Quarterly Activities Report
Sydney, April 29, 2015 AEST (ABN Newswire) - Zamia Metals Limited (
ASX:ZGM) announce the Quarterly Activities Report For the quarter ended 31 March 2015.
KEY POINTS
- Zamia completed compilation and assessment of 2014 drilling results from the Belyando Gold Project.
- New gold results from soil samples on EPM 17703 highlight the significance of the 'Big Red' prospect.
EPM 15145 - MAZEPPA EXTENDED (BELYANDO GOLD PROJECT)
The Belyando Gold Project is located 75 km north of Clermont, central Queensland, within Zamia's EPM 15145 'Mazeppa Extended'. The project includes the historic open cut Belyando Gold Mine, which produced 85,846 oz of gold from a combined carbon-in-pulp and heap-leaching operation between 1989 and 1995 (Mustard, 1998).
Following the inclusion of the former Belyando mining lease into EPM 15145 in late 2013, Zamia conducted a detailed assessment of available project data (ASX ZGM 19 August 2014) which led to an exploration program encompassing four reverse-circulation percussion drill holes completed in November 2014.
Details of the drilling program were presented in Zamia's Activities Report covering the fourth quarter of 2014 (ASX ZGM 30 January 2015).
Assay results returned in early 2015 were compiled and assessed by Zamia's technical staff and Directors, and full results of the drilling program were made public in the second half of February (ASX ZGM 24 February 2015). Drilling results demonstrate the continuation of gold mineralisation down-dip of the ore body mined by Ross Mining during 1989-1993. The intersected mineralisation, which is of economically significant grade and thickness, confirms gold intercepts that were previously reported from diamond drill holes completed in 1986-1987 by Menzies Gold NL, and is below the current level of mining. Elevated gold assays from a Zamia percussion drill hole collared 300m south-east of the pit highlight the potential for further mineralisation along strike of the known deposit Following assessment of the 2014 program, Zamia is engaged in follow-up field and desktop work aimed at planning a second stage of drilling at the Belyando Gold Project.
EPM 17703 - DISNEY (BIG RED GOLD PROJECT)
In early March, Zamia ordered gold assays for regional soil samples taken on EPM 17703 'Disney' in 2013.
The original sample grid, covering 22 square kilometres over the southern part of the exploration tenement, confirmed the anomalous geochemistry of previously explored gold targets 'Apache' and 'Big Red' and revealed a number of new geochemical anomalies (ASX ZGM 31 January 2014). Recent gold assay samples were selected to test both established targets and new anomalies. Assay results were reported to the public in late March (ASX ZGM 25 March 2015).
Assay results returned elevated gold concentrations for the 'Apache' and 'Big Red' targets, with the latter showing a significant south-west trending gold-in-soil anomaly of 1.2 km strike length. The anomalous gold response coincides with a linear aero-magnetic low, interpreted as a de-magnetised tectonic structure.
The Big Red Gold Prospect was discovered by BMA Gold Ltd in 2005, and is interpreted to contain epithermal-style gold mineralisation associated with a northeast-striking tectonic structure. Percussion drill testing undertaken in 2005 returned a best intersection of lm at 1.78 grams per tonne gold from 126m down-hole depth (ELP, 2008).
Zamia's recent gold-in-soil results indicate that the prospective area is significantly larger than the previous target area initially defined by BMA Gold Ltd (i.e. 300m strike length). The currently established soil anomaly of 1.2 km remains unconstrained to the southwest on EPM 17703. Zamia has undertaken necessary field work to establish the full extent of elevated gold concentrations in surface soil and rock chip samples. Results of this follow-up work remain pending at this time.
CORPORATE ACTIVITIES
Zamia's technical team, together with external consultants, have been assessing in detail the Company's most prospective projects, especially the Belyando Gold Project and the Big Red Gold Project. Meetings have also been held with existing shareholders, potential new investors and corporate advisors on fundraising to support second stage of drilling at Belyando and other follow-up exploration including drilling at Big Red and a number of other gold targets.
To view the report with tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ZGM-854979.pdf
About Zamia Metals Limited
Zamia Metals Limited (ASX:ZGM) is an Australian mineral exploration company, targeting the Clermont district of central Queensland, a known gold and emerging porphyry mineral province. Numerous targets for gold, copper and molybdenum have been identified by geochemical and geophysical surveys. The Clermont district is highly prospective for gold, copper and other metals including molybdenum. The Belyando Gold Project is Zamia's flagship project – potentially a porphyry-style gold deposit including historic Belyando Gold Mine
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