TIDMDME
RNS Number : 9887O
Discovery Metals Limited
27 September 2011
Discovery Metals Limited
27 September 2011
New discovery of copper-silver mineralisation at the Mango
Prospect
Highlights:
- Mango Prospect initial exploration results indicate
mineralisation at intervals along a 36 kilometre long trend.
- Six diamond holes drilled in the north-east section have
returned zones of high-grade (> 1.5% Cu) copper-silver
mineralisation over a strike length of more than one kilometre.
- Significant Diamond Drilling (DD) intercepts include:
- MGDD1324 - 13 m @ 1.8% Cu and 22 g/t Ag (vertical hole);
- MGDD1319 - 11 m @ 1.7% Cu and 19 g/t Ag (inclined hole).
- Rotary Air Blast (RAB) drilling has been conducted eight
kilometres south-west of this diamond drilling and significant RAB
drilling results include:
- 7,260 ppm Cu - one kilometre south-west of diamond
drilling;
- 10,450 ppm Cu - eight kilometres south-west of diamond
drilling.
- Diamond and RAB drilling at the south-western end of Mango
Prospect have intersected mineralisation with results awaited.
- Drilling will continue along Mango Prospect with further
results anticipated in November 2011.
Details:
Discovery Metals Limited ('Discovery Metals' or 'Company')
reports highly encouraging results from exploration activity at the
recently discovered Mango Prospect. Mango is situated within the
Company's 100% owned Prospecting Licences in the Kalahari
Copperbelt in north-west Botswana (Figure 1, please see the link at
the end of this announcement).
The Mango Prospect is located in the Boseto Zone (Figure 2,
please see the link at the end of this announcement) and is less
than 25 kilometres from the 100% owned Boseto copper project's
concentrator. The Boseto copper project is currently being
constructed and is scheduled to commence production in the first
half of 2012. Planned production is approximately 36,000 tonnes of
copper and more than 1 million ounces of silver per annum over an
initial evaluated mine life of 15 years.
Discovery Metals' Managing Director, Brad Sampson said "Mango is
an exciting new discovery within the vicinity of the Boseto copper
project that will be explored further, with additional diamond,
reverse circulation and RAB drilling planned over the next few
months".
The Mango Prospect has been delineated after analysis of various
data including new geophysical data from recent helimag surveys.
The Prospect is some 36 kilometres long and there is evidence for
potential multiple parallel mineralised zones. Sand cover at the
Mango Prospect ranges between 20 and 30 metres thick. Results of
the drilling to date indicate an oxidised zone exists to
approximately 65 metres below the surface. Sulphide copper
mineralisation appears to be dominated by bornite with lesser
amounts of chalcocite and chalcopyrite.
The north-eastern end of the Mango Prospect is contiguous with
TSX listed, Hana Mining's Zone 5 copper-silver mineralisation. Zone
5 contains "NI 43-101" compliant mineral resources of 20.7 Mt @
1.23% Cu and 8.7 g/t Ag (at a 0.3% cut-off-grade) or 13.4 Mt @
1.66% Cu and 12.1 g/t Ag (at a 0.75% cut-off-grade).
Six diamond drill holes have been completed over a strike length
of approximately one kilometre at the north-eastern end of Mango as
shown in Figure 3 (please see the link at the end of this
announcement). All drill holes have intersected copper-silver
mineralisation between 30 and 140 metres below surface and dipping
approximately 60 degrees to the south-east. Full results are shown
in Table 1 and selected results in cross section in Figures 4 and 5
(please see the link at the end of this announcement).
Additionally, RAB drilling at the Mango Prospect has intersected
oxide mineralisation in several holes with the best results of
10,450 ppm copper in a hole eight kilometres south-west of known
mineralisation and 7,260 ppm copper one kilometre south-west of
known mineralisation (Figure 6, please see the link at the end of
this announcement). The RAB drilling is primarily used as a
geochemical tool to locate the copper-silver mineralisation and
facilitate positioning of follow up diamond core or reverse
circulation drilling. These RAB results demonstrate there is
potential for copper-silver mineralisation over eight kilometres of
strike length to the south-west of the current diamond drill holes
at the Mango Prospect.
Drilling has also commenced near the south-west extremity of the
Mango Prospect, about 36 kilometres south-west of the area drilled
(Figure 7, please see the link at the end of this announcement).
Two diamond holes have been completed to date with geological
logging confirming that one hole intersected copper-silver
mineralisation (assay results awaited). A reverse circulation (RC)
drill rig and a diamond core (DD) drill rig are currently working
in this area.
The mineralisation at the Mango Prospect may offer potential for
economic open pit or underground mining. Diamond, RC and RAB
drilling programmes continue at Mango Prospect and further results
are anticipated in November 2011.
Table 1 - Mango Prospect Drilling Results
Geochemical
Northing/ Results over down
Easting Total Min. Min. hole thickness
(m) WGS84 Depth From To (0.3% Cu
HoleID Section SUTM34 Dip/Azi (m) (m) (m) cut-off)
7715538.2 -60 to 11.0 m @ 1.7 % Cu
MGDD1319 51550N 727947.0 313.5 160.7 102 113 & 19 g/t Ag
including
8.0 m @ 2.2 % Cu
104 112 & 25 g/t Ag
7715712.5 -60 to 6.0 m @ 0.7 % Cu
MGDD1320 51800N 728082.2 324 100.0 36 42 & 3 g/t Ag
including
1.1 m @ 1.3 % Cu
37 38.1 & 8 g/t Ag
and
1.0 m @ 1.2 % Cu
40 41 & 9 g/t Ag
7715348 -60 to 4.0 m @ 0.6 % Cu
MGDD1321 51150N 727583.9 324 106 73 77 & 3 g/t Ag
1.0 m @ 0.4 % Cu
83 84 & 3 g/t Ag
7715111.1 -60 to 2.8 m @ 1.0 % Cu
MGDD1322 50800N 727268.2 324 123.0 97.5 100.3 & 6 g/t Ag
3.4 m @ 1.0 % Cu
104.6 108 & 9 g/t Ag
including
1.8 m @ 1.4 % Cu
105.2 107 & 17 g/t Ag
7715340.0 8.0 m @ 0.6 % Cu
MGDD1323 51150N 727590.0 -90.0 163.2 117 125 & 5 g/t Ag
including
1.0 m @ 1.7 % Cu
117 118 & 9 g/t Ag
and
1.0 m @ 1.5 % Cu
122 123 & 18 g/t Ag
3.1 m @ 0.5 % Cu
132.5 135.6 & 2 g/t Ag
7715681.1 13.0 m @ 1.8 % Cu
MGDD1324 51750N 728089.0 -90.0 144.3 95 108 & 22 g/t Ag
including
6.5 m @ 2.7 % Cu
96 102.5 & 31 g/t Ag
Competent Persons Statement
The information in this report that relates to Exploration
Results is based on information compiled by Mr Wallace Gordon
Mackay who is a Member of the Australian Institute of
Geoscientists. Mr Mackay is a full-time employee of Discovery
Metals Limited. Mr Mackay 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 for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Mackay consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
Discovery Metals Background
Discovery Metals is an ASX/AIM/BSE listed copper exploration and
development company focused on the emerging Kalahari Copperbelt in
northwest Botswana. The Company is a near-term copper producer
currently developing its 100% owned Boseto copper project towards
production in the first half of 2012.
The Kalahari Copperbelt sediment-hosted mineralisation of the
Boseto copper project is similar in style to the well-known and
large deposits of the Central African Copperbelt of Zambia and the
Democratic Republic of the Congo.
Discovery Metals has prospecting licences covering 8,877 km2
along the Kalahari Copperbelt.
Further information on the Company including Mineral Resources
and Ore Reserves is available on our website:
www.discoverymetals.com
For further information on this release and Discovery Metals
Limited, please contact:
Brad Sampson - Managing Director
Ph: +61 7 3218 0200
brad@discoverymetals.com
AIM Nominated Advisor - Fairfax I.S. PLC
Ewan Leggat / Laura Littley
Ph: +44 20 7460 4389 or 7460 4387
UK PR - Tavistock PR
Jos Simson / Emily Fenton
Ph +44 207 920 3150 or +44 778 855 4035
Forward looking statements
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this discussion,
other than statements of historical facts, that address future
activities and events or developments that Discovery Metals
expects, are forward-looking statements. Although Discovery Metals
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual results or developments may
differ materially from those projected in forward-looking
statements.
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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