As posted previously, MZG is one of the most undervalued juniors. As the top quality gold stocks suffer a bout of profit taking, some have obvoiusly done their research and are snaping this one up. The following announcement is not their latest, but is a key to just what MZG have going for them. A shallow(most intersections between 20-40m depth) of high grade ore 5km from their plant. A bonus quick ore to cash find.
Drilling Results - Rocksteady Prospect: Murchison Gold Proj MENZIES GOLD LIMITED 2002-05-22 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ Follow-up and infill Reverse Circulation (RC) drilling at the Rocksteady prospect has returned encouraging gold intersections. Results include: 18 metres @ 5.35 g/t gold 11 metres @ 10.53 g/t gold 9 metres @ 5.52 g/t gold 11 metres @ 6.18 g/t gold 13 metres @ 5.70 g/t gold Rocksteady is situated five kilometres southwest of the treatment plant, 100% owned by Menzies Gold Ltd through the King Solomon Mines Operation. The treatment plant is now in full operation, currently processing ore from the Brandy Hill mine. The plant, which has a design capacity of 300,000tpa, is operating well, and produced 1,625 ounces of gold for the first three weeks of full production in April. Mineralisation at Rocksteady remains open at depth and along strike, and is part of a small resource (108,000 tonnes @ 3.5 g/t Au) that will be mined by Menzies commencing June 2002. The latest drill intersections are extremely encouraging, and follow-up drilling is planned. The mineralisation continues below the 60 metre vertical depth, which was the previous limit of drilling in the area. The gold occurs within an oxidised, iron-rich rock associated with felsic porphyry.
Tabulated results are provided on Attachment 1. P Ingram MANAGING DIRECTOR
