Menzies Gold announced yesterday(copied below) a new discovery, albeight only about 108,000 oz, but the grades are high, the resource shallow(mainly between 20-40m) and they will start mining it next month! They are in the enviable position of having their 300,000 tpa plant just a few km away. It just gets better. Remember, they have a much larger proven resource at their Murchison Project; so these new discoveries are just icing on the cake and boosting short term cashflow. I'm still adding to my holdings before a large buyer takes a significant stake. Don't know who it will be, but its gotta come, and soon. This stock is way undervalued. Do your own anaysis/research. Drilling Results - Rocksteady Prospect: Murchison Gold Project
MENZIES GOLD LIMITED 2002-05-22 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Follow-up and infill Reverse Circulation (RC) drilling at the Rocksteady prospect has returned encouraging gold intersections. Results include:
Rocksteady is situated five kilometres southwest of the treatment plant, 100% owned by Menzies Gold Ltd through the King Solomon Mines Operation. The treatment plant is now in full operation, currently processing ore from the Brandy Hill mine. The plant, which has a design capacity of 300,000tpa, is operating well, and produced 1,625 ounces of gold for the first three weeks of full production in April.
Mineralisation at Rocksteady remains open at depth and along strike, and is part of a small resource (108,000 tonnes @ 3.5 g/t Au) that will be mined by Menzies commencing June 2002. The latest drill intersections are extremely encouraging, and follow-up drilling is planned. The mineralisation continues below the 60 metre vertical depth, which was the previous limit of drilling in the area. The gold occurs within an oxidised, iron-rich rock associated with felsic porphyry.
