news drilling update, page-63

Gentlemen

this is what Mining News had to say, but they cant say anything more than whats out there already



EXCALIBUR mining says the completion of a drilling campaign at its Tennant Creek project in the Northern Territory marks a significant move towards pre-feasibility with a new resource estimate expected shortly.

The reverse circulation drilling campaign was part of Excalibur's plans to upgrade the existing resource base prior to starting engineering and feasibility studies early next year.

Excalibur managing director Tim Lagdon said the successful drilling campaign would now allow the company to prioritise the next stage of exploration and drilling, with a more focused concentration of activity and resources as the project moves towards pre-feasibility.

“Excalibur will announce a new resource estimate for the near surface assets following a more detailed analysis of the drilling results,” Lagdon said.

“We have also commenced a more comprehensive drilling program on the tailings to quantify the parameters and value of that asset now that we have established that they contain significant grade.”

The RC program was completed with 118 holes for 6673m.

The best intersects include 6m at 22.19 grams per tonne gold from 32m at Rising Sun and 2m at 5.69gpt gold from 12m at Nobles Nob Tailings.

Diamond drilling is continuing at Juno.

Shares in Excalibur shaved off A0.2c or 10.5% in morning trade to 1.7c.

Aspermont Ltd, the publisher of MiningNews.net, holds shares in Excalibur Mining.