Sydney, Nov 22, 2005 AEST (ABN Newswire) - Auzex Resources (ASX: AZX) drilling confirms high-grade molybdenum mineralisation at Kingsgate Project.
Highlights
- First phase drill program (545 metres of diamond core) completed on 12 November 2005
- High grade molybdenum (Mo) intersected in quartz pipes ('pipe') with associated
disseminated halo mineralisation
- Very high grade Mo up to 1.57%(equivalent to 2.3oz per tonne gold) intersected in pipe.
- High grade Mo up to 0.3% (equivalent to 14 grams per tonne gold (g/t Au)) intersected within
halo of disseminated granite-hosted mineralisation.
- The Company is targeting 10,000 - 20,000 tonnes Mo from a swarrn of 94 pipes within the 2.5 km square project area.
- Second phase drill program (1000 metres reverse circulation) planned to commence in December 2005.
Kingsgate Project, EL 6333 Glen Innes, New South Wales (Auzex l00% Highly encouraging results have been received from the initial drill program completed at the Kingsgate Project.
Results from the twelve diamond drill holes have been received. During this first phase program nine pipes were drilled to a maximum depth of 104.9 metres. This program is the first drilling to be undertaken in the area. A high average grade of 0.32% Mo (equivalent to 14.7 g/t Au) was returned from pipes including three intersections above 1.00% Mo.
These results support the considerable potential of the field, which is known to contain a total of 94 pipes. Intersections of high grade Mo within a halo of disseminated granite-hosted mineralisation surrounding higher grade pipes were also returned. Grades average 0.037% Mo (equivalent to 1.7 dt Au), with a maximum intercept of 03% Mo (equivalent to 14 g/t Au).
The mineralisation within the disseminated zone contributes strongly to the value and tonnage potential of the pipe swann. Mineralisation is characterised by a strong Mo-bismuth (Bi)-silver (Ag) association with gold (Au), antimony (Sb), selenium (Se) and tellurium (Te) credits.
The objectives of the program were to scope the extent, grade and distribution of the Mo-Bi mineralisation in preparation for further drilling. Exploration over the next twelve months will aim to confirm the existence of between 10,000 and 20,000 tormes of Mo within the 2.5km2 project area. The second phase drilling program (RC) is warranted and will cornmence in December with results available from late Januarv 2006.
Contact
John Lawton
Executive Chairman
Tel:+617 3303 0198
Philip Chisholm
Corporate / Investor Relatrons
Tel:+6445627019
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