Interim Drilling Results - Gadzema and Pickston...
African Consolidated Resources Plc, the AIM listed resource and development
company focussed in Zimbabwe, is pleased to announce that since the release of a
Technical Report on 29 October, 2010, further high-grade drill intersections
have been received from the Giant and Blue Rock prospects in the Gadzema
Project, and from the Peerless Oxide prospect at the Pickstone-Peerless Gold
Project.
At the Giant Mine, initial Au assay results for RC drill holes GNRC 133-153 and
diamond drill holes GNDD 01-11 (completed last August) have returned several
significant intersections. The drilling programme was designed to extend the
current JORC Resource of 300,000 oz to depths of approx 200m below surface
around the old mine workings, and along strike to the south, where a mineralised
diorite body intrudes the main Banded Iron Formation host of the original Giant
Mine.
Table 1 - Significant intercepts, Giant Mine
+-------+--------+------+-------------+-------------------------------------+
|Hole ID|From (m)|To (m)| Intercepts | Location of Intercepts |
+-------+--------+------+-------------+-------------------------------------+
| | 94 | 100 | 6m @ 4.90g/t| |
|GNRC135+--------+------+-------------+Southern mine area - depth extensions|
| | 109 | 115 | 6m @ 2.39g/t| |
+-------+--------+------+-------------+-------------------------------------+
|GNRC136| 121 | 126 | 5m @ 3.32g/t|Southern mine area - depth extensions|
+-------+--------+------+-------------+-------------------------------------+
|GNRC142| 120 | 125 | 5m @ 3.71g/t|Central mine area - depth extensions |
+-------+--------+------+-------------+-------------------------------------+
|GNRC145| 163 | 180 |17m @ 4.24g/t|Central mine area - depth extensions |
+-------+--------+------+-------------+-------------------------------------+
Im fire assays at 0.5g/t lower cut, includes up to 2m internal waste, no top
cut.
Assays for the remaining holes, including all the diamond core holes, are
awaited.
See Figure 1 - Giant Mine Project - Initial Drilling Au Assay Results
At the Blue Rock prospect, 5km south of the Giant Mine, gold assay results for a
further 6 holes (BRRC 94-99) in the southern area of the Berks claims block
returned thin high grade intersections at shallow depths. Results for a further
9 holes (BRC 100-108) are awaited.
Table 2 - Significant intercepts, Blue Rock
+---------+----------+--------+---------------+-------------------------+
| Hole ID | From (m) | To (m) | Intercepts | Location of Intercepts |
+---------+----------+--------+---------------+-------------------------+
| BRRC094 | 31 | 32 | 1m @ 46.00g/t | Southern Berks prospect |
+---------+----------+--------+---------------+-------------------------+
| BRRC096 | 10 | 11 | 1m @ 12.62g/t | Southern Berks prospect |
+---------+----------+--------+---------------+-------------------------+
1m fire assays at 0.5g/t lower cut, includes up to 2m internal waste, no top
cut.
See Figure 2 for drilling assay results
At the Pickstone-Peerless project, 30 km south of the Giant Mine, vertical
large-diameter diamond core holes were drilled down the plane of the vein at the
Peerless oxide deposit. This was to increase confidence in the results from the
RC resource-drilling programme, to obtain core for geotechnical and
metallurgical test work and to provide accurate specific gravity measurements
for final Resource calculations.
The Peerless JORC Resource currently stands at 4.6 m tonnes at 1.4 g/t for
210,000 oz. Initial sampling was focussed on the oxide and transitional zones
to a depth of approximately 50m, in order to assist planning on a conceptual
Peerless oxide pit. Gold results received from three of the five holes have
returned broad zones in the oxide and transitional zones containing
significantly higher grades than the current orebody model predicted.
As the holes were drilled parallel to the vertical-dipping orebody, the reported
thicknesses do not represent true widths, but they do confirm consistency of
mineralisation from the surface, through the oxide and transitional zones. The
average grade of all assays including internal waste was 2.9 g/t, which is
significantly higher than the modelled grade of 1.4 g/t.
These holes were drilled in the central ("Big Pit") area of the Peerless trend,
where mineralisation is known to be well developed, however these zones have
proved to be consistent along strike for at least 170m.
Table 3 - Significant intercepts, Peerless Oxides
+-------+--------+------+------------+-----------------------------------------+
|Hole ID|From (m)|To (m)| Intercepts | Location of Intercepts |
+-------+--------+------+------------+-----------------------------------------+
| | | | |Central part of the "Big Pit" area and|
|PEDD002| 6 | 44 |38m @ 4.4g/t|the Peerless Trend |
+-------+--------+------+------------+-----------------------------------------+
| | | | |Eastern edge of the "Big Pit" area and|
|PEDD004| 0 | 28 |28m @ 2.0g/t|the Peerless Trend |
+-------+--------+------+------------+-----------------------------------------+
| | 2 | 17 |15m @ 1.1g/t| |
| +--------+------+------------+Central part of the "Big Pit" area and|
|PEDD005| 21 | 36 |15m @ 6.6g/t|the Peerless Trend |
| +--------+------+------------+ |
| | 39 | 51 |12m @ 3.9g/t| |
+-------+--------+------+------------+-----------------------------------------+
Im fire assays at 0.5g/t lower cut, includes up to 2m internal waste, no top
cut.
Geotechnical work on the Peerless oxide pit is ongoing.
This announcement has been reviewed by the Company's Exploration Manager Dr
Houda Bouammar (PhD). Dr Bouammar meets the definition of a "qualified person"
as defined in the AIM Note for Mining, Oil and Gas Companies.
**ENDS**
For further information visit www.acrplc.com or please contact:
Andrew Cranswick African Consolidated Resources plc +44 (0) 7920 189 010
Roy Tucker African Consolidated Resources plc +44 (0) 1622 816 918
+44 (0) 7920 189 012
Richard Swindells Ambrian Partners Limited +44 (0) 20 7634 4700
Jen Boorer Ambrian Partners Limited +44 (0) 20 7634 4700
Hugo de Salis St Brides Media & Finance Ltd +44 (0) 20 7236 1177
Susie Geliher St Brides Media & Finance Ltd +44 (0) 20 7236 1177
[HUG#1462779]
See Figure 2 for drilling assay results :
http://hugin.info/138338/R/1462779/401670.jpg
Figure 1 – Giant Mine Project – Initial Drilling Au Assay Results:
http://hugin.info/138338/R/1462779/401669.jpg
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Consolidated Resources Plc via Thomson Reuters ONE
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