one to watch

Chairman and CEO converting options to shares, drill results imminent on several potential company-making copper-gold prospects.

DYOR

Sep Quarterly Report:
The large magnetic anomaly remains the likely indicator of the core to the IOCG mineralisation at Pilgrim under cover of Cambrian sediments.
This is currently being tested by 3 diamond drill holes. The first diamond hole (10PMDD043) intersected very encouraging red rock alteration (RRA) as well as biotite / sulphide alteration from about 100 metres to 351 metres (End of Hole). In this 250 metre section there are numerous narrow (5 to 20cms) veins and breccias that contain visible Copper mineralisation (chalcopyrite, bornite and halcocite) with well developed magnetite alteration.
Krucibles geological interpretation of this core is that it could well have drilled into the peripheral / halo zone of a significant IOCG orebody. Once all the planned diamond holes are completed, the results will be compiled and modelled for an incisive drill program in
2011. Final results from the diamond drilling are not expected for 4 to 6 weeks.