Adelaide, May 3, 2006 (ABN Newswire) - A resource estimate of 53,000 ounces of gold has been announced for the old Bird-in-Hand mine at Woodside in the Adelaide Hills being explored by Maximus Resources Limited (ASX: MXR).
The estimate is the first formal modern day resource figure for Bird-in-Hand since the newly listed Maximus drilled six holes beneath the old workings as its maiden drill program at the site earlier this year.
Highlights of the independent resource estimate released by Maximus today, arrived at after assessing the latest drill holes and assay results from earlier gold intersections drilled by a previous explorer in 1997, included:
- An initial Inferred Resource of 116,000 tonnes at 14.2 grams per tonne gold at Bird-in-Hand
- 53,000 ounces of contained gold
- Estimated only to 200 metre depth limit of current drilling
- Mineralisation remains open below 200 metres depth
- Drilling is continuing.
"We identified Bird-in-Hand as a flagship target and in just six months after listing, have already defined a high grade resource which, if it continues to prove up with further deep drilling, would lead to a feasibility study to consider commercial development," Maximus' Managing Director, Dr Kevin Wills, said today.
"In addition, this is only an initial estimate based on geological data available between 100-200 metres, yet the gold mineralisation forming the Inferred Resource remains open below 200 metres so the chances of increasing the gold resource are good."
Subject to drill contractor availability and site access during the wet winter months, Maximus will be continuing its drilling program at Bird-in-Hand targeting possible extensions of the known gold mineralisation.
Table of Inferred Mineral Resources, 100 to 200 metres vertical depth
Bird-in-Hand Gold Mine, Woodside, South Australia
As at 27 April 2006.
Bulk Average Tonnes Grade Contained
Width** Gold
Density* (metres) (g/t AU) (ounces)
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Total Main
Reef Zone 2.8 6.0 87,907 15.51 43,841
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Total White
Reef Zone 2.8 1.9 21,128 10.35 7,030
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Mineralisation remaining
in Main Reef between Levels
5 & 6 of Mine Workings
(1934 Estimate) 7,585 9.33 2,275
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Total Inferred Mineral Resource 116,000 14.2 53,000
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* Density value is based on an average of measurements on 22 samples from the mineralised zones.
** Horizon width based on lode dipping approximately 50 degrees to east.
Source:
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
