Overland Resources Limited (ASX:OVR) High Grade Mineralisation at Andrew Zinc Deposit Extended 150 Metres Along Strike
Overland Resources Limited (ASX:OVR) High Grade Mineralisation at Andrew Zinc Deposit Extended 150 Metres Along Strike
Perth, Nov 16, 2011 AEST (ABN Newswire) - Overland Resources Limited (ASX:OVR) is pleased to advise that analytical results have been received for the final 14 holes drilled during the Company's recently completed diamond drilling program at the Yukon Base Metal Project.

This drilling programme targeted vertical and lateral extensions of the high grade Andrew and Darcy Zinc Deposits, where mineralisation at both deposits remained open in all directions. The results of the drilling programme indicate that while both deposits appear closed off to the west, mineralisation of significant grade and thickness continues at depth and to the east of the Andrew Zinc Deposit.

Results from the drilling programme will now be utilised to revise the JORC code compliant resource for the Project.

Andrew Zinc Deposit

A total of eleven holes were completed at the Andrew Zinc Deposit as part of the 2011 drilling programme. The final three holes completed at the Andrew Zinc Deposit were designed to test for the continuation of mineralisation at depth and to the east of the known resource. These holes intersected significant high grade mineralisation, with results including:

- 2.0 metres at 11.0% zinc from 293.0 metres in AN11-137

- 3.0 metres at 12.5% zinc from 256.0 metres, and

- 6.0 metres at 15.4% zinc from 266.0 metres in AN11-138

- 4.0 metres at 10.9% zinc from 336.0 metres in AN11-139

These results indicate the mineralised system continues beyond the bounds of the current resource at the Andrew Zinc Deposit, with hole AN11-139 collared 150 metres east of any pre-2011 drilling. This extends the strike of mineralisation at the Andrew Zinc Deposit from 500 metres to 650 metres, a 30% increase.

The Company is very encouraged by these results as they show thick zones of high grade mineralisation continue at depth. This provides support for the potential development of an underground mining operation following the conclusion of any open pit mine development at the Andrew Zinc Deposit.

Darcy Zinc Deposit

Drilling at the Darcy Zinc Deposit during 2011 focused on defining the extent of the mineralised system and providing increased confidence in the continuity of mineralisation within the resource. Analytical results for the final seven holes have now been received. Better intercepts include:

- 6.0 metres at 12.5% zinc from 178.0 metres in DY11-043

- 7.0 metres at 6.9% zinc from 100.0 metres in DY11-049

The results from hole DY11-043 indicate that mineralisation of economic thickness and grade continues to a vertical depth of at least 170 metres at the Darcy Zinc Deposit, with mineralisation remaining open at depth. This provides further encouragement that the open pit development at the Darcy Zinc Deposit can be extended deeper than the current proposed design.

Drilling at the eastern end of the Darcy Zinc Deposit (on the 642370mE section) failed to intersect significant mineralisation (holes DY11-044, DY11-045 and DY11-048). This effectively closes off the eastern end of the deposit. The total strike length of defined mineralisation at the Darcy Zinc Deposit is now 450 metres.

Andrew Northeast Prospect

Inaugural drill testing of the zinc in soil geochemistry anomaly that extends some 2,000 metres to the north east of the Andrew Zinc Deposit was undertaken recently to explore for additional shallow resources. Analytical results have now been received for all eleven holes drilled in this area. Results from the last four holes are in line with previous results. They include:

- 4.0 metres at 1.2% zinc from 51 metres in MB11-011.

Yukon Base Metal Project - Overview

The Yukon Base Metal Project (including the road access route) comprises 1550 quartz mining claims for a total of approximately 300km2. This provides the Company with a significant land holding within the highly prospective and under explored Selwyn Basin of the Yukon Territory, Canada.

With final analytical results received for all holes drilled during 2011 the Company is now updating the JORC code complaint resource estimate for the Yukon Base Metal Project. The revised resource estimate will be included into the well advanced technical and economic feasibility study into the development of the Yukon Base Metal Project. The Company is targeting submission of a mine permitting application early in 2012. The entire permitting process is expected to take between 18 and 24 months with construction commencing shortly after mine permits are issued.

For the complete Overland Resources announcement including figures and tables, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-OVR-566837.pdf

About Overland Resources Limited

Overland Resources Limited (ASX:OVR) is aggressively advancing the Yukon Base Metal Project and in particular the high grade Andrew Zinc Deposit towards production. The Yukon Base Metal Project contains a JORC Code compliant resource of 8.95 million tonnes at 6.3% Zn and 1.2% Pb with a 2% zinc cut-off applied.

The Company seeks to consolidate their position in Canada by securing additional Base Metal and Nickel projects to add to the Company’s strong portfolio of exploration and development projects.

Overland Resources Board of Directors and management team have extensive global resource industry experience. Their combined technical, commercial and corporate knowledge ensures Overland Resources will achieve its objective.

 


Contact

Hugh Bresser
Managing Director
E-mail: info@overlandresources.com
Tel: +61-8-9226-5566



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