1998 drilling Document date: Wed 06 May 1998 Published: Wed 06...

1998 drilling




Document date: Wed 06 May 1998
Published: Wed 06 May 1998 00:00:00
Document No: 146442
Document part: A
Market Flag: Y
Classification:
EXODUS MINERALS LIMITED 1998-05-06 ASX-SIGNAL-G

HOMEX - Perth

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HIGHLIGHTS

Results from Exodus's first pass RAB drilling programme have returned
significant polymetallic drill intercepts at Sabre and Falchion and
anomalism at other early stage targets which confirms the potential
for Reynolds Range to host a new field of mineral deposits.

At Sabre the best intersection was:

30 metres at 2.5 g/t gold; which included peak values of 25.5 g/t
gold, 3.3% antimony; and

At Falchion:

12 metres at 3.9 g/t gold; 4.2% antimony, which included peak values
of 14.0 g/t gold, 7.2% antimony.

The Sabre-Falchion gold-antimony anomaly extends for 3 kilometres of
strike.

BACKGROUND

The Reynolds Range project is located some 300 kilometres north-west
of Alice Springs in the Proterozoic Arunta Block of the Northern
Territory. Exodus is earning a 60% interest from Normandy Mining by
expending $1.5M by August 2001. The project is 1,350 sq km in area
with 50 kilometres of strike coincident with the Trans-Tanami
regional structure.

Previous exploration by Normandy had identified a major
gold-arsenic-antimony anomalous trend over 20 kilometres long.
Further potential was highlighted by IP chargeability anomalies
indicating the presence of disseminated sulphides.

Since acquiring management of the project Exodus has completed
programmes of prospecting, geological mapping, soil sampling and
geomorphological mapping and synthesised this new information with
previous data to generate new and refine existing drill targets.

DRILL PROGRAMME AND RESULTS

A total of 166 holes for 8,300 metres of RAB drilling has been
completed with traverses of overlapping holes angled at 600 to the
west, testing to depths between 30 and 50 metres on average. Hammer
RAB drilling proved an efficient and cost-effective means of testing
anomalies. The programme was designed to:

* Outline the extent of shallow mineralisation at Sabre;

* Test for the presence of mineralisation on various geochemical and
geophysical anomalies; and

* Test small scale old workings.

The programme was successful with significant economic intersections
returned from two areas, Falchion and Sabre, within the one
contiguous gold-antimony-arsenic anomaly.

At Falchion multiple zones of mineralisation were returned from one
traverse:

RRB2119 5 metres @ 1.9 g/t gold, 0.4% antimony from 43 metres
RRB2120 12 metres @ 3.9 g/t gold, 4.2% antimony from 4 metres
includes 3 metres @ 11.0 g/t gold, 4.2% antimony from 4 metres
and 3 metres @ 2.4 g/t gold, 6.9% antimony from 13 metres
2 metres @ 4.8 g/t gold from 28 metres

Peak values recorded from the traverse were 14.0g/t gold and 7.2%
antimony. At this stage not all drilling has been systematically
analysed for antimony.

Fifty metres east a Normandy drill traverse returned 8 metres at 1.6
g/t gold and 3 metres at 2.2 g/t gold, two other traverses
intersected weak alteration and sulphides.

At Sabre, 2 kilometres to the east, drilling on close-spaced
traverses outlined multiple zones of shallow mineralisation over 400
metres, including:

RRB2043 30 metres @ 2.5 g/t gold from 21 metres
including 2 metres @ 15.1 g/t gold from 29 metres
RRB2047 16 metres @ 2.2 g/t gold from 45 metres
including 3 metres @ 5.6 g/t gold, 2.3% antimony from 53 metres
RRB2048 15 metres @ 2.1 g/t gold from 1 metre
including 5 metres @ 3.7 g/t gold, 1.5% antimony from 10 metres
RRB2060 9 metres @ 1.7 g/t gold from surface

Peak values recorded for the Sabre area were 25.5 g/t gold, 3.3%
antimony and 2.1% lead.