Brisbane, April 29, 2009 (ABN Newswire) - D'Aguilar Gold Limited (ASX:DGR) are pleased to advise new discoveries by subsidiaries Ridge Exploration Pty Ltd and AusNiCo Limited.
Ridge Exploration Pty Ltd has been undertaking evaluation of iron formations in the Surat Basin since May 2008, and identified a large iron ore prospect at Cadarga, 100 km south west of Mundubbera and 80 km east of Wandoan. An area in excess of 200 square km has been delineated containing > 30% iron in rocks.
Mapping and sampling work in the Cadarga area has now led to the discovery of high grade titanium dioxides (to 31% TiO2) around an interpreted basaltic volcanic centre near the town of Monogorilby 25 km east of Cadarga. The prospect is flat lying within a lateritised volcanic breccia and covers approximately 6 square km around a diatreme style of volcanic vent. The prospect appears to be up to 10 metres thick, with the outcropping top 1-2 metres thick high grade mineralised material grading 10 - 31 % TiO2.
AusNiCo Limited discovered the first significant nickel sulphide mineralisation in Queensland near surface at Pembroke near Kilkivan in 2008 following exploration of substantial nickel oxide and cobalt occurrences at nearby Mt Cobalt. The company took up similar ultrabasic belts at Kandanga in the Mary Valley and at Poperima in the Mundubbera area.
Exploration recently commenced on EPM 16077 "Boyne" following grant by the Queensland Government, with very encouraging initial results from two areas. At Boyne South, 20 kms south of Mundubbera wide spaced soil sampling and geological work has located zones of high grade chrome anomalous in nickel and platinum, and with an open strike length of about 4 km. The mineralisation is poorly outcropping but can be recognised as zones of massive chromite rubble within the soil. The prospect includes some historical diggings, with reports on public record stating rock assays up to 36% Cr, and five bulked surface samples averaging 13% Cr.
At Boyne North, 5 km south east of Mundubbera, wide spaced soil sampling has located a poorly outcropping 2 km trend of zoned Nickel-Platinum and Gold-Copper mineralisation. A maximum gold value of 690 ppb in soil sample has been recorded to date.
D'Aguilar Gold Limited holds 86.2% of Ridge Exploration Pty Ltd and 80% of AusNiCo Limited.
The company is also pleased to announce that it has been successful in securing a grant of A$30,000 from the Queensland Department of Mines and Energy under Round 3 of the Collaborative Drilling Initiative. The Collaborative Drilling Initiative (CDI) is designed to directly support companies in the generation and testing of high quality, innovative exploration targets and concepts. The CDI funding will meet 50% of the direct costs to drill two diamond core holes in the Amamoor Range Nickel Project - within the ultrabasic Kandanga Nickel Belt held by D'Aguilar Gold and AusNiCo.
About D'Aguilar Gold Limited
D’Aguilar Gold Limited (ASX:DGR) is focused on generating exploration and development companies in a wide array of minerals.
Projects are conceived directly through the skills and experience of D’Aguilar’s accomplished team of exploration geoscientists (with an enviable track record), not by the costly purchase of properties. Each project or exploration strategy is held in a separate subsidiary.
Focused and specialist management is then engaged in the subsidiary, with project specific finance raised in the subsidiary – faster and less dilutive to D’Aguilar. As the subsidiary project develops and starts to derisk the subsidiary is separately capitalised (seed raisings followed by an IPO).
Investors can choose to invest specifically in a particular project/commodity, or by investing in D’Aguilar, invest in the resource company generating business which retains a significant carried interest in each project.
D’Aguilar projects tend to be very large, targeting new provinces with the potential to make world-class discoveries. The exploration concepts are often novel. While increased metal prices and advances in technology can turn former sub-economic deposits into viable projects, D’Aguilar subsidiary projects frequently emerge from detailed reassessment and reinterpretation of large databases – looking at things from a new angle and with a different focus using state of the art techniques. The D’Aguilar Directors and Managers have in the past applied new exploration models to extensive tenement areas which have led to identification of new mineral provinces and the discovery of nationally significant resources. Similar efforts are now being dedicated to D’Aguilar.
Contact
Mr Nicholas Mather Managing Director Tel: +61-7-3303-0680 Mob: +61-417-880-448
Mr Ian Levy Chief Executive Officer AusNiCo Limited Tel: +61-407-189-122
D'Aguilar Gold Limited
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