News Today Reserves 'almost doubled' at Oz gold project Australian-listed A1 Minerals yesterday announced that its BrightStar gold project resource (calculated in compliance with the JORC Code) has almost doubled, to over 600 000 oz, through a successful drill campaign at BrightStar Beta and a major tenement acquisition from its Laverton neighbour, West Australian Metals (WME).
Recent reverse circulation (RC) drilling carried out by A1 at BrightStar Beta has significantly increased the resource (JORC compliant) by a further 89 000 oz gold, the company said.
The resource increase occurred both along strike north of the Mikado Pit, extending the shallow Inferred resource a further 70 m, and at depth, where recent RC drilling and geological interpretation has enabled the inferred resource to be extended to approximately 230 m depth below surface.
In line with A1's long term goal of multiple, higher-grade gold assets in the multi-million ounce gold producing Laverton District of Western Australia, the company has entered into an agreement to purchase 100% interest in WME's Laverton gold tenements.
These tenements currently report total resources of over 200 000 ounces in both inferred and indicated categories and expand A1's BrightStar gold project area to over 500 km2.
Most of the tenements being acquired from WME are located immediately north of Laverton within economical trucking distance of BrightStar, with reported resources at Ben Hur, Cork Tree Well, King of Creation and Anchor prospects, A1 said.
Most have higher grade components and are open at depth, indicating potential for extensions.
Achieved through an offer of $100 000 cash and 2,-million A1 shares to WME, the offer is subject to a 30 day due diligence period by A1, and A1 shareholder approval.
E-mail the article: E-mail the article to somebody Published: 2005/12/06 Printer friendly: View this article in a printer friendly format
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