Drilling Recommenced at Duketon Nickel JV
Sydney, Feb 27, 2012 AEST (ABN Newswire) - South Boulder Mines Ltd (ASX:STB) is pleased to announce that Diamond and RC resource definition and extension drilling has recommenced at the Duketon Nickel Joint Venture (DNJV) located ~120km NNW of Laverton in Western Australia. Independence Group NL (ASX:IGO) is earning 70% of the nickel rights by sole funding exploration and development through to the completion of a Bankable Feasibility Study (BFS) within 5 years of the grant of the relevant tenement.
Numerous drilling targets are planned to be tested at the Rosie and C2 Ni-Cu-PGE deposits and in other areas within granted Mining License M38/1252 including;
- The Rosie Deposit - explore strike extents of the Rosie system for additional resources, including structural target zones to test for thicker high grade zones within the Contact domain (Figure 1). A maiden JORC Compliant Mineral Resource Estimate for the Rosie deposit has been compiled; refer to the Company's 25th January 2012 ASX Announcement for details;
- In-fill the C2 deposit to 50m sections, to test for potential higher grade zones and better define the current resource outline (Figure 2 in link below);
- Test beneath the TBRC034 target where a reconnaissance RC program in 2008 returned an oxide intercept of 4m @ 0.44% Ni, 0.19% Cu and 1.7g/t Pt+Pd;
- Test the Eastern contact of the Bulge Ultramafic (South of C2) on 100m spaced sections to explore for possible repeats of Rosie-style mineralisation between Rosie and the C2 Ni sulphide deposit.
Lorry Hughes, CEO and Managing Director of South Boulder commented, "It is very pleasing to see exploration step up a notch at the DNJV with the most intensive drilling plans to date. The mineralisation discovered to date at the DNJV is similar to other magmatic nickel systems that host long life nickel mines. The Rosie JORC Compliant Resource Estimate completed in January provides a robust starting point for resource growth and I'm expecting many new discoveries."
The total number of holes planned to be drilled will be dependent upon results however, it is expected that up to 60 holes for ~16,000m will be completed in a continuous program over the next 3 months. Results will be released as they come to hand.
For the Full Announcement, view:
About South Boulder Mines Limited
CMSC owns exploration tenements spanning over 400km2 within the Danakil Depression in South East Eritrea.
Since 2010, 97 holes have been drilled identifying a resource containing more than one billion tonnes of potassium bearing salts suitable for the production of potash fertilisers.
South Boulder Mines Ltd is currently working on the Feasibility Study to support the development of the project.
South Boulder Mines Limited