Sydney, Oct 9, 2008 (ABN Newswire) - Zamia Gold Mines Limited (ASX:ZGM) today announced the remaining molybdenum (Mo) results from outstanding diamond drill hole DD08A018 (A018) at its Anthony Molybdenum Project in central Queensland.
Key Points
Hole A018 assayed 733 parts per million (ppm) molybdenum (Mo) from 132.5 metres (m) to 351.5m (219m intersection), including:
- From 226m to 320m, 94m intersection at 1108ppm Mo
- A maximum grade (reported previously) of 7230ppm Mo over 2m from 238m to 240m
Hole A018 ends in Mo mineralisation at 351.5m (720ppm Mo). Assays from 132.5m to 290m were released on 22 September 2008.
Assays are yet to be received from the diamond drill extension of Hole A012. The reverse circulation (RC) percussion section of this hole averaged 1103ppm from 75m to 150m, the end of the RC section.
The recent diamond drill program has expanded the western mineralised zone which is open at depth (below 300m) and appears to dip to the southwest.
Extensions to this high grade western mineralised zone will be tested in the next drilling program.
Diamond Drilling Update
ZGM completed its current diamond drilling program at the Anthony Molybdenum Project on 12 September 2008. A total of four new holes were drilled and diamond extensions were added to three pre-existing reverse circulation (RC) percussion holes. The core has been sampled at either 2m or 3m intervals.
In an ASX release dated 22 September 2008, ZGM reported initial Mo results from the first 157.5m of intensely mineralised core throughout Hole A018, a diamond extension to CRAE hole RC94DBT 22. Results for the remaining 61.5m of the hole have been received and confirm the grade of mineralisation to the end of the hole.
The final hole in the program was a 171m extension to vertical high grade RC percussion hole A012. From 75m to 150m, the RC percussion component of A012 averaged 1103ppm Mo. The diamond core is intensely altered and veined with significant zones of Mo mineralisation.
Analytical results are pending.
A summary of the updated diamond drill analyses for hole A018 are included in Table 1.
The latest results significantly extend the high grade Mo zone in the western part of the Anthony Deposit. The enlarged high grade zone together with the fact that the mineralisation extends to a depth of at least 300m, significantly upgrades the economic potential of the deposit. The collar of Hole A018 is approximately 150m to the west of Hole A012. The high grade mineralised zone appears to dip to the southwest. The next drilling program will test for extensions to the western high grade mineralised zone.
About Molybdenum
Molybdenum has been selling for over US$30/lb (US$66,000/tonne) for the past two years and global demand has been predicted to grow at 4.5% per year over the next twenty years. Molybdenum is a metal with a high melting point that is widely used in the steel industry as it improves the strength of steels at high temperature as well as strength to weight ratios and corrosion resistance. It has uses as a catalyst in petroleum refining, in the production of electrodes and filaments, as a high temperature lubricant and as a fertiliser.
NOTE:
Mr R N (Sam) Lees (FAIG, FAusIMM) compiled the technical aspects of this report. Mr Lees is Technical Director, Zamia Gold Mines Limited. Mr Lees is a Fellow of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the September 2004 edition of the "Australasian Code of Reporting of Mineral Resources and Ore Reserves". Mr Lees consents to the inclusion of the matters in the form and context in which they appear.
Key Points
Hole A018 assayed 733 parts per million (ppm) molybdenum (Mo) from 132.5 metres (m) to 351.5m (219m intersection), including:
- From 226m to 320m, 94m intersection at 1108ppm Mo
- A maximum grade (reported previously) of 7230ppm Mo over 2m from 238m to 240m
Hole A018 ends in Mo mineralisation at 351.5m (720ppm Mo). Assays from 132.5m to 290m were released on 22 September 2008.
Assays are yet to be received from the diamond drill extension of Hole A012. The reverse circulation (RC) percussion section of this hole averaged 1103ppm from 75m to 150m, the end of the RC section.
The recent diamond drill program has expanded the western mineralised zone which is open at depth (below 300m) and appears to dip to the southwest.
Extensions to this high grade western mineralised zone will be tested in the next drilling program.
Diamond Drilling Update
ZGM completed its current diamond drilling program at the Anthony Molybdenum Project on 12 September 2008. A total of four new holes were drilled and diamond extensions were added to three pre-existing reverse circulation (RC) percussion holes. The core has been sampled at either 2m or 3m intervals.
In an ASX release dated 22 September 2008, ZGM reported initial Mo results from the first 157.5m of intensely mineralised core throughout Hole A018, a diamond extension to CRAE hole RC94DBT 22. Results for the remaining 61.5m of the hole have been received and confirm the grade of mineralisation to the end of the hole.
The final hole in the program was a 171m extension to vertical high grade RC percussion hole A012. From 75m to 150m, the RC percussion component of A012 averaged 1103ppm Mo. The diamond core is intensely altered and veined with significant zones of Mo mineralisation.
Analytical results are pending.
A summary of the updated diamond drill analyses for hole A018 are included in Table 1.
--------------------------------------------------
Hole No. Depth From To Width Mo Comment
(m) (m) (m) (m) (ppm)
--------------------------------------------------
DD08A018 351.5 132.5 351.5 219.0 733 Upgraded
including 172 174 2 1360*
204 206 2 2300*
226 320 94 1108 Upgraded
including 236 240 4 5395*
250 252 2 3640
280 296 16 1482
314 316 2 2930
DD08A012 321.7 0 75 75 617* RC oxide
75 150 75 1103* RC sulphide
150 321.7 171.7 Awaiting
results
---------------------------------------------------
Table 1 Analyses holes A018 and A012
* Results previously reported
Extension of Western High Grade ZoneThe latest results significantly extend the high grade Mo zone in the western part of the Anthony Deposit. The enlarged high grade zone together with the fact that the mineralisation extends to a depth of at least 300m, significantly upgrades the economic potential of the deposit. The collar of Hole A018 is approximately 150m to the west of Hole A012. The high grade mineralised zone appears to dip to the southwest. The next drilling program will test for extensions to the western high grade mineralised zone.
About Molybdenum
Molybdenum has been selling for over US$30/lb (US$66,000/tonne) for the past two years and global demand has been predicted to grow at 4.5% per year over the next twenty years. Molybdenum is a metal with a high melting point that is widely used in the steel industry as it improves the strength of steels at high temperature as well as strength to weight ratios and corrosion resistance. It has uses as a catalyst in petroleum refining, in the production of electrodes and filaments, as a high temperature lubricant and as a fertiliser.
NOTE:
Mr R N (Sam) Lees (FAIG, FAusIMM) compiled the technical aspects of this report. Mr Lees is Technical Director, Zamia Gold Mines Limited. Mr Lees is a Fellow of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the September 2004 edition of the "Australasian Code of Reporting of Mineral Resources and Ore Reserves". Mr Lees consents to the inclusion of the matters in the form and context in which they appear.
About Zamia Metals Limited
Zamia Metals Limited (ASX:ZGM) is an Australian mineral exploration company, targeting the Clermont district of central Queensland. With a long history of discovery of precious and base metals, the area is emerging as a significant mineral district. Zamia has secured a large tenement position within the district and has discovered Anthony, a large porphyry-style molybdenum deposit. Additional targets for molybdenum, copper and gold have been identified.
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