Perth, July 6, 2006 AEST (ABN Newswire) - Korab Resources (ASX: KOR) wishes to advise that it has received clearance from the traditional land owners to commence a drilling program within exploration licence E38/1650, part of the Throssell Joint Venture area.
The proposed drilling program will consist of up to seven reverse circulation drill holes, each with a projected depth of up to 200 metres and will commence in late July / early August 2006, subject to rig availability.
The Throssell Joint Venture covers an area of approximately 800 km2 around and across Lake Throssell and is located some 400 km north east of Kalgoorlie in Western Australia.
Korab's interest in the area is twofold. Firstly, there are a number of radiometric anomalies within and around the Lake Throssell and these present uranium exploration targets.
Secondly, the joint venture area covers a number of co-incident magnetic and gravity highs which could indicate Archaean greenstones at depths much shallower than previously thought. The focus of the proposed drilling program will be to test these depth anomalies as well as explore the mineralisation potential of the underlying strata.
Korab recognises possible similarities between the structure and geology of the Throssell area with similar prospective areas within Australia such as the Gawler Craton.
In our prospectus we noted that most lode gold deposits in the Yilgarn Craton are structurally controlled and related to metamorphic and/or felsic magmatic fluids. Recent evidence for crustal-penetrating shear zones has been presented by Geoscience Australia from deep seismic reflection data in 2001 which appear to be related to major gold mineralising events at Leonora, Laverton and Yamarna (adjacent to Throssell). Consequently, within the Throssell Project area, the presence of major faulting with a down-throw of 7,000 metres as well as the existence of coincident gravity and magnetic anomalies adjacent to this area of interpreted faulting suggests a potential for significant gold mineralisation associated with buried greenstone lithologies.
About Korab Resources Limited
Korab Resources Ltd (ASX:KOR) is an international mining and exploration company with operations in Australia and Europe. Korab's projects include Winchester magnesium carbonate deposit and Geolsec phosphate rock deposit at Batchelor in the Northern Territory of Australia as well as a gold and silver deposit at Bobrikovo in eastern Ukraine. The Company also explores for gold and copper at Ashburton Downs in Western Australia and for various metals and specialty minerals at Batchelor in the Northern Territory. Korab's shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform. More information about Korab's projects can be sourced from Korab's website at www.korab.com.au.
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