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Discovery Metals Limited (ASX:DML) AIM Release
21 August 2008
Plutus Resource drilling INTERCEPTS MULTIPLE HIGH GRADE intersections
AT BOSETO COPPER PROJECT
HIGHLIGHTS
* 37 drill holes located within the existing Plutus prospect
Inferred Mineral Resource envelope returned very encouraging
results including (all at 0.3% Cu cut off):
§ Hole PSRD255 6.9 metres @ 2.7 % Cu & 20.6g/t Ag
§ Hole PSRD242 4.3 metres @ 2.7 % Cu & 28.2g/t Ag
§ Hole PSRD257 9.6 metres @ 1.9 % Cu & 22.5g/t Ag, including
3.6 metres @ 4.3 %Cu & 56.8 g/t Ag
§ Hole PSRD229 5 metres @ 2.3 % Cu & 23.8g/t Ag
§ Hole PSRD254 8.7 metres @ 1.7 % Cu & 15.8g/t Ag
§ Hole PSDD253 4 metres@ 1.8 % Cu & 13.3g/t Ag, and
5 metres @ 2.0 % Cu & 35.4g/t Ag
§ Hole PSRD271 7.8 metres @ 1.6 % Cu & 17.7g/t Ag
* 2 drill holes confirm the continuity of the Plutus
mineralisation to the south west of the existing resource
* Infill drilling completed to 200 metre sections along
strike
* High grade intercepts reported outside the existing Plutus
pit shell
Plutus Drill Results
Discovery Metals Limited (ASX/BSE: "DML") (AIM: "DME") announces
results from the latest thirty nine infill and resource extension
drill holes (Table 1), all drilled within the Plutus prospect at the
company's 100% owned Boseto copper project (Figure 1) in north west
Botswana. These results will be incorporated into the current
Bankable Feasibility Study targeted for completion mid 2009.
The Plutus prospect currently contains an inferred mineral resource
of 14.5Mt @ 1.3% Cu and 13 g/t Ag at a cut off of 0.6% Cu and along
with the Zeta and Petra prospects forms the current resource base for
Boseto Copper project (100% owned) which currently has a total
Inferred and Indicated Mineral Resource of 49.1Mt @ 1.2% Cu (Figure
2).
The infill results confirm the continuity of mineralisation over the
Plutus resource and reinforce previous results indicating that high
grade areas displaying grades well in excess of the average resource
grade are present within the Plutus resource. These higher grade
zones have the potential to enhance the Pre Feasibility outcomes
which recently confirmed the economic and technical robustness of the
Boseto Copper project.
Discovery Metals' Managing Director, Mr Brad Sampson said, "These
latest drill results are very exciting as they demonstrate the
continuity of mineralisation, and tenor of grade within the Plutus
prospect. We have now completed drilling across the existing Plutus
resource area at a drill hole section spacing averaging 200m and are
now well positioned to complete a new, higher quality, resource
model, with more closely spaced data covering a longer strike length
than the previous 2007 resource model."
"Plutus is a significant part of the total mineral resource at
Boseto, and the recently completed Pre Feasibility Study did not
consider any of the 75 holes drilled at Plutus since the last
resource model was announced in December 2007", he added
Figure 3 sets out a selection of drill hole results at the Plutus
prospect. Three cross sections marked on Figure 3 are displayed in
Figures 4, 5 and 6 respectively.
Boseto Project Background
Boseto Project Background
Discovery Metals' Boseto Copper Project (100% owned), is located in
north west Botswana, within the district of Ngamiland, approximately
80km south-west of the town of Maun. A seven tenement package of
6,400km2 was granted to Discovery Metals in September 2005 and
fieldwork on this tenement package commenced late in October 2005.
The outer limit of the exploration licence area starts approximately
60km south west of Maun and stretches in a south westerly direction
for approximately 200km towards the town of Ghanzi. In June 2008,
Discovery Metals was granted a further seven tenements extending from
the south west boundary of the 2005 granted tenements through to the
Namibian border, adding 5,700km2 to the area held under prospecting
licenses to bring the total tenement area to 12,100 km2.
The Boseto Copper Project is located within a belt of significant
copper-silver mineralisation that extends from the well known and
more highly developed Zambian Copper Belt across north west Botswana
and into Namibia. The poorly explored portion of this belt in north
west Botswana is known as the Kalahari Copper Belt.
Copper occurs predominantly in chalcocite, with minor amounts of
bornite and other copper sulphides present. At shallow depths,
malachite exists in significant proportions within some areas of the
mineral resource.
A Pre Feasibility Study for the Boseto Copper Project was completed
on time and on budget in July 2008. Discovery Metals is currently
undertaking a Bankable Feasibility Study for the Boseto Copper
Project which is targeted for completion mid 2009.
Competent Persons Statement
The information in this report as it relates to the Plutus and Petra
Mineral Resources for the Boseto Copper project was compiled by Mr
Stefan Mujdrica and Mr Jason Hosken, who are Members of The
Australasian Institute of Mining and Metallurgy. Mr Mujdrica and Mr
Hosken are full time employees of Snowden Mining Industry
Consultants. Mr Mujdrica has sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". The information in this report as it
relates to the Zeta Mineral Resources for the Boseto Copper project
was compiled by Mr Ferdinando Camisani, who is an Honorary Life
Fellow of The South African Institute of Mining and Metallurgy, a
recognised overseas professional organisation. Mr Camisani is an
Associate of A&B Global Mining. Mr Camisani has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves". The information in
this report that relates to Exploration Results is based on
information compiled by Mr Fred Nhiwatiwa who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Nhiwatiwa is a
full-time employee of the company. Mr Nhiwatiwa has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves". Mr Mujdrica, Mr
Camisani and Mr Nhiwatiwa consent to the inclusion in the report of
the matters based on information provided by them and in the form and
context in which it appears.
Table 1
Geochemical
Northing Results
(m) Easting Total Min. Min. over down
Hole Prospect WGS84 (m) WGS84 Dip/Azi Depth From To (m) hole
SUTM34 SUTM34 (m) (m) Thickness
(0.3% Cu
cut-off)
4 metres @
38 42 1.8 % Cu &
13.3g/t Ag
including
3 metres @
38 41 2.3 %Cu &
16.3 g/t Ag
5 metres @
PSDD253 Plutus 704197.8 7727082.5 -60° to 58.4 45 50 2.0 % Cu &
140° 35.4g/t Ag
including
2 metres @
45 47 3.4 %Cu &
31.5 g/t Ag
and
1 metre @
49 50 1.2% Cu &
21.0 g/t Ag
PSDD256 Plutus 704319.8 7727161 -60° to 49.6 33 35 2 metres @
140° 0.6 % Cu
4.9 metres
50 54.9 @ 1.8 % Cu
& 15.6g/t
PSDD276 Plutus 705435 7727890.5 -60° to 61.9 Ag
140° including
1.9 metres
53 54.9 @ 3.7 %Cu &
29.9 g/t Ag
5 metres @
35 40 1.2 % Cu &
-60° to 13.4g/t Ag
PSDD278 Plutus 705026.2 7727618 140° 46.6 including
4 metres @
36 40 1.4 %Cu &
15.3 g/t Ag
-60° to 3 metres @
PSRD224 Plutus 702411.8 7725840 140° 50.7 45 48 0.4 % Cu &
1.3g/t Ag
5 metres @
101 106 2.3 % Cu &
-60° to 23.8g/t Ag
PSRD229 Plutus 702773.9 7726176.5 140° 112.3 including
1 metre @
105 106 8.5 %Cu &
88.0 g/t Ag
6.4 metres
54 60.4 @ 1.1 % Cu
& 9.9g/t Ag
including
1 metre @
PSRD230 Plutus 702807.8 7726138 -60° to 67.5 56 57 1.4 %Cu &
140° 8.0 g/t Ag
and
1.4 metres
59 60.4 @ 3.1 % Cu
& 22.0 g/t
Ag
5 metres @
29 34 1.5 % Cu &
-60° to 12.0g/t Ag
PSRD231 Plutus 702828.1 7726115 140° 40.3 including
2 metres @
32 34 2.6 % Cu &
20.0 g/t Ag
8 metres @
45 53 1.0 % Cu &
-60° to 9.4g/t Ag
PSRD234 Plutus 703008.8 7726281.5 140° 85.6 including
3 metres @
50 53 1.7 %Cu &
15.7 g/t Ag
7.1 metres
85 92.1 @ 0.75 % Cu
& 7.61g/t
PSRD238 Plutus 701976.6 7725563 -60° to 120 Ag
140° including
2.1 metres
87 89.1 @ 1.7 %Cu &
22.4 g/t Ag
6.3 metres
40 46.3 @ 1.2 % Cu
& 13.9g/t
PSRD240 Plutus 703307 7726483.5 -60° to 76.6 Ag
140° including
4.3 metres
42 46.3 @ 1.4 %Cu &
15.7 g/t Ag
Geochemical
Northing Results
(m) Easting Total Min. Min. over down
Hole Prospect WGS84 (m) WGS84 Dip/Azi Depth From To (m) hole
SUTM34 SUTM34 (m) (m) thickness
(0.3%
Cu cut-off)
5.2 metres
74 79.2 @ 1.3 % Cu
& 16.4g/t
PSRD241 Plutus 703281.1 7726515 -60° to 85.4 Ag
140° including
3.2 metres
76 81.2 @ 1.5 %Cu &
14.8g/t Ag
4.3 metres
121 125.3 @ 2.6 % Cu
& 28.2g/t
PSRD242 Plutus 703366.5 7726592 -60° to 133.5 Ag
140° including
2.3 metres
123 125.3 @ 4.3 %Cu &
47.1 g/t Ag
10 metres @
51 61 1.5 % Cu &
-60° to 13.5g/t Ag
PSRD243 Plutus 703462.8 7726613 140° 67.5 Including
5 metres @
56 61 2.3 %Cu &
25.2 g/t Ag
15.3 metres
38 53.3 @ 0.7 % Cu
& 6.6g/t Ag
Including
-60° to 1 metre @
PSRD244 Plutus 703603.1 7726696 140° 61.5 43 44 1.1 % Cu &
3.0 g/t Ag
And
2 metres @
50 52 % 2.0 Cu &
31.5 g/t Ag
-60° to 7 metres @
PSRD245 Plutus 703581.9 7726722.5 140° 118.5 79 86 0.4 % Cu &
7.1g/t Ag
-60° to 8 metres @
PSRD246 Plutus 703551.4 7726759 140° 139.3 123 131 0.6 % Cu &
3.5g/t Ag
7 metres @
43 50 1.0 % Cu &
-60° to 8.7g/t Ag
PSRD247 Plutus 703771.1 7726805.5 140° 57.8 Including
2 metres @
48 50 2.0 %Cu &
28.0 g/t Ag
9 metres @
72 81 1.2 % Cu &
-60° to 9.8g/t Ag
PSRD248 Plutus 703749.9 7726831 140° 91.6 including
5 metres @
75 80 1.8 %Cu &
17.2 g/t Ag
6 metres @
117 123 1.5 % Cu &
-60° to 9.8g/t Ag
PSRD249 Plutus 703720.7 7726865.5 140° 154.5 including
2.3 metres
120 122.3 @ 3.6 %Cu &
21.0 g/t Ag
6 metres @
43 49 1.3 % Cu &
-60° to 10.5g/t Ag
PSRD250 Plutus 703894.6 7726882 140° 58.3 including
3 metres @
46 49 2.4 %Cu &
20.7 g/t Ag
8 metres @
39 47 1.7 % Cu &
-60° to 18.1g/t Ag
PSRD251 Plutus 704066.1 7726995 140° 79.3 including
4 metres @
43 47 2.96 %Cu &
31.8 g/t Ag
Geochemical
Northing Easting Total Min. Results over
Hole Prospect (m) (m) WGS84 Dip/Azi Depth From Min. down hole
WGS84 SUTM34 (m) (m) To (m) thickness
SUTM34 (0.3%
Cu cut-off)
2 metres @
58 60 1.0 % Cu &
16.0 g/t Ag
including
1 metres @
59 60 1.1 %Cu &
18.0 g/t Ag
5.5 metres @
PSRD252 Plutus 704045 7727016.5 -60° to 77.1 65 70.5 1.4 % Cu &
140° 17.1g/t Ag
including
1 metre @
66 67 1.2 %Cu &
6.0 g/t Ag
and
1.5 metres @
69 70.5 3.6 %Cu &
51.7 g/t Ag
8.7 metres @
116 124.7 1.7 % Cu &
-60° to 15.8g/t Ag
PSRD254 Plutus 704015.5 7727054 140° 130.4 including
6.7 metres @
118 124.7 2.0 %Cu &
20.1 g/t Ag
2 metres
70 72 @0.9 % Cu &
1.0 g/t Ag
including
1 metres @
71 72 1.2 %Cu &
PSRD255 Plutus 704174.8 7727108 -60° to 115.4 2.0 g/t Ag
140° 6.9 metres @
77 83.9 2.7 % Cu &
20.6g/t Ag
including
5.9 metres @
78 83.9 3.1 %Cu &
24.0 g/t Ag
9.6 metres @
120 129.6 1.9 % Cu &
-60° to 22.5g/t Ag
PSRD257 Plutus 704146.9 7727144.5 140° 136.5 including
3.6 metres @
126 129.6 4.3 %Cu &
56.8 g/t Ag
6 metres @
36 42 0.7 % Cu &
-60° to 4.7g/t Ag
PSRD258 Plutus 704445.1 7727241 140° 46.1 including
1 metre @
41 42 2.3 %Cu &
26.0 g/t Ag
5.9 metres @
75 80.9 2.6 % Cu &
-60° to 21.5g/t Ag
PSRD259 Plutus 704422.8 7727266 140° 88.2 including
2.9 metres @
78 80.9 4.6 %Cu &
40.7 g/t Ag
-60° to 3.6 metres @
PSRD260 Plutus 704393.9 7727299.5 140° 121.5 112 115.6 0.9 % Cu &
6.4g/t Ag
6 metres @
28 34 0.7 % Cu &
-60° to 6.8g/t Ag
PSRD261 Plutus 704616.7 7727344 140° 64.6 including
1 metre @
31 32 1.1 %Cu &
16.0 g/t Ag
Geochemical
Northing Results
(m) Easting Total Min. Min. over down
Hole Prospect WGS84 (m) WGS84 Dip/Azi Depth From To (m) hole
SUTM34 SUTM34 (m) (m) thickness
(0.3% Cu
cut-off)
5.5 metres
73 78.5 @ 0.6 % Cu
& 5.6g/t Ag
including
1 metre @
PSRD262 Plutus 704591.3 7727373 -60° to 87 11.4 % Cu &
140° 11.0 g/t Ag
and
1.5 metres
@ 1.1 % Cu
& 13.0 g/t
Ag
-60° to 7 metres @
PSRD263 Plutus 704566.9 7727407 140° 124.5 112 119 0.5 % Cu &
3.1 g/t Ag
-60° to 8 metres @
PSRD264 Plutus 704741.3 7727436 140° 52.5 35 43 0.5 % Cu &
3.8g/t Ag
10.1 metres
123 133.1 @ 0.9 % Cu
& 8.3 g/t
PSRD265 Plutus 704690.7 7727497.5 -60° to 136.7 Ag
140° including
4.1 metres
129 133.1 @ 1.6 %Cu &
17.0 g/t Ag
6.7 metres
29 35.7 @ 0.7 % Cu
-60° to & 5.1g/t Ag
PSRD266 Plutus 704869.9 7727515.5 140° 40.6 including
1 metre @
34 35 2.3 %Cu &
19.0 g/t Ag
6 metres @
62 68 1.0 % Cu &
-60° to 12.7g/t Ag
PSRD270 Plutus 705007.3 7727645.5 140° 76.6 including
4 metres @
64 68 1.3 %Cu &
17.0 g/t Ag
7.8 metres
109 116.8 @ 1.6 % Cu
& 17.7g/t
PSRD271 Plutus 704977.1 7727677 -60° to 151 Ag
140° including
2.8 metres
114 116.8 @ 3.5 %Cu &
40.8 g/t Ag
6 metres @
81 87 1.1 % Cu &
11.8g/t Ag
including
-60° to 1 metre @
PSRD272 Plutus 705130.1 7727726.5 140° 94.4 81 82 1.1 %Cu &
9.0 g/t Ag
and
3 metres @
84 87 1.7 % Cu &
20.7 g/t Ag
5.4 metres
81 86.4 @ 1.2 % Cu
& 13.4g/t
PSRD274 Plutus 705255.3 7727811.5 -60° to 94.5 Ag
140° including
3.4 metres
83 86.4 @ 1.6 %Cu &
18.1 g/t Ag
For further information on this release and Discovery Metals Limited
generally, please contact:
Brad Sampson Managing Director Ph: +61 7 3218 0200 or Mob: +61 4
38 771 037
brad@discoverymetals.com.au
AIM Nominated Advisor - RFC Corporate Finance Limited, Contact Rob
Adamson Ph: +61 2 9250 0000
AIM Broker - Fox-Davies Capital, Contact Richard Hail Ph: +44 20 7936
5200
Australian PR - BBS, Contact Gerard Reilly Ph +61 (7) 3221 6711 Email
greilly@bbspr.com.au
UK PR - Conduit PR Contact Jane Stacey/Jos Simson Ph +44 20 7429
6606/ +44 79 2292 3306
NOTE: For further information contact
Brad
Sampson
Managing
Director
Tel: +617 3218
0200
Mobile: 0438 771
037
Email: brad@discoverymetals.com.au
Rob Adamson
RFC Corporate Finance Ltd (Nomad)
Tel: +612 9250 0000
Email: Rob.Adamson@rfc.com.au
Richard Hail
Fox-Davies Capital Ltd (AIM Broker)
Telephone: +44(0) 20 7936 5200
Email: Richard.Hail@fdcap.com
Further information on the Company is available on its website:
www.discoverymetals.com.au
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LINK: http://hugin.info/137928/R/1245194/268785.pdf
Discovery Metals Limited
ISIN: AU000000DML9
Stock Identifier: AIMX.DME
