mee announcement

RE: HIGH GRADE DRILL RESULTS - LAVERTON EXPLORATION JOINT VENTURE
Metex Resources Ltd (ASX;MEE) is pleased to advise that high grade assay results have been returned
from an initial phase of sampling completed during its extensive drilling programs currently underway on
the Laverton Exploration Joint Venture (LEJV). The LEJV is a 50:50 joint venture between Metex and
Granny Smith Mines Ltd (GSM), a wholly owned subsidiary of Placer Dome Australia Ltd (PDA). These
samples have been collected from intervals where there are visual indications that the intercept is likely to
be mineralized. Two areas, one northwest of Beasley Creek (“Marabou”) and the second to the west of
Gladiator (“Augusta”), have been identified. At Marabou LJA0035 (6841225N, 430975E) has returned
4m @ 56g/t between 36-40m. The hole was drilled on an azimuth of 2250 and a declination of 600. At
Augusta RC hole LJC0015 (6833682N, 436793E) has intersected what appears to be a new lode system
located 140m west of historical mine workings. A sulphide-rich (pyrite) zone has returned 2m @ 11.6g/t
between 122-124m from sheared mafic rocks. The hole was drilled on an azimuth of 2700 and a
declination of 600.
These assay results, although of a preliminary nature, are significant in that they are in areas of little or no
previous drilling, and are the result of drilling of the “mineralized footprints” that have been discussed in
detail in previous releases. To date, drilling is underway or has been completed at Gladiator, Beasley
Creek, the Overflow (north of Gladiator) and to the north of Lancefield (Figure1). The entire drilling
program is expected to exceed 12,000m and will continue through to Xmas. Currently, RC drilling is now
underway in what is known as the Triple Point area between Beasley Creek and Lancefield where
previous reconnaissance drilling has intersected encouraging results (BGRC057 6837000N, 434700E
returned 3 m @10.1g/t between 156-159m). Following the completion of the Triple Point program drilling
will recommence at Augusta and Marabou to further scope these new discoveries.
Due to the reconnaissance nature of these programs, and as a result of lengthy delays being experienced
at commercial laboratories normally used for this type of reconnaissance work, the Joint Venture has
been utilizing the analytical facilities of PDA’s Granny Smith mine to provide fast turnaround for
preliminary advice on the presence of gold mineralization. This allows the programs to be modified based
on the tenor of results received. Final analytical results are pending from a commercially accredited
facility and will be released as they become available.
We now request that the trading halt be lifted.