"We are very pleased to announce this maiden resource of 21,200 tonnes of contained copper, which at current metal prices of some AUD9,840 per tonne implies substantial value to our Company," said Howard Renshaw, MD of QMC "we will now run a vigorous programme to upgrade the quality of this resource estimate and to follow-up on the three copper lodes
which are still open along strike and at depth.
On completion of northern lode
drilling, dependent upon final assay results for all holes, it is expected this zone of mineralisation will form the basis for the first incremental increase of the Sihayo JORC compliant resource estimate.
The new drilling supports the re-interpretation of historical drill data and has identified a high-grade southerly plunging shoot on the main lode
that remains open at depth below the current JORC resource.
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occur in ductile shear zones that are NNW-trending and sub-vertical, and have gently south-plunging intersections with the quartz dolerite.
- Matilda shoot has received the most drill attention, largely due to the concentration of drill holes in the central part of the system that followed the initial discovery before drilling stepped out along strike.
In addition, a continuous hanging wall lode
has also been identified which is expected to have a positive impact on mining economics.
The Lena deposit has an existing JORC 2012 resource of 2,682kT @ 1.77g/t Au for 153koz Au which is only estimated to a maximum vertical depth of 160m at Lena Main lode
The recent 3,000m RC drill programme that concentrated on the M1 and M4 lodes
was successful in increasing the size and confidence of the resource in this area.
Thus when the sulphides are remobilised, the lodes
also appear to have a northerly plunge.
In addition, this drilling provides encouragement and assistance with targeting the deeper lodes
which remain open at depth.
Perth, Australia, May 21, 2012 - (ABN Newswire) - Australian gold-copper resources company, Mutiny Gold Ltd (ASX:MYG), is pleased to announce new high-grade gold intersections from both the West and Central Lodes
of its Deflector Gold Deposit in Western Australia (refer Figure 1).
Your Board is confident that the planned upcoming drilling program will discover further significant gold lodes
and looks forward to continuously reporting these exciting discoveries to you.