Potential increase in ore body, price of silver going up. Macmin is starting to look attractive.
Company Announcement
Texas Silver Project Update
MACMIN LIMITED 2002-05-17 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++ Ore Reserve definition drilling is progressing at the Texas Silver Project. As of 17th May 2002, approximately 2,400m in 40 holes had been completed, with assay results from 20 holes received. The programme is less than 10% completed and a second drill will be added in the near future.
The Directors are particularly pleased to report hole 312, which is to the east of the resource boundary. The entire hole averaged 81 g/t silver with higher grade intercepts such as 14m at 150g/t silver between 20m and 42m (including 4m at 251g/t silver and 0.8g/t gold). This hole, and adjacent holes, are encouraging as they appear to extend, to the east, the mineralisation of the previously known Resources.
The drilling is initially being conducted on a nominal 25m square grid basis, mainly within the area of previously announced Resources.
Results to date are very encouraging and are similar to the earlier resource drilling, and the Directors expect to be in a position to announce new Ore Reserves in due course.
R D McNeil MANAGING DIRECTOR
I hold MMN
MMN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
