among marengo’s ‘best-ever’ drilling results

Gee not much media attention in Oz. Seems well and truely on the outer here. Not so in other parts of the world reporting todays news. Hopefully the penny will drop overnight and we can get the shareprice heading north again. We need a heavy hitter to step up to the plate.





Among Marengo’s ‘best-ever’ drilling results


Wednesday, 15 August 2012

MARENGO Mining has struck a bag of triple-digit copper and molybdenum intersections near the surface in recent drilling at its Yandera project in PNG.




Marengo Mining's giant Yandera copper-molybdenum project, 95km southwest of provincial capital Madang in PNG.

The assay results from the Omora zone of the project include a 126m intersection grading 0.92% copper and 700 parts per million molybdenum from a depth of 30m.

Another hole clocked up a 159m intersection at 0.9% copper and 303ppm molybdenum from a depth of 42m.

There were two other holes at this prospect with impressive results including a 186m intersection grading 0.8% copper and 1449ppm molybdenum from a depth of 42m and a 165m intersection at 0.67% copper and 284ppm molybdenum just 39m down the hole.

At the Imbrumida zone, the standout hole yielded a 150m interval grading 0.68% copper and 198ppm molybdenum from a depth of 87m.

A separate hole landed a 114m intersection at 0.51% copper and 80ppm molybdenum from just 3m down the hole.

The last big hit at this zone was a 93m intersection at 0.49% copper and 97ppm which started just 24m from the surface.

All of the diamond core results came from infill drilling and were too late to be included as part of a planned resource estimate update due before the Yandera feasibility study that is expected next month.

“It’s great to see results like this come from our ongoing in-fill drilling programs at Yandera,” Marengo managing director and chief executive officer Les Emery said.

“The recent drilling has returned individual intersections of up to 186m and grades in some instances of close to 1 per cent copper – double the average resource grade of the project and among our best-ever drill results.

“These intersections from Yandera provide further evidence of the potential of the Yandera project, both through its long-life mining potential, as well as identified higher grade initial production areas.

“The high-grade ‘starter’ zones we continue to delineate are of great strategic importance to the project as they have the potential to enhance returns in the early years of operations and accelerate capital payback.”

The project is 95km southwest of the provincial capital of Madang and is initially expected to produce 100,000 tonnes of contained copper plus 15,000t of contained molybdenum a year over a 20-year life but there is plenty of scope for expansion or an extended mine life.

http://www.pngindustrynews.net/storyview.asp?storyid=9591318§ionsource=s193