Rex Minerals Limited (ASX:RXM)
Melbourne, May 20, 2009 AEST (ABN Newswire) - Rex Minerals Limited (ASX:RXM) is pleased to report the first drilling results from its Parara copper-gold-uranium prospect which provides further evidence of the potential for a major copper-gold zone along the Pine Point fault on the Yorke Peninsula in South Australia.
The Parara prospect is 12 kilometres from Rex's major exploration focus at Hillside on the Yorke Peninsula, both of which occur on a major regional feature called the Pine Point Fault Zone.
A program of 5 diamond drill holes completed in April at Parara all intersected encouraging alteration assemblages and widespread anomalous copper values. The drilling intersected a sequence of metavolcanics and sediments with numerous granitic intrusions within the basement rocks that exist underneath 1 to 25m of younger sedimentary cover.
Of significance were drill holes PDD004 and PDD005 which both intersected scattered visible pyrite and chalcopyrite mineralisation.
Rex Managing Director Mr Steve Olsen said the results were encouraging and would lead to additional geophysical surveys along the Pine Point Fault Zone, followed by further drill testing later in the year.
"The aim of the drilling was to test a number of discrete gravity anomalies. The results from this work are very encouraging as they are similar to the initial drilling program completed at Hillside prior to the discovery of extensive high grade copper mineralisation." he said.
"Recently updated gravity data has since identified a number of additional gravity targets along the Pine Point Fault Zone most of which exist beneath 10 to 50 metres of cover sediments and that were hidden from earlier prospecting in the region."
For more information about Rex Minerals and its projects please visit our website
http://www.rexminerals.com.au
Contact
Steven Olsen
Managing Director
or
Janet Mason
Company Secretary
Tel: +61-3-5337-4000
Email: info@rexminerals.com.au
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