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 Page 3 of 4 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)
AMG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)