4/611 Hay Street Jolimont WA 6014 PO Box 751 Wembley WA...

4/611 Hay Street Jolimont WA 6014 PO Box 751 Wembley WA 6913
Phone: +61 (08) 6380 2444 Fax: +61 (08) 6380 2466 E-mail: [email protected]
ASX RELEASE 2 March 2005
CORBOYS – COMMENCEMENT OF DRILLING
The Company is pleased to announce that a reverse circulation drilling programme
will be commencing tomorrow on the Company’s Corboys Gold Project.
The programme of approximately 3,500 metres will be testing for extensions to the
current resource base and to target a number of new prospective areas to the north
and south of the Corboys Prospect.
Currently, the Corboys Prospect has a JORC compliant resource of 127,800
ounces of gold. This round of drilling will be focusing on down dip and along strike
extensions to this resource. Current resource has been defined only to an average
depth of 60 metres below the surface.
Recent rock chip sampling in February 2005 has returned some very encouraging
results and has delineated a number of new drill targets along strike of Corboys. Of
the 25 rock chips taken, 14 ranged between 2 g/t Au to 105 g/t Au. Overall, the
25 rock chips averaged 10.7 g/t Au. These new targets will also be drill tested this
month.
Previously, the Company completed a reverse circulation drill programme in October
2004 and announced in January 2005, that it more than doubled its resource from
59,000 oz to 127,800 oz. Drill intercepts included 27 metres at 2.69 g/t Au, 28
metres at 3.7 g/t Au and 4 metres at 15.2 g/t Au.
The project is well situated within the Yandal Greenstone Belt in the north-eastern
goldfields of Western Australia. It is located 30 kilometres north-west of the
Bronzewing (3.67m oz Au) and 60 kilometres south-east of Jundee (6m oz Au) gold
mines. The project area lies over a complex NNW trending shear zone, which follows
the contact between metamorphosed mafic volcanics of the Yandal greenstone belt to
the east and a granitic batholith to the west.
Previous mining at Corboys in 1929 totalled only 24,000 tonnes, but a total of 16,000
ounces of gold was recovered at a grade of 20.7 g/t.
Joe Cornelius BSc, MAustIMM, MAIG, SIA
Executive Director