Sydney, Sep 22, 2008 AEST (ABN Newswire) - Zamia Gold Mines Limited (ASX:ZGM) today announced outstanding results from diamond drill hole DD08A018 (A018) at its Anthony Molybdenum Project in central Queensland.
Key Points
- Hole A018 assayed 738 parts per million (ppm) Molybdenum (Mo) from 132.5 metres (m) to 290m (157.5m intersection) including:
# From 226m to 290m, 64m intersection at 1149ppm Mo
# A maximum grade of 7230ppm Mo over 2m from 238m to 240m
- Hole A018 ends in Mo mineralisation at 351.5m, Assay results below 290m are pending
- A 171m extension to the previously reported high grade hole A012 from 150m to 321m is also visibly mineralised with Mo. Assay results are pending.
- The high grade Mo results significantly enhance and enlarge the high grade western zone of the Anthony Deposit.
- The mineralisation remains open below a depth of 300m, further demonstrating the large size of the mineralised system.
- By comparison, significant new mines under development in Australia and North America typically have average grades around 600-700ppm Mo
Diamond Drilling Update
ZGM completed its current diamond drilling program at the Anthony Molybdenum Project on 12 September 2008. A total of four new holes were drilled and diamond extensions were added to three pre-existing reverse circulation (RC) percussion holes. The core has been sampled at either 2m or 3m intervals.
In an ASX release dated 2 September 2008, ZGM reported intensely mineralised core throughout Hole A018, a diamond extension to CRAE hole RC94DBT 22. Mo analyses for the first 157.5m of this hole have been completed and assayed an average of 738 ppm Mo (See Table 1 for summary of key assay results). Results for the remaining 61.5m of the hole are pending.
The final hole in the program was a 171m extension to vertical high grade RC percussion hole A012. From 75m to 150m, the RC percussion component of A012 averaged 1103ppm Mo. The diamond core is intensely altered and veined with significant zones of Mo mineralisation.
Analytical results are pending.
Final analyses for Hole A017 have upgraded the intercepts reported in the 2 September 2008 release.
A summary of the new and updated diamond drill analyses are included in Table 1.
-------------------------------------------------Hole No. Depth From To Width Mo Comment (m) (m) (m) (m) (ppm)-------------------------------------------------DD08A017 369.4 146 170 24 497 upgraded incl. 160 170 10 679 upgradedDD08A018 351.5 132.5 290 157.5 738 incl. 172 174 2 1360 204 206 2 2300 226 290 64 1149 incl. 236 240 4 5395 290 351.5 61.5 Awaiting resultsDD08A012 321.7 0 75 75 617* RC oxide 75 150 75 1103* RC sulphide 150 321.7 171.7 Awaiting results-------------------------------------------------
Table 1 Analyses holes A017, A018 and A012 * Results previously reported
Extension of Western High Grade Zone
The latest results significantly extend the high grade Mo zone in the western part of the Anthony Deposit. The enlarged high grade zone together with the fact that the mineralisation extends to a depth of at least 300m deep, significantly upgrades the economic potential of the deposit. The collar of Hole A018 is approximately 150m to the west of Hole A012.
About Molybdenum
Molybdenum has been selling for over US$30/lb (US$66,000/t) for the past two years and global demand has been predicted to grow at 4.5% per year over the next twenty years. Molybdenum is a metal with a high melting point that is widely used in the steel industry as it improves the strength of steels at high temperature as well as strength to weight ratios and corrosion resistance. It has uses as a catalyst in petroleum refining, in the production of electrodes and filaments, as a high temperature lubricant and as a fertiliser.
Note:
Mr R N (Sam) Lees (FAIG, FAusIMM), compiled the technical aspects of this report. Mr Lees is Technical Director, Zamia Gold Mines Limited. Mr Lees is a Fellow of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the September 2004 edition of the "Australasian Code of Reporting of Mineral Resources and Ore Reserves". Mr Lees consents to the inclusion of the matters in the form and context in which they appear.
About Zamia Metals Limited
Zamia Metals Limited (ASX:ZGM) is an Australian mineral exploration company, targeting the Clermont district of central Queensland, a known gold and emerging porphyry mineral province. Numerous targets for gold, copper and molybdenum have been identified by geochemical and geophysical surveys. The Clermont district is highly prospective for gold, copper and other metals including molybdenum. The Belyando Gold Project is Zamia's flagship project – potentially a porphyry-style gold deposit including historic Belyando Gold Mine
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