Burdekin Pacific Limited
ASX Announcement 18 October 2004
Burdekin Pacific Limited A.C.N. 059 329 519
Level 13, BGC Centre 28 The Esplanade Perth WA 6000
Phone: +61 8 9322 6045 Fax: +61 8 9481 5557
Email:[email protected]
Enquiries regarding this announcement can be directed to either:Mr Jerome G Vitale Director and Chief Executive Officer or Ms Susan J Field Executive Director and Company Secretary Phone +61 8 9322 6045
ASX Code: “BKS” 18 October 2004
Further High Grades at Paro Prospect
RC drilling at Paro Prospect, located 650 meters north of the main deposit at Mineral Hill, has returned a further significant shallow gold intersection of
3m @ 37.52 g/t Au from 30m,
including 1m @ 81.8 g/t Au from 30m, in Hole PARC008.
The estimated true width of the mineralised intercept is 1.5m.
This hole is 25m north of section 5750mN, which has returned intercepts of
5m (true width, 4m) @ 27.43 g/t Au from 57m
(ASX announcement 7 October 2004),
including 1m @ 116.5 g/t au from 57m, and
4m @ 19.82 g/t Au from 51m
(true width 3m, ASX announcement 27 August 2004).
Two holes on section 5800mN (25 m to the north) did not return economic values, along with hole PARC009, drilled down-dip from hole PARC008. For a summary of new results, refer attached table.
An interpreted long section generated for the Paro area suggests that deeper, high grade gold mineralisation may exist as a south-plunging shoot. Based on the drill results received to date in the current campaign, the Company believes deeper drilling is warranted to confirm the structure and distribution of the gold this part of the system. Several additional holes, including at least one diamond hole, will be added later in the
current programme for this purpose.
Yours faithfully
Burdekin Pacific Limited
Jerome G Vitale
Director and Chief Executive
1m @ 116.5 g/t tonne from 57m (announcement 7 October 2004) and
now 1m @ 81.2 g/t tonne (above) from 30 metres depth.
Looks like they are joining the dots to outline something large. It seems the deeper they go, the bigger the g/t find. The potential is magnificent.
SP is still under 2c (closed at 1.8c today) which in my opinion makes it hugely undervalued.
Current Market Cap is approx only $7.6 million.
Mt Kasi gold project - asset value with only 200,000 ounces of gold, in my opinion, could be conservatively $30 -40 million.
SP therefore, should be between 7c and 9.4c
I am calculating this as if there are no ounces of gold found in the current drilling programme. All the new gold discoveries and ounces would simply add more value.
Does anyone have a different way of calculating Mt Kasi's value?
Constructive comments & discussion please.
I hold bks
Always seek professional investment advice before investing & please read below.
BKS
burdekin pacific limited
