Krucible Metals Ltd (ASX:KRB) Announce Strong Gold Results At Toomba and Pilgrim in Queensland
Brisbane, Dec 10, 2009 AEST (ABN Newswire) - Krucible Metals Ltd (ASX:KRB) is pleased to announce that strongly anomalous results have been returned from surface samples collected during recent field programs at Toomba and Pilgrim in Western Queensland.
PILGRIM JOINT VENTURE / EPM 15072 (DEEP YELLOW LTD)
This tenement is located about 150km SE of Mount Isa (see FIGURE 2) and is subject to a Joint Venture with Deep Yellow Ltd (DYL) whereby Krucible can earn 80% equity by expenditure of $400,000 over 4 years. Krucible also has the right to 100% ownership by issue of one million KRB shares.
The Pilgrim Prospect area is located about 5km SE of the historic high grade Gold Tick Hill Mine.
Recently Krucible carried out a surface lag sampling program; comprising 221 samples at 200 x 200 metre spacing over an area of about 4.8 x 2.2km. A number of Gold and Copper anomalies were outlined from this survey and these are shown in the full announcement.
During the course of the above work visible Copper was noted in a number of iron rich float samples with maximum values up to 10.25 g/t Gold, 30.7% Copper and 0.28% Molybdenum.
The strong anomalies are located within the "Pilgrim Corridor" which is located between two N-S Faults over a length of +5km and widths of 800-1400 metres. This very prospective area is mainly underlain by altered calc-silicate breccias and granitoids of the Proterozoic Corella Formation which hosts the Tick Hill mineralisation, as well as the Trekelano Mine (Copper, Gold 21km to NW) and the Kalman deposit (Copper, Molybdenum, 67km to the North). Surface work and photo interpretation has indicated a number of areas with strong iron alteration / weathering (probably after sulphides) as well as "red rock" alteration (hematite and potash) which is considered a good indicator of possible Iron Oxide Copper Gold (IOCG) mineralisation.
Further work is planned for 2010 and this will include geological mapping, rock chip and soil sampling, followed by data collation and interpretation. It is anticipated that drill targets will be generated from this work.
SIMPSON DESERT / TOOMBA EPM 15367
Recently helicopter supported reconnaissance investigations were carried out at Toomba to follow up anomalous Gold samples outlined from lag sampling near the Stella Prospect (see FIGURES 1 & 4) which is located 10km south of the Champ Prospect, where Copper mineralisation has been outlined from first pass drilling (see ASX Announcement 25th November 2009).
In addition the helicopter was utilised to assess the degree of basement subcrop to the west of the lag sampling area.
Results from this program were positive with up to 1.44g/t Gold returned from lag sampling - the anomalous area is open to the SW. Ground inspection revealed extensive areas of altered granite and quartz vein basement material that should be amenable to further effective surface geochemical sampling.
In addition Krucible is pleased to announce that a high resolution aeromagnetic / radiometric survey has been flown at Toomba, comprising about 2,000 line km over an area of 16 x 16 km.
This survey will be of great assistance in better defining the geology and structures of the basement rocks that are largely hidden by sand cover. It is anticipated that interpretation of this geophysical data will lead to the definition of broad target areas for follow up in 2010.
PHM SOUTH PHOSPHATE SCOPING STUDY / CORELLA BORE EPM 15572
A Scoping Study is in progress on the Phosphate deposit at PHM South within the 100% Krucible owned Corella Bore tenement. This is located near the Phosphate Hill Mine that is owned and operated by Incitec Pivot Ltd.
The Scoping Study is examining the likely economic parameters for a direct shipping ore (DSO) operation and is supervised by Krucible director and senior Metallurgist Ray Koenig.
An Environmental Baseline Study has also commenced, prior to the onset of the wet season, to assist with the application of a possible Mining Lease in 2010.
The results of this Study are likely to be finalised in February 2010 and will determine the parameters for a possible Pre-Feasibility Study.
The PHM South deposit has a current JORC code Inferred Resource of 8.3 million tonnes @ 27.3% P2O5 at a lower cut-off of 20% P2O5.
For the full announcement, please visit:
Contact
Tony Alston
Managing Director
Krucible Metals Ltd.
Tel: +61-7-4772-5880
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