BDR looks like it's going to have a great day
Intercepted ;arge gold grades - Up to 5.1g/t.
will be massive to the share price as most are held by management and top 20...
Worth looking at:
ASX ANNOUNCEMENT 7 December 2009
ASX Code: BDR
BEADELL DISCOVERY MAY HERALD NEW AUSTRALIAN GOLD PROVINCE
65 m @ 0.83 g/t GOLD FROM 10 m, INCLUDING 5 m @ 5.1 g/t GOLD FROM 35 m
Beadell Resources Limited (“Beadell”) is delighted to announce that first pass Reverse
Circulation (RC) drilling at the Handpump prospect in the West Musgrave Complex, Western
Australia, has intersected significant gold mineralisation in rhyolitic breccia. Five-metre
composite analyses from hole number HPC001 reported 65 m @ 0.83 g/t gold from 10 m,
including a central high grade interval of 5 m @ 5.1 g/t gold from 35 m depth within a zone of
15 m @ 2.3 g/t gold from 30 m (Figures 1, 2 & 3).
The significance of this discovery cannot be understated as it represents the first economic gold
intersection in the Mesoproterozoic Musgrave block and may herald the beginning of a
completely new and sparsely explored gold province in Australia.
“This RC drill intersection is the most significant in Beadell’s short two year existence” Beadell’s
Managing Director Peter Bowler said. “The West Musgrave area is largely unexplored and has
the potential to host gold mineralisation of a significant size. We look forward to receiving the
remainder of the drill results over the coming weeks and our team is already planning a followup
drilling program early in the New Year”
Gold mineralisation at the Handpump prospect is associated with a north-dipping hydrothermal
rhyolitic breccia which is completely open in all directions. Results from a further 5 RC holes
which intersected the breccia are currently awaited. Results have been received for 2 other RC
holes: drill holes HPC002 and HPC003 were inclined to the north but interpreted geology now
indicates a dip to the north. As a result, these holes did not intersect the breccia and have not
tested the down dip position of the mineralisation. (Figure 1 & 2).
The main breccia that hosts the mineralisation in HPC001 was also intersected in HPC004 and
HPC005 with analyses still pending. Wide zones of brecciation, alteration and sulphidation were
intersected in both of these holes. Previous surface costean rock chip sampling by Beadell
indicates that the breccia and the mineralisation is northwest-striking and dipping to the north
over a known strike length in excess of 300 m. The northwest and southeast strike extensions of
the mineralised breccia are completely open.
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