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Ann: Basalt conglomerate gold discovery at Bellary Project, page-5

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salemf

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22/11/17

09:48

Post #: 29008220
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Originally posted by Monzy ↑

GOLD NUGGETS DISCOVERED IN HARDEY FORMATION BASALT CONGLOMERATE
Highlights:
• Gold nuggets (6) discovered in Hardey Formation basalt conglomerate via metal detecting over a 50m strike extent (Figure 1).
• Basalt conglomerate unit outcropping 30m to the north (Figure 2).
• Flat – pitted watermelon seed gold nuggets and coarse gold present.
• Gold nuggets spatially correlate to one of the 5 radiometric anomalies identified within the Lower Fortescue Group.
• Initial rock chip assay results received, with a best result of 3.89% Cu and 0.9g/t Au (HR0002) sampled within outcropping quartz vein.
• Prospectors are reminded that E47/3578 is a granted exploration tenement and therefore access is not allowed without company permission.

Elysium Resources Limited (ASX:EYM) (EYM or the Company) is pleased to announce gold nuggets (6) have been discovered by metal detecting (Refer to Table 1 for GPS locations) at the Bellary Project, 30km north-west of Paraburdoo, shedding from the Hardey Formation basalt conglomerate. Metal detecting by experienced prospectors has identified a goldbearing alluvial horizon which may be shedding from the observed outcropping Hardey basalt conglomerate within close proximity. The trend of the nuggets found and the outcropping conglomerates supports the hypothesis that the nuggets source is potentially the auriferous gold-bearing basalt conglomerate.

Furthermore, three outcropping parallel quartz veins have been mapped within close proximity to where the gold nuggets were discovered. Rock chip sampling at this locality returned anomalous results of 3.89%Cu and 0.9g/t Au in sample HR0002 (Appendix 1). The presence of both basalt conglomerate units and significant quartz veining, in EYM’s view, is very encouraging as it opens up the Bellary Project to both Witwatersrand paleo-placer style mineralisation and higher grade orogenic style mineralisation similar to Northern Star’s Paulsens mine in the Pilbara.

Elysium’s geological team is in the final stages of the Phase 1 field programme with results expected in the coming weeks.

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@blastfurnace can you please explain the signifigance of the second last paragraph... im a bit lost

EYM Price at posting: 2.1¢ Sentiment: Buy Disclosure: Held
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Ann: Basalt conglomerate gold discovery at Bellary Project, page-5

Red Hill Minerals Signs $6.5 Million Agreement with Peel Mining to Explore Curnamona Project, NSW

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Ann: Basalt conglomerate gold discovery at Bellary Project, page-5

Top Stories

Red Hill Minerals Signs $6.5 Million Agreement with Peel Mining to Explore Curnamona Project, NSW

Week 27 Wrap: "Election year" is here as UK Labour win contrasts France; Trump wins immunity & annual report season hushes ASX

Tivan and EARTH AI gear up to commence fresh drilling at Sandover lead-silver project, NT

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