PAN Australian has reported drilling has intersected copper-gold mineralisation outside the limits of the open pit design at its Phu Kham copper-gold project in Laos.
In a statement, the company said onging infill and resource extension drilling within the "north mine area" of the Phu Kham deposit indicated the potential for the open pit to be extended deeper in that part of the deposit.
Reverse circulation and diamond core drilling intersected 44m at 2.7% copper and 1.1 grams per tonne gold from 8m depth including 24m at 4.4% copper and 1.7gpt gold from a depth of 24m, 278m at 0.6% copper and 0.4gpt gold from a depth of 6m including 20m at 2.3% copper and 0.5gpt gold from a depth of 163m.
"The latest drilling intersected broad zones of mineralisation to depths in excess of 250m below surface, and indicates potential for the ultimate open pit design to be extended deeper in that part of the deposit, subject to revised mineral resource and ore reserve estimates," the company said.
Compilation and interpretation of the results will begin during the December quarter and revised estimates for the Phu Kham mineral resource and ore reserve will be prepared during the March 2008 quarter.
At the end of the June quarter, 35 of the planned 54 holes for the Phu Kham north mine area infill drill program had been completed for a total of 6572m.
Shares in Pan Australian gained 4.5c to close at 75.5c yesterday
PNA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
