🕐17.11.10 - 01:27 Uhr

Azimuth Resources - Hicks Project Drilling Intersects 30m at 7.68g/t Gold



ASX / Media Release 17 November 2010 Azimuth Resources Intersects High Grade Gold at Hicks Prospect Highlights: Drilling intersects 30m @ 7.68g/t gold Ongoing drilling to delineate maiden JORC code compliant resource Acquisition of drilling rig and support equipment Azimuth Resources Limited (ASX: AZH) ("Azimuth" or the "Company") is pleased to announce results of the first three reverse circulation holes drilled at the Hicks prospect located on the Companys West Omai Gold Project, Guyana, South America.

These are the first holes drilled as part of an 8,000 metre resource definition drilling program to define a maiden JORC code compliant resource at the Hicks prospect. The first hole, HRC‐001, was abandoned before it reached the main Hicks ore zone, but intersected 3m @ 1.55g/t Au in a poorly explored zone parallel to the main Hicks mineralisation. The second hole, HRC‐002, was drilled as a scissor hole to intersect the main Hicks zone mineralisation that HRC‐001 was targeting.

It intersected 30m @ 7.68g/t Au from 54‐ 84m, including 1m @ 30.03 g/t Au and 1m @ 21.76 g/t Au (see Table 1). Mineralisation intersected in HRC‐002 is steeply dipping (>80⁰) and is estimated to have a true width of 21 metres.

The mineralisation is in the oxide zone between 54‐72 metres, the transition zone between 72‐75 metres, and in fresh rock between 75‐84 metres.

Gold mineralisation is hosted by strongly sheared and quartz veined intermediate metavolcanics with 2‐5% disseminated pyrite in the fresh rock. The mineralised interval encountered in HRC‐002 is somewhat unexpected as mineralisation intersected in historic drill holes DH94‐04 and DH94‐15 (see figure 2), below HRC‐002, is of only moderate grade and width and there is no surface sampling immediately above.

Consequently modelling of the Hicks zone from historic data has interpreted it to become thin in this region.

It has now been assessed that it is possible that mineralisation encountered in HRC‐002 may represent part of a structurally controlled, plunging, high grade ore shoot within the generally planar shear hosted mineralisation at Hicks.

However until further drilling has been completed the orientation, continuity and extent of such a shoot remains to be determined. The third hole, HRC‐003, was drilled at the northern extremity of drilled mineralisation at the Hicks prospect, where mineralisation thins. HRC‐003 intersected 4m @ 0.25 g/t Au which is of a similar tenor to mineralisation intersected near surface by historic diamond drill hole OCG98‐89 ‐ which intersected 2.5m @ 0.64 g/t Au approximately 6m below the mineralisation intersection in HRC‐003. General Progress Reverse Circulation drilling commenced on October 16, 2010 and to date 10 holes have been completed with a total of 748 metres drilled.

Slower than expected progress is due to mechanical issues with the rig and inexperienced drillers operating the drill rig.

The mechanical issues have now been resolved and Azimuth has purchased the drilling rig, booster and all required support equipment from the contractor.

Azimuth has also hired its own drillers, who have extensive experience in drilling the geological environment encountered at Hicks.

The Company also intends to commence a night shift shortly to expedite drilling and complete the 8,000 metre resource definition drilling program at the Hicks prospect, prior to drill testing other prospects within the West Omai Project Area.
To download the full ASX announcement click here: http://ir.iguana2.com/epsilon/news-item?S=AZH&E=ASX&N=515600
For further information please contact: Mr Josh Ward Company Secretary Azimuth Resources Ltd Tel: (08) 9482 0540 Em:
Mr James Harris Professional Public Relations Tel: (08) 9388 0944 Mob: 0400 296 547 Em:
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