high grade gold...

Mantle Mining Corporation Limited (ASX: MNM) “Mantle”, is pleased to advise that laboratory results from drilling at the Coronation prospect have been received for the company’s 100% owned Granite Castle Gold and Silver Project in North Queensland and have yielded very exciting high grade gold, silver and zinc with copper and lead intercepts:
Highlights:
? The Granite Castle Project is Mantle’s most advanced gold project. It contains a large swarm of gold-silver mineralized shears including a JORC Code Compliant Resource1 (last page for details) in a 600 metre portion of one shear (Figure 1).
? The best intercept was in drill hole GCRC 596 targeting a major Induced Polarisation (IP) anomaly (Figures 2 and 3) and returned 3m @ 10.9 g/t gold and 153 g/t silver from 149m downhole, including 1m @ 24.9 g/t gold and 230 g/t silver (Figure 4 and Table 1).
? Nearby holes also intercepted good grades. Drill hole GCRC 591 intercepted 1m @ 5.2 g/t gold from 23m downhole and 3m @ 2.3 g/t gold from 43m downhole including 1m @ 6.4 g/t gold. Drill hole GCRC 593 intercepted 1m @7.4 g/t gold from 58m downhole, 1m @ 9.1 g/t gold from 96m and 2m @ 2.3 g/t gold, 2.2% zinc, 750ppm copper and 4580 ppm lead from 141m (Figure 4 and Table 1).
? Pleasingly, these intercepts correlate extremely well with historic rock chip sample and drilling results that range from 5 to 25 g/t gold from surface to 120m deep. The shear remains open to depth and along strike (Figure 5).
? More pleasing is that the IP data also directly correlates with the Granite Castle JORC which contains 79,000oz gold and 1.5million oz silver in a 600m length of the shear and down to 130m vertical depth. The Granite Castle shear has been drilled down to 300m and a prior JORC resource of 167,000 oz gold to that depth was downgraded in 2008 when Mantle redid the JORC base to new modern compliance levels. However more deep drilling is expected to return that JORC to the full 167,000 oz gold level.
? It appears, from this latest drilling and the IP data (Figure 2), that the Coronation shear could be a larger and richer structure than the Granite Castle shear thereby leading to the conclusion that more drilling to JORC compliance spacings next year could yield a doubling, or even quadrupling of the JORC compliant resource base at the Granite Castle project. Significantly both shears remain open at depth, and there remain others yet to be tested to equivalent levels.
? Mantle would also like to advise that it is currently preparing an application for upgrade to a Mineral Development Licence (MDL) at the Granite Castle project. As part of that work, the company intends to undertake a scoping study of development options and appropriate next steps for further drilling and pre-feasibility work.