Brisbane, Oct 27, 2008 AEST (ABN Newswire) - The Board of Republic Gold Limited (ASX:RAU) today announces the results of the recent Stage 2 drilling programme for the 2008 field season at the Tregoora Gold Project in Far North Queensland. At Tregoora 24 holes were drilled for 1,436 metres.
HIGHLIGHTS
- At the Terrace Creek Prospect, FN060 achieved 24m @ 4.78 g/t Au from 2m, including 8m @ 10.28 g/t Au, & 12m @ 1.24 g/t Au; indicating a width for the mineralisation of approximately 20 metres;
- At the Midway Prospect, 6m @ 2.02 g/t Au;
- At the Sleeping Giant Prospect, 3 intersections in TGA084 of 6m at 1.42 g/t Au, 10m at 1.89 g/t Au & 12m at 1.23 g/t Au;
- At the Pillidge Prospect, 10m @ 2.47 g/t Au, 10m at 1.89 g/t Au and 3 intersections in PWR023 of 10m at 1.47 g/t Au, 12m at 1.26 g/t Au & 8m at 0.91 g/t Au;
- Preliminary metallurgical testwork on samples from FN060 indicates that the high grade portion of this zone of mineralisation is largely non-refractory; and
- The Company has $4.73M in cash at the bank to further exploration & feasibility studies.
Managing Director of Republic, Mr John Kelly said "The new high grade Terrace Creek Prospect intersection above (FN060) is a cross-hole to confirm the previous high grade intersection in FN042 of 24m at 8.30 g/t Au. These two drillholes indicate a steeply dipping shoot. The intersection in FN060 is very exciting for the Company. The orientation of this drillhole and the previously reported FN042 indicates that the orientation of the shoot drilled into is vertical, with a probable shallow plunge to the north.
Previously we had thought that FN040 was a down-dip intersection and that it probably indicated a true width of only 5 metres or so, which is typical of most of the mineralisation on the Retina Fault. Based on the geological interpretation that this high grade shoot has the same strike direction as the Retina Fault, it appears that the mineralised zone has a true width of approximately 20 metres.
With this sort of width and grades further successful drilling of this shoot will rapidly add ounces to the Tregoora resource base. Further drilling will take place before the wet season on this high grade zone and on the potentially high grade zone in the Adam mining leases to the south, for which the Company has entered into a purchase agreement."
As indicated in the previous announcement on Tregoora, the Company's technical staff knows the potential of this style of mineralisation from years of working at the Fosterville Gold Project in Central Victoria where the high grade Phoenix Zone was drilled over a continuous down-plunge length of 1,500 metres, with the deepest intersection being one kilometre beneath the surface. The calibre of the recent high grades and high grade widths at Tregoora are similar to parts of the Fosterville Phoenix Zone.
Pillidge Prospect
Drilling at the Pillidge Prospect, which is one kilometre to the east of the Retina Fault, produced good drill hits in 10 of the 12 holes drilled in two pods along the trend.
Drilling at the Pillidge Prospect returned a number of excellent intersections. This prospect has now been drilled over 150 metres and the interpreted mineralised pods are open in all directions. Drill spacing at Pillidge is now sufficient to calculate a maiden resource for this area.
WHUMBAL WEST TUNGSTEN PROSPECT
The Company is in the process of finalising the analysis results from the recently completed drilling programme at the Whumbal West Tungsten Prospect.
Contact
John Kelly
Managing Director
Republic Gold Limited
TEL: +61-418-577-759
Tony Nagy
TEL: +61-413-645-126
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