exploration update

ALCASTON MINING N. L.
A.C.N. 006 710 774
17 November 2006
ASX ANNOUNCEMENT
EXPLORATION UPDATE – DRILLING IN FIJI TO COMMENCE SHORTLY;
DRILLING IN VANUATU SUSPENDED DUE TO WET WEATHER
�� Alcaston has signed a contract with a drilling contractor to conduct a major
diamond drilling program at the Sabeto project in Fiji. Drilling is expected to
commence during the first week of December 2006.
�� Diamond drilling at the Webe Creek project in Vanuatu has been suspended for
the remainder of 2006 as a result of continuing access problems due to wet
weather.
�� Assays have been received for two of the three holes drilled to test gold targets
at Webe Creek. Anomalous gold and silver assays (>0.1 g/t gold and >2 g/t
silver) were obtained over broad invervals. The best intercepts are 4 m @ 0.6 g/t
gold, 11.3 g/t silver and 0.8 % zinc (48 – 52 m), including 1.5 m @ 0.9 g/t gold,
12.6 g/t silver and 1.1 % zinc, and 0.7 m @ 0.4 g/t gold , 12.9 g/t silver and 0.2 %
zinc (93 – 93.7 m) in LADH003.
�� The Prime Minister of Vanuatu the Honourable Ham Lini recently conducted a
site visit to Webe Creek.
The Directors of Alcaston Mining NL (“Alcaston”) are pleased to announce that a major
drilling program will soon commence at the Sabeto project, in Fiji, and that it has received
some encouraging initial assay results from the drilling at Webe Creek, in Vanuatu.
Sabeto Project, Fiji
Alcaston has signed a contract with a drilling contractor to conduct a 3,000 metres
diamond drilling program at the Sabeto project in Fiji. The size of the planned drilling
program has been significantly increased following the recent delineation of a number of
exciting new target areas. These include the Tuvatu North prospect which comprises a
large potassium radiometric anomaly that extends directly along strike from Emperor
Mines’ 0.45 Moz Tuvatu gold deposit and highly anomalous gold-in-soil samples with
assays results up to 8.5 g/t gold. The potassium anomaly is believed to be related to
hydrothermal alteration associated with mineralisation.
Page 2 of 4
Drilling will also be conducted to test copper-gold mineralised dykes and recently
discovered high grade gold bearing epthermal veining (grading 9.9 g/t gold) at the
Kingston Mine prospect .
Currently, a camp is being set-up to support the drilling crews and drilling is scheduled to
commence during the first week of December. There is excellent all-weather gravel road
access to the target areas in order that drilling can continue through the wet season. The
program is expected to take approximately 3 months to compete. Drilling will be
conducted 24 hours per day, 6 days a week.
Webe Creek Project, Vanuatu
Diamond drilling at the Webe Creek project in Vanuatu has been suspended for the
remainder of 2006 as a result of continuing access problems due to persistent wet
weather. The best gold target areas remain to be tested with drilling and Alcaston is
looking at other options to enable the drilling of these areas early next year.
Assays have just been received for two of the three holes drilled to test gold targets at
Webe Creek. Anomalous gold and silver assays (>0.1 g/t gold and >2 g/t silver) were
obtained over broad invervals. The best intercepts are 4 m @ 0.6 g/t gold, 11.3 g/t silver
and 0.8 % zinc (48 – 52 m), including 1.5 m @ 0.9 g/t gold, 12.6 g/t silver and 1.1 %
zinc, and 0.7 m @ 0.4 g/t gold, 12.9 g/t silver and 0.2 % zinc (93 – 93.7 m) in
LADH003. The deeper intercept relates to a quartz-pyrite-sphalerite-fluorite vein which is
interpreted to be the La Fete epithermal vein approximately 70 metres below surface. The
apparent strong continuity of this mineralised structure is encouraging. As in most
epithermal veins the gold and silver grades in the La Fete vein are expected to be highly
variable. Previous rock chip samples from the vein have returned grades of up to 13.2 g/t
gold and 271 g/t silver (8.7 oz/t). The La Fete vein has now been mapped for over 300
metres in strike and additional holes are planned to further test the strike and depth extent
of this exciting exploration target.
Recently the Prime Minister of Vanuatu The Honourable Ham Lini conducted a site visit to
Webe Creek. He re-confirmed his government’s strong support for the Alcaston
exploration program.
Should you require any further information, please do not hesitate to contact this office.
Yours faithfully
ALCASTON MINING NL
CRAIG MACKAY
Exploration Director
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The information in this report, insofar as it relates to exploration results, is based on information compiled by Mr Craig
Mackay. Mr Mackay is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which
is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking,
to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Mr Mackay consults to the Company. This report accurately reflects the
information compiled by Mr Mackay and Mr Mackay consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Alcaston drilling at Webe Creek in Vanuatu
Page 4 of 4
Newly constructed access road at Webe Creek in Vanuatu. Unseasonal rain has hampered the drilling program.
Vanuatu Prime Minister The Honourable Ham Lini conducts a site visit to Webe Creek.
Golden
Ridge Prospect
Golden
Ridge Prospect
Blasting
Rock Prospect
New Target
Areas
Blasting
Rock Prospect
New Target
Areas
SPL 1412 Alcaston/Mincor
SPL 1412 Alcaston/Mincor
SPL 1296/1283 Emperor
0 500m
Sabeto Gold Project (Fiji)
Potassium Radiometric Anomalies
Gold-in-Soil Assays
TUVATU Gold Target Areas
GOLD RESOURCE
(0.45 Moz @ 8.5g/t)
New Target
Areas
0 500m
Sabeto Gold Project (Fiji)
Potassium Radiometric Anomalies
Gold-in-Soil Assays
TUVATU Gold Target Areas
GOLD RESOURCE
(0.45 Moz @ 8.5g/t)
“Tuvatu North Prospect”
Priority Target Area
(Tuvatu Strike Extensions)
SPL 1296/1283 Emperor
“Tuvatu North Prospect”
Priority Target Area
(Tuvatu Strike Extensions)
Banana
Creek Prospect
Banana
Creek Prospect
Kingston
Mine Prospect
Kingston
Mine Prospect
Nasiti Ridge
Prospect
Sabeto Soil Samples
Gold (ppm)
0.5 to 8.5
0.1 to 0.5
0.05 to 0.1
0.02 to 0.05
<0.02
(14)
(126)
(166)
(343)
(683)