GVM PEM - ASX Company Announcement THIS IS A PRIORITY ITEM 26 April 2002 Part 1/1 -------- GOLDEN VALLEY MINES LIMITED --------------------------- HOMEX - Perth ------------------------- Kanowna West Joint Venture - Update KANOWNA WEST JOINT VENTURE (26.6% GOLDEN VALLEY MINES LIMITED) The Kanowna West project is located 4 kilometres to the north west of the four million ounce Kanowna Belle gold deposit and lies along the regional Kanowna Shear. Aircore and RAB drilling of prospective gold anomalies by joint venture partner Perilya Ltd, returned significant gold mineralisation from the Debernales and Beatty prospects. Best intercepts at Debernales were 2m @ 12.0g/t Au, 1m @ 19.6g/t Au and 3m @ 6.71g/t Au, defining a blanket of supergene gold mineralisation covering an area of 400m x 40m and open to the south-east. This mineralisation occurs in basalts, which have strong pyrite/sericite alteration. The supergene blanket corresponds with a magnetic low correlated with the structure that hosts mineralisation at the Six Mile Pit, located 1 km to the east. RC drilling will be undertaken to test the target below the blanket. Best intercepts from the Beatty prospect were 3m @ 104g/t Au and 2m @ 205g/t Au associated with an interpreted northstriking fault zone. These intercepts contain coarse nuggety gold and are likely to be supergene enriched. Although located on adjacent traverses, it is difficult to match the two high grade intercepts as one structure. Further drilling below these intercepts is required. A separate RAB intercept of 17m @ 1.39g/t Au, at the western extremity of the northern traverse in this area, also requires follow-up drilling. Significant RAB intercepts at a 0.5 g/t cutoff were as follows: HOLE NORTH EAST FROM INTERVAL AU (G/T) KAC1115 11404 8196 27 1 19.60 KAC1118 11520 8200 39 2 1.89 KAC1125 11290 8300 45 2 4.04 KAC1129 11330 8300 43 2 12.50 KAC1132 11450 8300 44 1 3.45 54 5 1.18 KRB1325 11320 8200 25 2 2.46 KRB1327 11400 8200 27 11 0.75 KAC1134 11280 8400 55 1 4.25 KAC1135 11320 8400 58 1 6.30 KAC1136 11240 8400 52 3 6.71 KAC1139 11230 8500 41 2 1.54 55 2 2.11 KRB1328 9795 9940 77 3 104.04* KRB1341 9750 10430 23 2 1.82 KRB1344 9790 10270 6 3 1.01 KRB1361 9843 9957 45 6 0.87 21 2 205.80 including 21 1 410.00 KRB1364 9843 9866 17 2 2.11 KRB1368 9920 9925 11 2 2.55 KRB1369 9920 9905 32 6 0.91 KRB1370 9924 9884 32 6 0.83 KRB1373 9935 9810 26 17 1.39 KRB1374 9760 10002 14 2 2.07 KRB1376 9760 9939 67 3 1.76 KRB1377 9759 9901 65 4 1.44 * average of screen fire assay Additional exploration at Debernales and Beatty is required. Compilation and interpretation of results is now underway, with the intention of preparing a follow up drill programme. B Sergeant
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