Perth, June 26, 2007 AEST (ABN Newswire) - The Board of Directors has recently announced the acquisition (subject to shareholder approval) of the Peelwood Project in NSW and the historical drilling results for the John Fardy zinc-copper deposit.
The Board now provides further information on the John Fardy deposit and its previous exploration in the form of a description of the deposit, a summary of the previous drilling and a plan, a representative cross-section and a longitudinal section.
The John Fardy deposit is a massive sulphide deposit of pyrite, sphalerite, chalcopyrite and galena that is strata bound within a fine and coarse-grained sequence of acid volcanics of Silurian age. The deposit outcrops as an iron and gold-rich gossan. It was worked in the 1880s and in 1913 and 1914 to a vertical depth of approximately 20 metres by an adit and several shafts. There was no recorded production.
The deposit has a strike length of approximately 100 metres and it dips approximately 60 degrees west and plunges approximately 75 degrees south. It has a horizontal width of between two and approximately 25 metres and drilling has intersected it at vertical depths of up to approximately 260 metres. The deposit has been closely defined by drilling at shallow depths and it is open at greater depths where it will be tested by future drilling programs.
The exploration of the John Fardy deposit is at an advanced stage and it has included several diamond drilling programs by several previous explorers.
----------------------------------------------------Period Explorer Drill Holes----------------------------------------------------1951 Electrolytic Zinc Corporation of Australasia Ltd. 5 diamond1971 - 1977 Dundee-Palliser Resources Exploration Pty. Ltd. 21 diamond1977 - 1978 Newmont Pty. Ltd. 2 diamond1980 - 1982 Dampier Mining Company Ltd. 1 diamond1984 - 1985 Australian Pacific Resources Ltd. 1 diamond1988 - 1995 Cluff Minerals (Australia) Pty. Ltd 4 diamond 2 percussion1996 - 2006 Adanak Explorations Pty. Ltd. 7 diamond----------------------------------------------------
The accompanying plan of the John Fardy deposit shows the diamond drill holes, their collar locations and intersections with reference to the local grid north that bears approximately 335 degrees magnetic north.
The accompanying vertical cross section 1500mN is orientated grid east-west and it located near the centre of the known deposit. This section shows the drill holes and their intersections that lie within a horizontal distance of 15 metres from 1500mN. It shows the interpreted northern edge but not the bottom of the deposit at a vertical depth of 300 metres.
The accompanying longitudinal projected section is orientated grid north-south and it shows that the deposit plunges approximately 75 degrees south. Hole NP 13 which was drilled in 1951 has no down hole survey of its azimuth and probably the narrow hole (Ex followed by Ax sized core) was strongly deflected to the north and outside the northern edge of the deposit. Hole AJF 06 probably defines the northern edge of the deposit and Hole JF 34 its southern edge. This section shows that the deposit is open at depth.
The Managing Director Derek Lenartowicz said: "The excellent quality of the existing data will allow us to determine an initial JORC Code classified resource without the need for additional drilling. We expect to have this resource within the next two months".
The information in this report that relates to Exploration Results is based on information compiled by Mr. Boyd Pratt who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr. Pratt is employed by Boyd Pratt & Associates. Mr. Pratt has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to be qualified as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting on Exploration Results, Mineral resources and Ore Reserves". Mr. Pratt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Contact
Derek Lenartowicz
Managing Director
Ph: (08) 9217 3300
Fax: (08) 9388 3006
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