Adelaide, Dec 7, 2006 AEST (ABN Newswire) - Newly listed Proto Resources & Investments Limited (ASX: PRW) has commenced drilling its flagship Tibooburra project north of Broken Hill, after using leading edge mineral detection technology to identify potential gold targets.
Proto today announced that it had employed Mobile Metal Ion (MMI) technology to identify a 1600 metres-long gold anomaly in its first major exploration effort since listing on the ASX last week with the goal of finding the source of high grade surface gold at Tibooburra.
MMI technology uses chemical processes and extremely sensitive instrumentation to identify ions (or atoms) of minerals which have risen to the land surface from underground mineral deposits.
"Proto is pleased to have commenced its planned drilling program within a week of the company's listing on the ASX," Proto Chairman, Mr Andrew Mortimer, said today.
"The first of 3000 metres of reverse circulation drilling is now underway at the Tibooburra gold project which historically produced in excess of 75,000 ounces of gold prior to 1900," he said.
"Proto's drill program aims to test the extent of gold mineralisation around the main Pioneer workings and at the Pioneer North site at Tibooburra where an MMI soil anomaly of up to 660 parts per billion (ppb) gold has been defined."
MMI Soil Sampling Results
The results of the recent trial program of MMI soil sampling at the Tibooburra gold project have been received. The aims of the program were to determine:
- Whether the technique is successful around the old Pioneer workings where gold occurs in outcropping quartz reefs,
- What elements are associated with the gold mineralisation at Pioneer,
- Whether the technique could prove successful around Tibooburra where a primary source of nuggetty gold, recovered from the base of young sediments over basement near Nuggetty Hill and Tunnel Hill has not been found.
Previous conventional soil sampling along the line of workings between the Pioneer and Phoenix mines defined a north northwest trending 4000m long gold-arsenic anomaly. Results of MMI sampling from around the Pioneer workings mirror those from conventional soil sampling in that a 1600m long gold (>20ppb) anomaly (associated with arsenic, silver, copper and nickel) has been defined. Two highly anomalous gold (200-660ppb), arsenic (50-250ppb) and silver (25-50ppb) areas stand out at Pioneer and at Pioneer North, 800m to the north.
As stated above a program of around 3000m of RC drilling is planned for the Pioneer-Phoenix trend, including the two MMI anomalies.
Results of reconnaissance MMI sampling, along four lines 400m apart, at Nuggetty Hill and Tunnel Hill suggests an association between gold, silver and copper, but less so with arsenic. The best result was 40ppb gold, 140ppb silver and 1360ppb copper. In this area, nuggetty gold has been recovered from the base of younger sediments overlying basement, but a primary source has not been found. MMI may prove to be effective in searching for a possible now-buried primary source and follow up sampling is planned for 2007.
Grant of EL 6663
The company is pleased to advise that the NSW Department of Primary Industries has granted its Exploration License Application 2685 in the Tibooburra area, forming Exploration License 6663. This greatly strengthens the company's ability to operate in the region. EL6286 has also been renewed for a further two years.
Contact
Peter Gill
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: 08 8234 9555
Fax: 08 8234 9566
Mb: 0417 784 059
peter@fieldpr.com.au
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