+++++++++++++++++++++++++ MORE HIGH GRADE GOLD ASSAYS RECEIVED FROM WOOLGAR DRILLING
The company advises that it has received further high grade assays from drilling at the Explorer Prospect, Woolgar, Qld.
Significant new results include:
EXRC 56 13 - 18 m: 5m @ 18.28 g/t Au
Individual assays are:
1 metre from 13 metres @ 76.4 g/t Au 1 metre from 14 metres @ 7.5 g/t Au 1 metre from 15 metres @ 2.05 g/t Au 1 metre from 16 metres @ 4.05 g/t Au 1 metre from 17 metres @ 1.40 g/t Au
Hole EXRC 56 is located above drill holes EXRC 43 and EXRC 42 which gave:
A cross section showing a plot of the above information is attached, with hole location details attached in a separate table. This table includes details for relevant holes drilled last year.
A preliminary geological interpretation of the results indicates that drilling has outlined a high-grade ore shoot over a 100 metre strike zone that extends from near surface down to some 50 metres vertical depth. On the most easterly section drilled, the intersections show very good grade and width continuity down the epithermal vein structure. Importantly, the high-grade ore shoot is open at depth and open along strike to the east.
Thirteen additional drill holes were completed to test other vein targets over a 400 metre strike south east of the Explorer vein (EXRC 50 to EXRC 62). All drill holes intersected encouraging gold assays, with individual high values occurring within wider zones of strongly anomalous gold values.
The results include:
EXRC54 102-103m 1m @ 5.15 g/t Au EXRC55 51-52m 1m @ 2.95 g/t Au EXRC57 53-54m 1m @ 4.55 g/t Au EXRC57 61-62m 1m @ 3.95 g/t Au EXRC57 72-76m 4m @ 1.09 g/t Au EXRC57 89-93m 4m @ 2.39 g/t Au EXRC58 85-90m 5m @ 1.63 g/t Au EXRC59 48-49m 1m @ 2.87 g/t Au EXRC59 57-58m 1m @ 2.5 g/t Au EXRC60 19-21m 2m @ 1.02 g/t Au EXRC61 20-22m 2m @ 1.14 g/t Au EXRC61 52-54m 2m @ 5.9 g/t Au EXRC63 33-35m 2m @ 1.37 g/t Au
Further drilling is required to test if these results represent the beginning of new high grade ore shoots developing along the structure
Assay results for soil and rock chip sample programs undertaken in the Federal prospect area are still awaited. These results will be presented in the company's forthcoming quarterly report which will outline the future exploration and drilling plans for the project.
W Martin MANAGING DIRECTOR Ph 9322 1257
For further information contact
Barry Fehlberg TECHNICAL DIRECTOR Ph 041 99 00 132
Note: The information in this report has been compiled by Mr Barry Fehlberg who is a member of the Australian Institute of Mining and Metallurgy and has a minimum of five years experience in the field of activity being reported on. This report accurately reflects the information compiled by that person.
A copy of the full announcement, which includes the Cross Section, is available in PDF format on www.asx.com.au. Alternatively it is available for purchase from ASX Customer Service on 1 300 300 279.
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