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ASX Release
Tuesday 23 May 2006
BLACK RANGE MINERALS
LIMITED
Level 2 / 675 Murray Street
WEST PERTH
Australia
Tel: +61 8 9481 4920
Fax: +61 8 9226 2027
Contact:
Michael Haynes
Director
E-mail:
[email protected]
Tel: +61 8 9481 4920
Directors / Officers:
Alan Scott
Michael Haynes
Matthew Wood
Timothy Flavel
Issued Capital:
438 million shares
110 million options
Australian Stock Exchange
Symbol: BLR
HIGH GRADE COPPER MINERALISATION
INTERSECTED IN DRILLING AT THE
PEVERIL PROSPECT,
KOONENBERRY BASE METAL PROJECT
The Company is pleased to announce that it has intersected
significant intervals of high-grade copper mineralisation
during its second phase drilling programme at the
Koonenberry Base Metal Project, located approximately
100km east of Broken Hill in western New South Wales.
Analytical results from the first seven holes drilled during
its current drilling programme have been received.
Mineralisation was intersected in all seven holes and better
results include:
Ø 11m at 2.04% Cu and 6.30 g/t Ag from 52m
Ø 5m at 2.28% Cu and 5.28 g/t Ag from 225m
Ø 5m at 2.02% Cu and 5.94 g/t Ag from 66m
Ø 4m at 2.12% Cu and 3.40 g/t Ag from 130m
Ø 4m at 1.51% Cu and 3.62 g/t Ag from 148m
Ø 3m at 1.41% Cu and 3.53 g/t Ag from 106m
All seven holes were drilled at the recently discovered
Peveril Prospect, located two kilometres along strike from
the Grasmere Copper Deposit. All holes were drilled to test
for extensions to high-grade copper mineralisation
intersected at the Peveril Prospect during the Company’s
initial drilling programme in 2005 (7 metres at 5.51%
copper from 41 metres).
Recent results are very encouraging as they confirm that
high-grade copper mineralisation at the Peveril Prospect
extends over more than 1,100 metres of strike and remains
open at depth and along strike.
The Company will now extend its drilling programme to
follow up on these encouraging results at the Peveril
Prospect. Numerous other targets are also being evaluated
during the current drilling programme, including further
testing of the strike and depth extensions of the Grasmere
Copper Deposit. It is anticipated that this programme will
be completed in four to six weeks time.
The resource base at the Koonenberry Base Metal Project
will be recalculated when all analytical results from the
current drilling programme have been received. It is
anticipated that an inaugural resource for the Peveril
Prospect will be included in this calculation.
Background
The Koonenberry Belt, located in western New South
Wales, is one of Australia’s emerging base metal
provinces. Black Range Minerals holds a 100% interest in
exploration licences that cover more than 600km2 of the
Koonenberry Belt. The Company’s licences encompass the
Grasmere Copper Deposit (JORC inferred resource of
584,000 tonnes at 2.48% copper, 0.94% zinc, 5.24g/t silver
and 0.08g/t gold), where, prior to the Company’s
involvement, little exploration had been undertaken since
1991.
The Company is striving to increase the resource base at its
Koonenberry Base Metal Project to a level where a
development decision can be considered, in expectation of
continued high copper prices and increasing global
demand.
The Company continues to aggressively pursue numerous
acquisition opportunities both within Australia and
overseas.
Michael Haynes
Director