🕐14.09.10 - 06:27 Uhr
Meridian Minerals - Initial Drill Program Completed at Kapok West
ASX / Media Release
14 September 2010
Initial Drill Program Completed at Kapok West As Part of the Emanuel Range
Feasibility Study
Highlights
The initial phase of extensional and infill drilling at the Kapok West
prospect
on Meridian Minerals Lennard Shelf Project, has been completed with the
drilling of 76 diamond drill holes;
Overall, the Kapok West drill program has been very successful with a
number
of new lenses of lead-zinc mineralisation intersected both outside and
within
the current boundary of the Kapok West Mineral Resource including:
o 5.0m @ 22.4% Pb+Zn in KW10-026
o 12.0m @ 20.4% Pb+Zn in KW10-035
o 23.0m @ 11.3% Pb+Zn in KW10-049
o 9.0m @ 19.8% Pb+Zn in KW10-054
o 19.0m @ 19.4% Pb+Zn in KW10-056
o 9m @ 15.2% Pb+Zn in KW10-070
o 9m @ 22.5% Pb+Zn in KW10-071
The Kapok West drilling program has more than doubled the Inferred Mineral
Resource for Kapok West from 1.22Mt @ 4.3% Zn and 9.0% Pb, above a
combined 5% zinc cutoff (classified as Inferred in accordance with the
JORC
Code 1999), as reported in May 2009, to 2.9Mt @ 3.1% Zn, 5.5% Pb and
13.9g/t
Ag, above a combined 3% zinc plus lead cutoff (classified as Inferred in
accordance with the JORC Code 2004);
The current Inferred Mineral Resource for Kapok West includes only 32 of
the
76 drill holes completed at Kapok West by Meridian plus 65 historical
holes.
A
new Mineral Resource estimation is currently underway for Kapok West and
will be announced before the end of September.
This will include results
from
all 76 holes completed by Meridian;
Including the results from holes KW10-073 -- KW10-076 released today,
assay
results for all 76 drill holes have been released for Kapok West.
Of these,
33
holes are classified as infill holes and 43 as extensional drill holes.
Australian resources company Meridian Minerals Limited (Meridian or
Company) (ASX: MII) today announces the initial phase of infill and
extensional drilling has been completed at the Kapok West prospect, on the
Lennard Shelf Project ("Lennard Shelf"), as a part of the Emanuel Range
Bankable Feasibility Study.
A total of 76 diamond drill holes, for 35,266m,
have been completed.
Of these drill holes, 43 were drilled with the
objective of extending the currently defined Kapok West JORC compliant
Inferred Mineral Resource and 33 holes were drilled as a part of an infill
drill
program.
Meridian‟s Managing Director, Jeremy Read, said that Meridian is
extremely pleased with the results from the Kapok West drill program as a
number of new lenses of high grade lead and zinc have been located both
within and outside the current boundary of the Kapok West Mineral
Resource.
"The most pleasing aspect of the Kapok West drill program is that we have
located new, thick lenses of lead-zinc mineralisation and a number of these
lenses have been very high grade with combined lead and zinc grades in
excess of 20%," Mr Read said.
"In June, we released a new Inferred Mineral Resource for Kapok West which
at 2.9Mt @ 8.6% Pb+Zn more than doubled the size of the Kapok West Mineral
Resource which existed when Meridian acquired the Project.
However, this
Mineral Resource only includes 32 of the 76 holes we
have drilled at Kapok West, so we are eagerly awaiting a further revision
of the Kapok West Mineral Resource which will include all the drill holes
completed by Meridian."
"Our aim is to release the new Mineral Resource model for Kapok West before
the end of September."
The overall scope of the Kapok West drilling program was increased from the
initially planned 39 drill holes, to 76 drill holes, due to the positive
results achieved.
It is possible that further drilling will need to be
completed at Kapok West in order to report a JORC Code (2004) compliant
Indicated Mineral Resource.
The amount of drilling required will be
determined following completion of the new Mineral Resource for Kapok West
in September.
Kapok West Drill Program
In late November 2009, Meridian commenced a Bankable Feasibility Study
(BFS‟) to determine the viability of recommencing mining of the
Kapok Mineral Resource and establishing new mining operations at the Kapok
West and Cadjebut Splay Mineral Resources.
This study is termed the Emanuel
Range BFS, due to the geographic location of Kapok, Kapok West and Cadjebut
Splay in the Emanuel Range region of the Lennard Shelf Project (Figure
One).
The initial part of the BFS comprised a diamond drilling program to drill
out the immediate extensions of the Kapok West Mineral Resource.
The
extensional drilling resulted in greater definition of the limits of the
Kapok West mineralisation.
Infill drilling at Kapok West was also conducted
with the ultimate objective being to report an Indicated Mineral Resource
in accordance with the JORC Code (2004).
The infill and extensional
drilling continued in parallel and both aspects of the drill program were
completed in August.
A total of 76 diamond drill holes were completed with
43 drill holes being
classified as "Extension" drill holes and 33 as "Infill" drill holes.
Results for drill holes KW10-073 -- KW10-076 are being released today (see
Table One, Figure Two).
A revision of the current Kapok West Mineral
Resource is currently in progress utilising the 76 drill holes completed at
Kapok West by Meridian, in addition to the 65 historical drill holes.
Meridian is aiming to announce this further revision of the Kapok West
Mineral Resource prior to the end of September.
The new Kapok West Mineral
Resource will be a key input into the Emanuel Range BFS.
To download the full announcement click here:
http://www.meridianminerals.com.au/releases/0000000414.pdf
For further information please visit www.meridianminerals.com.au or
contact:
Mr Jeremy Read
Managing Director
Meridian Minerals Limited
Tel: 07 3225 0400
Mob: 0409 484 322
Mr James Harris
Professional Public Relations
Tel: 08 9388 0944
Mob: 0400 296 547
Em:
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