Exploration License for Potential Large Undergound Gold System
Sydney, May 14, 2013 AEST (ABN Newswire) - Revolution Metals, a minerals and resources company focusing on developing mineral assets in Australia, announces that it has been offered an exploration license by the NSW Department of Trade and Investment following application for a 36 square kilometre former gold rush area 60 kilometres west of Grafton, NSW, Australia.
The exploration activities will focus on defining an underground source of gold that has been the suspected source for over 80 gold reefs in the area that were hand mined in the late 1800s. In addition to the gold reefs, a significant discovery of a gold bearing ironstone strati-form (vertical outcrop) has been identified with preliminary diamond and RC drilling carried out establishing gold mineralisation occurring from surface to an unknown depth.
----------------------------------------High Grade Assay Results* from Hole: PC09Chert/Ironstone Stratiform----------------------------------------130m to 131m 9.5 g/t131m to 132m 5.9 g/t132m to 133m 9.7 g/t134m to 134m 9.9 g/t134m to 135m 3.9 g/t----------------------------------------* Pre JORC Assay Results by AAS/Flame at Dalmorton Field Laboratory and logged in 1984 by Chief Geologist Little River Goldfields NL.
Drilling to further define deeper mineralisation and gold occurrences will be the focus of the company's initial work on the granted exploration license. Field reconnaissance has identified gold occurring freely in random samples taken from the surface inside the exploration area in numerous locations.
"We are very happy to have come so far with this project in such a short time, and we certainly see the potential for a large underground system that has so far eluded previous exploration" said Tim Mckinnon, Revolution Metals Managing Director.
Apart from the initial goldrush of the late 1800s to the area, very little development of the gold resource has been carried out since the miners left the area at the start of World War II. Exploration in the 1980s led to more valuable discoveries, however no extraction of the gold was commenced. The area, with over 80 known producing gold reefs, has remained undeveloped since the early 1940s. The focus of modern exploration is targeting a deeper source to the gold than that sought after by the early miners.
About Revolution Metals Ltd
Revolution Metals Ltd is an Australian public company and developer of mineral resources. The focus of the company is to develop mineral assets of economic grade to production, providing investors with rapid return on investment. Revolution's current tenement holding comprises 40 square kilometres of mineralized gold, silver, nickel, cobalt and lead bearing structures in northern New South Wales, Australia.
The primary gold bearing ironstone and quartz deposits of Mt Remarkable, Pine Creek and Alice Cornwall, are part of a field of numerous reefs and historical artisanal workings with over sixty identified as producing gold over a century ago.
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