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Announcements
Date Time Issuer Part Headline Market Flag 22/05/02 N/A OXR N/A Sepon Project - BFS Copper Drilling N/A
OXIANA RESOURCES NL
First assay results from the Khanong infill and extension drilling programme confirm that the high grade copper mineralization extends to the south.
DRILLING PROGRAMME
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.
RESULTS TO DATE
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:
HOLE NO EASTING NORTHING INTERCEPT DEPTH FROM METCODE 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 = primary
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.
GOLD ASSAYS
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 KHN207.
THENGKHAM PROSPECT DRILLING
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 pending.
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, 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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