HER 0.00% 88.5¢ herald resources limited

re: carls/herald resources rising now 52c

  1. 1,452 Posts.
    few sellers and rising pog helping HER higher. any comments on the recent HER/GML results?

    GML: Further exploration drilling results from Gidgee Proj

    HERALD RESOURCES LIMITED 2003-05-16 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Gateway Mining NL (ASX: GML) announces further exploration drilling
    results from its Gidgee Gold Project

    A total of 3,273 metres of rotary airblast drilling (RAB) was
    completed from 74 holes. Drilling tested targets within the Airport
    gold trend, the regional shear that hosts the Hypotenuse gold-arsenic
    anomaly and the Victory Creek prospect.

    Of significance is hole GRB 1662 that returned 10 metres @ 10.48 g/t
    gold from 5 metres depth from the newly discovered S Bend prospect
    within the Airport Gold trend.

    A summary of results is included in attached table and a detailed
    description follows below.

    Airport Gateway 85%, Herald Resources Limited 15%
    Airport is an extensive 4 kilometre long gold anomalous trend
    containing numerous zones of high-grade quartz veins discovered by
    Gateway drilling. The high-grade veins are structurally complex
    comprising rod like shoots. They are however quite numerous and with
    increased drill testing have the potential to provide a rapid cash
    flow through small-scale open pit and underground mining.

    At Airport drilling (37 holes for 1419 metres) tested the Bulls Eye,
    Rosie North and Pannikin prospects for continuity of mineralisation
    and a new structural target known as S Bend. S Bend is located 500
    metres north from Rosie North on the Airport trend.

    Drilling at Bullseye returned significant gold anomalism in hole
    GRB1648 of 14 metres @ 0.49 g/t gold and reflects the northward
    continuation of the Bullseye trend that extends for approximately
    300metres.

    Six holes tested Rosie North. Results extended gold mineralisation a
    further 25 metre north with no drilling for another 100 metres
    northwards. Drilling returned 22 metres @ 1.02 g/t gold from hole GRB
    1659 and 1 metre @ 4.88 g/t gold from GRB 1656.

    At S Bend twelve holes were drilled on three lines 200 metres apart.
    Hole GRB1662 on the most southern line returned 10 metres @ 10.48 g/t
    gold from a shallow depth of 5 metres. Holes drilled at 200 and 400
    metres spacing to the north returned anomalous gold values including
    5 metres @ 0.21 g/t and 5 metres @ 0.12 g/t gold. Holes were spaced
    at 50 metres apart on the northern lines. Gold mineralisation is
    associated with a basalt-granodiorite contact and is structurally and
    stratigraphically along strike from the Rosie North prospect.

    At Pannikin six holes intersected further quartz veining with
    anomalous gold mineralisation including 5 metres @ 1.31 g/t gold.

    The company will continue to drill test the area

    Significant RAB drilling gold intersections included

    HOLE NO AMGN AMGE DIP/ FROM TO WIDTH GOLD
    AZIMUTH (m) (m) (m) g/t
    AIRPORT
    GRB1648 6964150 751700-60/090 30 44 14 0.49*
    GRB1656 6964832 751250 -60/180 15 16 1 4.88*
    GRB1659 6964875 751272 -60/270 20 42 22 1.02*
    GRB1660 6964875 751287 -60/270 25 45 20 0.57+
    GRB1662 6965200 751075 -60/90 5 15 10 10.48+
    GRB1678 6966525 751050 -60/90 35 40 5 0.91+
    GRB1679 6966525 751025 -60/90 35 40 5 1.31+

    +5 metre composites *5 metre composites and split intervals

    Victory Creek Gateway 75%, Red 5 25%
    (37 holes for 1854 metres)

    At Victory Creek holes tested the regional extent of the geochemical
    anomaly that hosts significant gold mineralisation. Drilling closed
    off the arsenic anomaly to the north and extended it 600 metres to
    the east.

    To the south previous drilling has intersected multiple mineralised
    zones over a distance of 200 metres. Results indicate a hydrothermal
    system has been discovered under 20 metres of transported cover in an
    area where very little previous exploration has been undertaken.

    The company will continue to drill test this highly prospective area
    with deeper RC drilling.

    Hypotenuse is located 2 km southwest of Victory Creek. Limited
    drilling on 100 metre spaced lines tested an arsenic-gold anomalous
    corridor. Results returned widespread arsenic anomalism to 1637 ppm
    and gold anomalism up to 0.11g/t. The anomaly is associated with
    ferruginous quartz veining within metavolcanic/sedimentary rocks.

    The company considers these results to be significant as Hypotenuse
    is located in a 5 kilometre long shear zone that is up to 60 metres
    wide under 5-30 metres of cover. The zone has had very little
    exploration by previous explorers.

    The company will continue to drill test the area.

    FUTURE EXPLORATION

    A 6,000 metre RAB drilling program will commence in early June.
    Drilling will continue to test prospects at Airport and Victory Creek
    and will be followed up with an RC drilling program.

    For more information:

    Visit the company website www.gatewaymining.com.au
    Or contact Simon Taylor, Exploration Manager
    Tel: 61 2 9251 2088 Fax: 61 2 9251 7785
    Email: [email protected]

    This review accurately reflects information compiled by a full time
    officer of the company. Insofar as it relates to ore reserves and
    mineral resources, it is based on information compiled by Mr SJR
    Taylor who is a corporate member of the Australian Institute of
    Geologists and who has more than five (5) years' experience in the
    field being reported.

    gb

 
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