill results include an interval from surface of 13 metres
    at 3.4 g/t gold (with a peak intercept of 4 metres at 8.6 g/t).

    "These results are consistent with the diamond core intercepts of 25
    metres at 2.7 g/t gold from a depth of 34 metres (peak intercept 5.4
    metres at 6.8 g/t) and 50 metres at 2.0 g/t gold from surface (peak
    intercept 5.3 metres at 5.5 g/t).

    "Although a number of RC holes were unable to be drilled to the
    target depth of 100 metres due to significantly fractured ground,
    this has instilled in us a great deal of confidence that the ground
    is a likely host for significant mineralisation.

    "These results have also given usthe confidence to get a diamond
    core drilling rig up on site next month to double our drilling
    capacity," he said.

    BAN HOUAYXAI RESULTS

    As Pan Australian reported last week, the drilling at Ban Houayxai
    has established continuity of a near surface resource at the southern
    end of the deposit. Final results now indicate that there is
    significant potential to the north of this existing resource, with
    drilling indicating another zone of 'ore-grade' mineralisation.

    Mr Staffordhighlighted the results from drill hole HRC30 of 5 metres
    at 5.6 g/t gold from 62 metres to the bottom of the hole including 2
    metres at 12.5 g/t.

    "The economic significance of this hole is enhanced by the interval
    from surface, which recorded continuous mineralisation from surface
    of 54 metres @ 0.8 g/t gold, and that fact that the hole finished in
    5.6 g/t grade mineralisation at a depth of 67 metres.

    Another intercept from drill hole HRC37 continued the trend of
    excellent results at the southern end of the deposit, intersecting 60
    metres at 1.0 g/t gold from surface to the end of the hole (including
    peak intervals of 8 metres at 2.1 g/t and 6 metres at 2.4 g/t), in a
    continuous zone of 'ore-grade' mineralisation at the southern end of
    the deposit.

    "Our priority now is to develop an Indicated and Measured Mineral
    Resource estimate from the current Inferred and Indicated estimate
    for the Ban Houayxai deposit by further drilling and interpretation.

    "We have been able to establish continuity of mineralisation in the
    current 'Indicated Resource Zone' over a 250-metre strike length. To
    the immediate north of this zone, we have identified a barren zone
    (to a depth of 60 metres) over a strike length of 50 metres and then
    an 'Inferred Resource Zone' of mineralisation of 450 metres in strike
    length defined by broadly spaced drilled holes (Figure 2). The
    deposit remains open to the south of the Indicated Resource Zone.

    "In February, resource drilling (RC and diamond core) will continue
    on the Indicated Resource Zone of the deposit, while infill RC
    drilling will focus on confirming continuous mineralisation within
    the Inferred Resource Zones of the deposit," Mr Stafford said.

    PHU BIA GOLD PROJECT - BACKGROUND

    The Long Chieng Track and Ban Houayxai deposits are two of three
    oxide gold deposits (the third deposit is the Phu Kham gold cap) that
    comprise the Phu Bia Gold Project located 100 kilometres north of
    Vientiane in Laos (Figure 1).

    Pan Australian is party to an agreement with Newmont South East Asia
    Pte Limited (Newmont SEA) and the Government of Laos for Pan
    Australian to acquire an 80% interest in the project from Newmont
    SEA. Newmont SEA will retain a 20% interest carried to a decision to
    mine. There are put and call options for Pan Australian to acquire
    Newmont SEA's 20% interest.

    For further information please contact:

    Mr Gary Stafford Tel: (07) 3878 9299
    MANAGING DIRECTOR Website: www.panaustralian.com.au
    Pan Australian Resources NL Email: [email protected]

    A copy of 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.

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