Brisbane, July 4, 2008 AEST (ABN Newswire) - Kangaroo Metals Limited (ASX:KML), a diversified exploration and mining company with projects in North Queensland, has received its first results from samples collected during a field survey around Mt Ruby in Silver Valley, Queensland.
Mt Ruby is one of several magnetite skarns located in close proximity in Silver Valley. However, Mt Ruby represents the only pure magnetite/hematite body of the group, with Windemere containing magnetite-garnet-tin and Mt Ruby West magnetite-garnet.
Several samples were selected (locations of which are shown in the image below) as representative of the regional float from areas up to 400 metres from the base of Mt Ruby for analysis at ALS, Townsville. Results received from these samples show;
- MR001 69.2% Fe
- MR002 68.1% Fe
- MR004 8.13% Cu (22.9% Fe)
Regional field surveys confirms a possible extension of the Mt Ruby body of up to 200 meters east and 500 meters north of the current surface exposure. Geophysics, carried out through KML Geoscience, has confirm the possible extension and also identified a second region of interest running south-east of Mt Ruby. The current exposed body, which is under an ML, represents an area of 80 meters by 80 meters and 30 meters high.
KML will now follow up with additional field work to determine the optimal approach prior to drilling the extensions to confirm continuity of length, depth and grade around Mt Ruby, and possible test drilling of the second anomaly.
"Mt Ruby represents a potential blast, wash and truck operation for lump ore which is highly sought after by the Chinese buyers. This has been confirmed by the recent purchase of Mt Lucy, a comparable skarn to the north-west of Mt Ruby, by Australian Jinhua Mining for $3.83 million. The potential value of Mt Ruby is also influenced by its proximity to the coast, availability of infrastructure and low extraction costs"
Note:
This report is based on and accurately reflects information compiled by Dr Brian New, BSc., who is a fulltime employee of the Company. Dr New has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Brian New consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Contact
Dr Brett Teale
Managing Director
WEB: www.kangaroometals.com.au
TEL: +61-7-3161-0397
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