All very exciting, it cut and paste some key paragraphs; the last 3 paragraphs on historical drilling are particularly interesting!
"Mangalisa Property warranted careful exploration to confirm previous work, and to this end drilled a twin of a historical Gencor hole (PG-1)...
The drilling program led to a significant discovery..."
"It is the Central Rand Group succession sitting beneath variable thicknesses of Karoo sediments and Ventersdorp Group lavas with its traditionally bountiful gold-bearing horizons (namely the A, B, Leader and Basal Reefs) that was targeted in this program.
Each one of these individual reef horizons is a significant gold-producing horizon in its own right throughout the Welkom region as a whole......"
"Up to four exploratory drill holes with multiple deflections were initially planned on the Mangalisa Property, located where the PG-1 historical drill hole intersected a reef returning 50 g/t gold and 5 kg/t uranium over one metre at a depth of 776 m...."
"The Mangalisa Project represents one of the last remaining, high potential gold and uranium exploration properties within the Witwatersrand's Welkom Goldfield. The results of this exploration program indicate the potential for the discovery of new gold and uranium mineralized reefs within the area. The reef, as revealed in PG-1, is a classic 'small-pebble, oligomict, carbon-rich and well-sorted conglomerate' reef that is typical of the Free State. The general area remains prospective for other Free State gold reefs deeper in the stratigraphy, such as the 'A', 'B', Leader and Basal Reefs, which have been mined nearby at Harmony's Masimong Gold Mine.
The first hole drilled by Gencor, here referred to as hole PG-1, on the western side of the ground intersected a Witwatersrand reef not previously encountered in the area at 776 m below the surface. The reef was inferred to be an equivalent of the Beatrix reef and had a gold grade of about 50 g/t and a uranium grade of 5 kg/t over one metre."
AEX Price at posting:
2.4¢ Sentiment: LT Buy Disclosure: Held
