Sydney, Feb 27, 2008 (ABN Newswire) - Glengarry Resources Limited (ASX:GGY) is pleased to announce that all assay results have now been received from the resource drilling program completed late last year at the Maitland copper deposit. Cube Consulting Pty Ltd have been engaged to estimate an updated resource and to complete initial open modelling. Results of this work will be used to carry out a preliminary economic analysis of the deposit which will then allow options for future development to be assessed. The resource estimate upgrade is due for completion by mid March 2008.
An Audio Cast with David Richards is at the following link:
http://www.brr.com.au/getpodcast/41535/event.mp3Highlights from the resource drilling program include:
- Confirmation of the continuity of high grade, primary mineralisation in the larger southern shoot with drilling intersecting up to 30 metres @ 3.9% copper at shallow depths.
- Confirmation that strong mineralisation also continues at depth with the deepest hole MTRC84 intersecting 16 metres @ 1.39% copper from the margin of the mineralised zone approximately 300 metres below the surface.
- Delineation of a coherent zone of high grade (>0.1%) molybdenum mineralisation which appears to be increasing in thickness with depth. Better copper intersections from the resource drilling are tabled below.
Maitland Resource Definition Drilling - Better Copper Intersections
Maitland is located within the Company's wholly owned Greenvale Project in North Queensland. The resource evaluation drilling program was designed to define the open pittable portion of the Maitland deposit and comprised 68 reverse circulation, percussion drill holes (MTRC28 - 95) drilled on a 20 by 20 metre pattern for a total of 8,520 metres.
The results confirm the continuity of high grade copper mineralisation in the main southern shoot at Maitland which contains the bulk (>70%) of the potential resource. The shoot remains open at depth with strong copper mineralisation observed down to 300 metres below the surface.
The smaller northern shoot is structurally complex with faulting at the northern end intepreted to have resulted in duplication of the mineralised zone into a two lodes (main and western). The northern shoot appears largely closed off with limited potential for mineralisation to extend along strike or at depth.
Significant molybdenum (>0.05%) mineralisation was intersected in the southern shoot at Maitland.
The high grade molybdenum mineralisation occurs as a continuous horizon within the upper part of the main zone of copper mineralisation and often immediately above the highest grade copper intervals. The molybdenum zone is open at depth and appears to be increasing in thickness.
The new resource estimate to be completed by Cube Consulting will update the inferred resource of 1.6 million tonnes @ 1.3% copper estimated from historic, shallow 1960's drilling and drilling conducted by Glengarry prior to 2007. Cube will only use data from drilling programs completed by Glengarry since August 2005. Preliminary metallurgical testwork on the copper mineralisation has already been completed and environmental base line surveys have commenced. The metallurgical testwork indicated very good recoveries (>95%) of copper from the primary zone which comprises approximately 85% of the probable resource.
Unless otherwise stated, mineralisation is hosted by primary sulphides and true widths are estimated to be 70% of drill hole intersections (where holes are inclined at 600).
