RNG 0.00% 1.8¢ range river gold limited

nice announcement this morning

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    New resource estimate and major new drilling to commence next week.

    Range River Gold Ltd
    ABN 64 065 480 453
    Ground Floor, 15 Queen Street Melbourne VIC 3000
    telephone +61 3 8614 1500 facsimile +61 3 8614 1555
    email [email protected] website www.rangeriver.com.au
    24 February 2004
    AUSTRALIAN STOCK EXCHANGE AND MEDIA RELEASE
    NEW RESOURCE ESTIMATE AT INDEE, WA
    The Company is pleased to announce a new resource estimate for its two most advanced gold
    prospects, Withnell and Camel 1 following completion of 12,806 metres of resource infill
    drilling at the Indee Joint Venture (Company 70%).
    • The JORC-compliant resource of
    3,201,000 tonnes at 2.7 g/t gold for 281,000 ounces
    is comprised of
    Measured category - 1,430,000 tonnes at 2.9 g/t gold for 132,000 ounces
    Indicated category - 327,000 tonnes at 3.2 g/t gold for 33,000 ounces
    Inferred category - 1,444,000 tonnes at 2.5 g/t gold for 116,000 ounces
    • Withnell and Camel 1 represent two of the seven major prospects currently identified
    along an 8 kilometre mineralised section of the Mallina Shear Zone (Figure 1).
    • The latest results significantly advance the project towards the initial objective of a
    mining operation containing a minimum gold reserve of 250,000 ounces.
    • Importantly, the gold resource includes ounces in the measured category for the first
    time and the estimated overall grade in oxide/transition material has improved to an
    average 2.7 g/t Au at Withnell and 3.8 g/t Au at Camel 1.
    • A major program consisting of 25,000 metres of RC drilling will commence in early
    March 2004 to further evaluate the Withnell-Camel 1 resource and continue
    exploration of the other resource areas within the key 8 km mineralised zone.
    • Recent detailed metallurgical tests have been positive. Testing of a composite oxide
    sample from 40 drill holes returned total gold extraction of 93%. Results from
    sulphide samples were also encouraging with recoveries to 84%. Test work will
    continue to optimise the proposed metallurgical plant design.
    As reported in the December Quarter, the initial phase of resource development drilling at
    Withnell and Camel 1 was completed in early November 2003.
    Table 1 summarises the resource estimate prepared by the Company for the Withnell and
    Camel 1 prospects after results of the infill RC drilling program and previous drilling were
    compiled and interpreted.
    The resource is based on a wireframe-constrained block model reported above a 0.8 g/t Au
    lower cut off. A top cut of 30.0 g/t Au, based on statistical analysis was applied to samples
    prior to estimation. Specific gravities used to calculate tonnage were based on gamma-gamma
    downhole surveys and whole core samples. Values were determined for oxide material at 2.1,
    transitional at 2.6 and fresh at 2.8 tonnes per cubic metre.
    Figure 2 shows the distribution of modelled gold lodes for the Withnell deposit and resource
    categories derived from the block model. Drilling has not yet adequately closed off the
    mineralisation at both Withnell and Camel 1. A longitudinal section from two of the main
    lodes within the Withnell deposit (Figure 3) indicates the resource remains open at depth and
    along strike.
    A further infill and exploration RC drilling program of 25,000 metres targeting all previously
    calculated resources, including Roe, Hester, and Camel 2 (Figure 4), plus extension drilling of
    the Withnell ore body is planned to begin in early March 2004. Exploration drilling is planned
    at the Calvert and Toweranna prospects and also 16 kilometres west of Withnell at Mallina
    where an encouraging drill intersection of 17 metres @ 3.29 g/t Au was achieved during the
    previous program.
    The overall aim of the next drilling program, when combined with the resources listed above,
    is to achieve a minimum of 250,000 ounces of economically mineable gold reserves, together
    with additional resource ounces, which will allow finalisation of a Bankable Feasibility Study
    leading to a mining project at Indee. The planned major drilling program will be completed
    during May. It is anticipated that all significant drilling results will be available to the market
    before the end of May and a new global resource estimate will be completed during June and
    July.
    The information in this report that relates to Mineral Resources is based on information compiled by
    Gus Bravo, a full-time employee of Range River Gold Limited and a Fellow of The Australasian
    Institute of Mining and Metallurgy. The report is based on the resource model completed by Denise
    Riddington, Consultant Resource Geologist who is also a Member of The Australasian Institute of
    Mining and Metallurgy. Gus Bravo and Denise Riddington have sufficient experience which is relevant
    to the style of mineralisation and type of deposit under consideration and to the activity undertaken to
    qualify as a Competent Person as defined in the 1999 Edition of the “Australasian Code for Reporting
    of Mineral Resources and Ore Reserves”. Both consent to the inclusion in the report of the matters
    based on their information in the form and context in which it appears.
    M R Beer
    Managing Director
    TABLE 1
    MEASURED INDICATED INFERRED TOTAL
    Material Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
    Type t g/t oz t g/t oz t g/t oz t g/t oz
    WITHNELL
    Oxide / 827,000 2.8 74,000 136,000 3.0 13,000 160,000 2.2 11,000 1,123,000 2.7 98,000
    Transition
    Fresh 427,000 2.7 37,000 71,000 2.0 4,000 1,213,000 2.5 99,000 1,711,000 2.6 140,000
    CAMEL 1
    Oxide / 176,000 3.8 21,000 120,000 4.2 16,000 33,000 2.8 3,000 329,000 3.8 40,000
    Transition
    Fresh 0 0.0 0 0 0.0 0 38,000 2.1 3,000 38,000 2.1 3,000
    TOTAL
    Oxide / 1,003,000 3.0 95,000 256,000 3.6 29,000 193,000 2.3 14,000 1,452,000 3.0 138,000
    Transition
    Fresh 427,000 2.7 37,000 71,000 2.0 4,000 1,251,000 2.5 102,000 1,749,000 2.6 143,000
    TOTAL 1,430,000 2.9 132,000 327,000 3.2 33,000 1,444,000 2.5 116,000 3,201,000 2.7 281,000
    INDEE JOINT VENTURE
    WITHNELL AND CAMEL 1 RESOURCE FEBRUARY 2004
    RESOURCE CATEGORY
    INDEE PROJECT
    Feb 2004
    LOCATION OF CURRENT INDEE GOLD RESOURCES
    Figure 1

    Sherlock
    Quamby
    Evelyn
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    10Km
    AMG Zone 50 (GDA94)
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    Ma
    llina Shear
    Wohler
    Shear
    S
    holl Shear
    660000mE 640000mE 620000mE 600000mE 580000mE 560000mE 540000mE
    7740000mN
    7720000mN
    7700000mN
    7680000mN
    Mafic Dyke
    WHIM
    CREEK
    GROUP
    LEGEND
    Portree Granite
    Peawah Granodiorite
    Millindinna Intrusives
    Mallina Formation
    Constantine Sandstone
    Cleaverville Formation
    Granite and Gneiss
    Fortesque Group
    Opaline Well Granite
    Calvert
    Hester Camel 1
    0.37Mt @ 3.6g/t Au
    43,000oz
    Camel 2
    Withnell
    2.8Mt @ 2.6g/t Au
    238,000oz
    Roe
    Toweranna
    New Resource Estimate / Infill RC drilling scheduled early March 2004
    Resource Area - RC drilling to commence late March 2004
    INDEE PROJECT
    Feb 2004
    WITHNELL RESOURCE
    BLOCK MODEL
    Figure 2
    Inferred
    Indicated
    Measured
    Resource Category (JORC)
    Looking South
    Other
    Lode B
    Lode A
    Gold Mineralisation
    RL
    RL
    INDEE PROJECT
    Feb 2004
    WITHNELL RESOURCE - LONGITUDINAL SECTION
    LODE B
    LODE A
    Figure 3
    624200mE
    50
    0
    -50
    -100
    624000mE 623800mE 623600mE West
    West
    East
    East
    No Resource
    Drilling
    RL(m)
    RL(m)
    624400mE 624600mE 624200mE
    50
    0
    -50
    -100
    624000mE
    < 1.0 g/t Au
    Contoured Block Grade
    1.0 - 3.0 g/t Au Pierce Point of RC / DDH Drillhole
    Limit of Current Resource Block Model
    Base of Oxidation
    Mineralisation open at depth or along strike
    3.0 - 5.0 g/t Au
    5.0 - 10.0 g/t Au
    > 10.0 g/t Au
    INDEE PROJECT
    Feb 2004
    MALLINA SHEAR ZONE
    Resource Location and Exploration Potential
    Figure 4
    WEST 8
    EAST kilometres
    619000E
    7688500N
    620000E 621000E 622000E
    623000E 624000E 625000E 626000E
    Camel 2
    Hester
    Roe Camel 1
    0.2- 1.0g/t
    >1.0g/t
    New resource estimate
    RAB/Aircore drilling
    RC/DD drilling
    Modelled lodes
    7688500N
    (
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    Withnell
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    Lode A
    Lode B
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