significant resource upgrade

CARRICK GOLD LIMITED
ACN 100 405 954
Level 9, 37 St. George’s Terrace, Perth, WA 6000
G.P.O. Box 2567, Perth, WA 6001
Tel: (08) 9225-5544 Fax: (08) 9225-5533
Companies Announcement Platform Date: 7 January 2005
Australian Stock Exchange
20 Bond Street, Sydney, NSW 2000 By E-Lodgement
CARRICK REPORTS SIGNIFICANT RESOURCE UPGRADE
The latest development of a suitable resource model and a quantified drill measured and
indicated resource is convincing and very exciting evidence that a mine will be developed at
Parrot Feathers.
The drilling programme initiated recently at Parrot Feathers prospect was designed to infill
previous drilling and to construct a model of the gold mineralisation using a North West (315
degrees) grid pattern . Ten 40 metre spaced lines from the new grid were chosen to cover the
known mineralised area and assay results from drilling at 40 metre intervals along these lines
were used to recalculate the Parrot Feathers resource to a JORC compliant measured and
indicated gold resource to a vertical depth of 150 metres.
I
n the measured and indicated category a resource at the Parrot Feathers of
1.7 million tonnes for 149,000 gold ounces
comprising:
1,590,000 tonnes @ 2.68g/t or 137,098 ounces * Indicated
and a near surface (to 30 metres) measured resource of
113,000 tonnes @ 3.26g/t or 11,813 ounces. * Measured
This represents an increase to the indicated resource of some 35,000 ounces in
the latest drill programme.
The resource is calculated using the polygonal method and a summary of ore block
parameters in sections is given in Table 1. Ten 40 metre drill sections over a strike distance of
400 metres were drilled on a NW grid to give a indicated resource including all gold mineralised
drill intersections above 0.5ppmAu to a vertical depth of 150 metres.
The total measured, indicated and inferred resource for the Parrot Feathers -
Lindsays - Neves system (PFLN system) has increased from 11M Tonnes @ 2.7g/t
to:
11.62M Tonnes @ 2.66g/t for 987,700 gold ounces*
The above resource is an extension to that previously disclosed and has been calculated from
drilling results between 10450 north and 11300 north and is subdivided into categories as given
in the Table below:
Structure/s Depth Category Tonnes M Grade g/t
Parrot Feathers 30 Meas. 0.1 3.8
150 Ind. 0.99 3.2
500 Inf. 1.74 3.1
Lindsay's 30 Meas. 0.039 2.1
150 Ind. 0.88 2.1
500 Inf. 3.79 3.7
Neves 150 Ind. 0.76 1.6
500 Inf. 2.71 1.3
The total resource (subtotal of the total Inferred resource for the project) for the Parrot Feathers
- Neves system (PFLN resource), as itemized in the Table above, had previously been
calculated to be 11M Tonnes @ 2.7g/t.
Deposit Category Tonnes Grade in g/t
Gold
Gold Ounces
Parrot Feathers Measured 100 000 3.8 12,179
Indicated 990 000 3.2 101,538
Inferred 1 740 000 3.1 172,884
Total 2 830 000 3.4 308,397
Lindsays Measured 39 000 2.1 2,625
Indicated 880 000 2.1 59,230
Inferred 3 790 000 3.7 449,455
Total 4 709 000 3.4 513,160
Neves Indicated 760 000 1.6 38,974
Inferred 2 710 000 1.3 112,916
Total 3 470 000 1.4 155,705
All Deposits Measured 139 000 3.3 14,701
Indicated 2 630 000 2.4 202,307
Inferred 8 240 000 2.8 739,487
Total 11 009 000 2.7 952,701
Drill samples obtained from RC percussion drilling were sampled downhole in 1 metre intervals
with each metre being assayed for Gold, Copper and Arsenic at Kalgoorlie Assay Laboratory
(KAL). Samples were first assayed using a 2 acid Aqua Regia digest, and samples assaying
above 1g/tAu were assayed using a 40gram fire assay technique. Assay readings for both
techniques were obtained by ICP.
The model shown in Figure 1 delineates two main horizons 100 metres apart, depicted as the
Lindsays ore structure (in Yellow and Parrot Feathers ore structure (in Red). Neves ore
structure, a third main horizon (in blue) appears to occur immediately above Lindsays. Each
mineralised structure is an horizon of individual quartz-sulphide sheets generally flat lying,
faulted and sheared giving an overall dip of 40 - 45 degrees to the west.
Carrick is extremely excited with its success rate in hitting target zones identified by the
geological model developed from previous drilling programmes. Only 4 holes of the 46 drilled in
the last programme returned all gold values less than 1g/t . The model shows a robust system
with continuity (see Figure 1).
Resource definition drilling is again in progress over a strike length of 400 metres with
initial results available by the end of the month.
• The information in this report to which relates to exploration results, mineral resources or ore
reserves Is based on information compiled by Peter Paterson who is a Member of the
Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists with a
minimum of five years experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources, and Ore Reserves. Mr. Paterson consents to the inclusion in the
report of the matters based on his information in the form and context in which it appears. Mr.
Paterson is an employee of Tarnwood Pty. Ltd. which consults to Carrick Gold Limited.
•
TABLE 1
Indicated
Section Area Grams Grade Tonnes Grams Grade Ounces
48680 1105 1658 1.5 119340 179064
48640 1239 3525 2.8 133812 380700
48600 1684 3275 1.9 181872 353700
48560 2239 4577 2 241812 494316
48520 2435 7605 3.1 262980 821340
48480 1753 7290 4.2 189324 787320
48440 1778 3845 2.2 192024 415260
48400 1008 3268 3.2 108864 352944
48360 907 3038 3.3 97956 328104
48320 605 1525 2.5 65340 164700
14753 39606 1593324 4277448 2.684606521 137097.6923
Measured
Section Area Grams Grade Tonnes Grams Grade Ounces
48420 64 472 7.38 3456 25488
48440 286 994 3.48 15444 53676
48460 320 1035 3.23 17280 55890
48480 347 1315 3.79 18738 71010
48500 393 1040 2.65 21222 56160
48520 287 1221 4.25 15498 65934
48540 303 683 2.25 16362 36882
48560 94 65 0.69 5076 3510
2094 6825 113076 368550 3.259312321 11812.5
Composite Section Parrot Feathers
(Showing overlapping ore horizon sections from the Lindsays and Neves resources)
Yours faithfully,
CARRICK GOLD LIMITED
BEVAN JAGGARD
Company Secretary
BEVAN JAGGARD
Company Secretary
CARRICK GOLD LIMITED