TIDMDME
RNS Number : 3904P
Discovery Metals Limited
03 October 2011
3 October 2011
Discovery Metals Limited
Further encouraging underground drilling results at Plutus
Deposit
Highlights:
-- Assay results from 3 new diamond drill holes at the Plutus
Deposit confirm high grade copper-silver mineralisation at
depth.
-- Potential for underground mining identified along a 1,400
metre strike length from the 3 kilometre zone drill tested.
-- All 3 holes intersected copper-silver mineralisation at
depths of approximately 200 metres below surface.
-- Mineralised intercepts include:
o PSDD1318: 7.0 metres @ 1.4% Cu & 12 g/t Ag including 5.1
metres @ 1.9% Cu and 16 g/t Ag;
o PSDD1317: 13.4 metres @ 0.9% Cu and 8 g/t Ag including 1.4
metres @ 2.1% Cu and 27 g/t Ag;
o PSDD1316: 3.9 metres @ 1.4 % Cu & 17 g/t Ag including 1.9
metres @ 2.1 % Cu & 28 g/t Ag.
-- Enhanced opportunities for project scale expansion and/or
extension of mine life and greater mine scheduling flexibility.
Discovery Metals Limited ('Discovery' or 'Company') reports
assay results for 3 diamond drill holes at the Plutus Deposit.
These holes were planned to confirm the continuity of
mineralisation between the base of the planned open pit and a
series of deeper holes that intersected mineralisation at a
vertical depth of approximately 350 metres below surface, and which
were reported on 2 June 2011.
The Plutus Deposit is part of the 100% owned Boseto copper
project, which 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 one million
ounces of silver per annum over an initial 15 year mine life.
Discovery Metals Managing Director Brad Sampson said, "The
results from these infill holes at Plutus suggests a zone of high
grade copper-silver mineralisation exists, with potential for
economic underground mining at depth over a long strike length of
at least 1,400 meters at the Plutus Deposit".
"It is our intention to leverage off the results of the
Definitive Feasibility Study for underground mining (currently
being undertaken on the Zeta Deposit and due for completion in
December 2011), to better assess the economic potential for an
underground mining operation at Plutus," he added.
Complete assay results from the 3 diamond infill holes at the
Plutus deposit are shown in Table 1. These assay results complement
the results of the 11 hole deep drilling programme released on 2
June 2011 and which confirmed copper-silver mineralisation at the
Plutus Deposit extended to approximately 350 metres in depth along
the approximately 7 kilometres of strike length tested (Figure 3 -
please see link at the end of this announcement).
A zone of higher grades and thicker copper-silver mineralisation
was defined at the north-eastern end of the Plutus deep drilling.
Three additional holes were then drilled to test the mineralisation
at an intermediate depth of approximately 200 metres within this
higher grade zone, the results of which are reported herein.
All 3 drill holes have intersected copper-silver mineralisation
at a vertical depth of approximately 200 meters below surface
(Figure 4- please see link at the end of this announcement).
Cross-sections for the 3 holes show continuity of grade and
thickness (Figures 5, 6 and 7- please see link at the end of this
announcement). All holes show a similar pattern of distribution of
grades, with higher grades at the base of the mineralisation and
grade decreasing into the hanging wall, which is defined by a grade
cut-off. This grade distribution is beneficial to underground
mining as any dilution is with rock that contains some
mineralisation.
PSDD1318 also has a narrow high grade zone, 0.9 m @ 5.4% Cu and
25 g/t Ag, situated five metres above the footwall.
Drill results to date have defined mineralisation at the Plutus
Deposit extending to a depth of at least 350 metres below surface
along 7 kilometres of strike length tested. The high grade copper
mineralisation within this zone is open both along strike and at
depth.
Assessment of the potential for underground mining at Plutus
Deposit is planned to follow completion of the definitive
feasibility study for underground mining at the nearby Zeta Deposit
in late 2011.
Successful delineation of economic underground mineral resources
at Plutus will provide additional mining opportunities to those
considered in the Boseto Development Plan and may contribute to
increasing both the scale and/or life of operations at Boseto and
also enable enhanced mine scheduling flexibility.
Further drilling below the 200 metre level at Plutus Deposit
will be conducted once the assessment for the potential of
underground mining is complete.
Table 1 - Plutus Deposit Prospect Drilling Results
Northing/ Geochemical
Easting Results over
Hole (m) Total Min. Min. down hole
ID/ WGS84 Depth From To thickness (0.3%
Section SUTM34 Dip/Azi (m) (m) (m) Cu cut-off)
-60
PSDD1316/ 7728750/ to 3.9 m @ 1.4 %
43400N 706220 140 315 299.1 303.0 Cu & 17 g/t Ag
----------- ----------- --------- ------- ------ ------ ----------------
including
----------- ----------- --------- ------- ------ ------ ----------------
1.9 m @ 2.1 %
301.1 303.0 Cu & 28 g/t Ag
--------------------------------- ------- ------ ------ ----------------
-60
PSDD1317/ 7728460/ to 13.4 m @ 0.9 %
42950N 705820 140 303 279.2 292.6 Cu & 8 g/t Ag
----------- ----------- --------- ------- ------ ------ ----------------
including
----------- ----------- --------- ------- ------ ------ ----------------
4.0 m @ 1.4 %
285.0 289.0 Cu & 14 g/t Ag
------ ------ ----------------
and
1.4 m @ 2.1 %
291.2 292.6 Cu & 27 g/t Ag
--------------------------------- ------- ------ ------ ----------------
-60
PSDD1318/ 7728094/ to 1.0 m @ 0.3 %
42250N 705269 140 343 274.0 275.0 Cu & 3 g/t Ag
----------- ----------- --------- ------- ------ ------ ----------------
7.0 m @ 1.4 %
325.0 332.0 Cu & 12 g/t Ag
--------------------------------- ------- ------ ------ ----------------
including
------ ------ ----------------
5.1 m @ 1.9 %
326.9 332.0 Cu & 16 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 employed full-time by 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
this 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 km(2)
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, Contact Ewan
Leggat/Laura Littley Ph: +44 20 7460 4389 or 7460 4387
UK PR - Tavistock PR, Contact 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.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/3904P_-2011-10-3.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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