Vector Resources Significant High Grade Gold Intercepts Outside Gwendolyn
Sydney, April 12, 2012 AEST (ABN Newswire) - Vector Resources Limited (
ASX:VEC) is pleased to announce that it has received initial assay results from the high priority drilling of the Phase 3 RC program at the company's Gwendolyn East Project which commenced in February 2012.
The initial assay results continue to be exceptional indicating the mineralisation continues to the West and North-West of the current mineralisation envelope. 22 holes have identified single metre sample assay results with intercepts of 0.8 g/t or greater.
Chairman; Damien O'Reilly stated "The Company is fortunate to have such an exciting prospect.
With each successive exploration programme undertaken by Vector Resources, the mineralisation envelope continues to grow. The most recent outcome of drilling at our Gwendolyn project clearly attests to this: the outstanding results of which will further enhance and expand the ore boundaries, and with a subsequent increase in the resource."
A table of the drill hole single assays and composites is provided at the end of this announcement.
Confirmation of extension of significant mineralisation OUTSIDE known resource area Most importantly, the majority of these holes drilled to-date have all been outside the currently 'defined' JORC compliant resource and the unclassified target mineralisation* stated by SRK Consulting late last year. These boundaries will continue to be tested in the coming months as well as completing infill drilling of the unclassified material and inferred resource.
Phase 3 Drill Program
The Phase 3 drill program consists of 147 Reverse Circulation (RC) holes totalling 17,294 metres and 8 Diamond drill (DD) PQ sized holes totalling 1,210 metres. This program was designed with three main aims, firstly to test the potential extensions of mineralisation beyond the current envelope. Secondly, to complete infill drilling within the unclassified exploration target to meet the required drill density for JORC classification and thirdly to obtain suitable diamond core samples to conduct preliminary metallurgical and geotechnical analysis for the future feasibility study.
The plan view above represents the collar locations of the RC holes that reported significant intercepts above 0.8 g/t.
Results
Since RC drilling commenced in February 2012, initial assay results from holes G054 to G098 have been received. 22 holes of the 45 initially assayed returned significant single metre intercepts with a further 4 holes with composite results requiring further analysis. Of these initial 45 holes submitted, 9 holes totalling 1,336 samples have assay results pending.
These holes are indicating that the mineralisation continues to dip to the West. Significant high grade intercepts identified in holes G083, G084, G086, G089, G090 and G097 on the western boundary of the known mineralisation would indicate the continuation of previously identified high grade zones of 10m @ 4.13 g/t including 2m @ 13.94, 7m @ 22.88 g/t, 1m @ 27.6 g/t, 2m @ 11.95 g/t, 3m @ 57.91 g/t, 2m @ 4.16 g/t, 2m @ 8.93 g/t and 1m @ 7.52 g/t identified in the Phase 1 and 2 program from holes G014, G016, G017, G019, G028 and G041.
Hole G075 drilled on the North-west extent of the current drill program has identified a possible parallel high grade load with 5m @ 22.68 Au g/t inclusive of 1m @ 107.70 Au g/t from 21 metres down hole. This intercept will be further explored during this Phase 3 and future Phase 4 drill program.
Composite samples received from 4 holes, have returned results above 0.8 g/t which require further single metre sample analysis, these results are currently pending.
This Phase 3 drill program has also revealed larger bands of 0.2 to 0.8 Au g/t intercepts between the significant intercepts reported. A total of 145 single metre intercepts were also identified within the range of 0.2 to 0.8 Au g/t in the 22 holes reported as having significant intercepts.
These results have prompted the sampling of single metre intervals from the Phase 1 and 2 drill programs previously not sampled. If this trend continues it has the potential to significantly reduce the internal waste volumes.
Significant Upside
Gwendolyn has the potential to increase the current resource, with encouraging fundamentals including:
- High grade intercepts identified outside current mineralisation envelope;
- Mineralisation remains open in all directions;
- Extensional exploration will continue to push existing ore boundaries as a priority;
- Infill drilling of the unclassified material is yet to commence; and
- Possible parallel high grade load identified in hole G075 starting from 21 metres down hole, west of known high grade zone.
# Notes on sample intercept widths:
The metre intervals detailed in the table above are measured down-hole lengths and are unlikely to be indicative of true width.
* Notes on Exploration Targets:
In accordance with Clause 18 of the JORC Code, it is important to note that the 'Target Resource' referred to above remains subject to further exploration and evaluation to bring the 'unclassified material' to a JORC Compliant resource. The current interpretation is conceptual in nature and remains preliminary and is based on exploration, evaluation and resource definition work undertaken to date.
Competent Person's Statement:
The information in this report that relates to Exploration Results or Mineral Resources of Vector Resources Ltd and its subsidiaries is based on information reviewed by Arnel Mendoza, who is a Member of the Australian Institute of geoscientists ("AIG").
Mr Mendoza has sufficient experience, which is relevant to the style of mineralisation 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Arnel Mendoza consents to the inclusion in this announcement of the matter based on his information in the form and context it appears.
To view the complete Vector Resources announcement including Tables and Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-VEC-585385.pdf
Contact
Vector Resources Limited
T: +61-2-6389-5750
E: contact@vectorresources.com.au
WWW: www.vectorresources.com.au
| ||
|
