Quarterly Activities Report and Appendix 5B
Perth, July 29, 2014 AEST (ABN Newswire) - Dacian Gold Limited (
ASX:DCN) provide the Quarterly Activities Report for period ending June 2014 and include exploration highlights from the period.
Two new, previously unreported, high grade gold intersections from within the upper extent of the current 610,000 ounce Mineral Resource at Westralia include:
- 8.1m @ 4.6 g/t Au from 146m
- 5.1m @ 5.3 g/t Au from 179m
Major geological review and reinterpretation of the Jupiter prospect identifies a significant new exploration drill target on the Cornwall Shear Zone.
New intersections from the Cornwall Shear Zone at Heffernans confirm open pit potential at Jupiter and include:
- 18m @ 3.3 g/t Au from 100m
- 16m @ 3.0 g/t Au from 92m
- 12m @ 2.3 g/t Au from 75m
- 15m @ 1.8 g/t Au from 53m
- 39m @ 1.1 g/t Au from 120m
Shallow intersections returned above the Cornwall Shear Zone include:
- 2m @ 9.9 g/t Au from 29m
- 3m @ 7.3 g/t Au from 82m
- 2m @ 5.7 g/t Au from 13m
- 6m @ 2.4 g/t Au from 22m
- 15m @ 1.6 g/t Au from 11m
CORPORATE
- The company remains well funded with $11.0 million in cash as at 30 June 2014.
EXPLORATION
June Quarter Overview
Exploration work completed in the June Quarter within Dacian's 100% owned Mt Morgans Project included:
- a major geological review and reinterpretation at the Jupiter project leading to a 56 hole, 7,000m RC drill program of which 25 RC holes for 3,327m were completed.
- planning a major 8,300m framework diamond drilling program testing a 3km strike of the highly prospective Westralia BIF to a depth of approximately 700m. Prospect locations are shown in Figure 1.
The Company's current drilling strategy is:
1) Determine the resource limits of the recently discovered Millionaires Shoot at Westralia. Westralia is currently estimated to contain 3.2Mt @ 5.9 g/t for 610,000 ounces of gold.
2) Confirm the size of the Westralia mineralised system.
3) Test mineralised extent of the newly defined +2km Cornwall Shear Zone at Jupiter - a Wallaby look-a-like.
4) Confirm the size of Jupiter mineralised system.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-DCN-685364.pdf
About Dacian Gold Ltd
Dacian Gold Limited (
ASX:DCN) Mt Morgans Project hosts high grade Mineral Resources of 2.1 million ounces at an average grade of 2.6 g/t gold, including Ore Reserves of 136,000 ounces at an average grade of 6.2 g/t gold. In addition, the Company has identified multiple exploration targets and resource extension opportunities. If proven, they will enable growth of the Mt Morgans' existing Mineral Resource and Ore Reserve base.
Dacian's strategy at Mt Morgans is evolving toward mine feasibility and potential mine development. It has identified two large mineralised systems at Westralia and Jupiter where it believes mine development at each site is a possibility, and will be the subject of ongoing drilling and feasibility studies. Dacian considers a high grade Ore Reserve of at least 600,000 ounces of gold is reasonably likely to provide sufficient returns to justify the investment capital required to construct an ore processing facility at the project.
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