OXR oxiana limited

OXR 27 +0.5 report

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    www.flq.com.au... Wed 22 May 2002 1:46 PM AEST ...the market as it happens.
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    Delayed Quote as at 22/05/02 01:46 PM

    OXR - OXIANA RESOURCES NL - OXIANA FPO Live Quote | Announcements | Chart | Profile

    Last Trade Last $ Change % Bid $ Ask $ Open $ High $ Low $ Volume
    N/A 0.270 + 1.89 N/A N/A 0.265 0.265 0.260 803,500


    Date Time Issuer Part Headline Market Flag
    22/05/02 N/A OXR N/A Sepon Project - BFS Copper Drilling N/A


    First assay results from the Khanong infill and extension drilling
    programme confirm that the high grade copper mineralization extends
    to the south.


    Oxiana is undertaking an in-fill and extension drilling programme at
    the Khanong copper deposit as part of the Copper Bankable Feasibility
    Study (BFS). The Khanong deposit is a near surface high grade
    supergene chalcocite and oxide copper resource. Total resources,
    calculated in 2001, are 45mt @ 2.6% Cu at a 0.5% cut and 21mt @ 4.5%
    Cu at a 1.5% cut.

    The programme comprising 100 holes for 5000 metres of Reverse
    Circulation drilling is designed to upgrade resources from inferred
    to measured and indicated categories, and to test extensions to the
    orebody at depth and to the south and west.


    Assay results have been received from 19 holes KHN 194 to KHN 212
    which were drilled on the southeastern margins of the orebody (Figure
    1). All holes returned ore grades and widths of copper
    mineralization. Some of the better results include:

    KHN194 608700 1875896 36m @ 2.9% Cu 19 metres CC,PR
    KHN195 608750 1875901 9m @ 7.1% Cu 34 metres CC,PR
    KHN197 608651 1875900 33m @ 1.6% Cu 13 metres CC,PR
    KHN203 608500 1875699 20m @ 1.3% Cu 23 metres CC
    KHN207 608298 1875701 27m @ 5.2% Cu 22 metres CC,CuO
    KHN208 608200 1875702 48m @ 6.5% Cu 17 metres CC,CuO
    KHN209 608200 1875653 16m @ 5.5% Cu 15 metres CC,CuO
    19m @ 2.5% Cu 53 metres CC,CuO
    KHN210 608148 1875651 32m @ 4.8% Cu 27 metres CC,PR
    Including 13m @ 10.2% Cu 28 metres CC
    KHN212 608003 1875652 66m @ 9.2% Cu 1 metre CC,CuO
    Including 25m @ 21.9% Cu 42 metres CC,CuO

    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 and PR =

    Further results will be available within the next 2-3 weeks and full
    results will be published when all assays are received. A revised
    resource estimate will then be completed.


    The Khanong copper orebody has a gold mineralized cap varying from 5
    to 25m in thickness from surface. Part of this cap was included in
    the Gold Project BFS. Most holes from this initial assay batch
    reported gold values. Better results include 5m @ 2.4g/tAu from 11
    metres in hole KHN195 and 22m @ 2.5g/t Au from surface in hole


    Following a short break for preparation of drill rig access, drilling
    has recommenced at the Thengkham copper prospect located seven
    kilometres to the west of Khanong. The Thengkham prospect comprises
    several square kilometres of sparsely tested surface mineralisation
    within which Rio Tinto identified potential for additional copper
    resources. Seven holes have been completed to date. Results are

    O L Hegarty

    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, which includes figure, 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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