🕐17.05.12 - 04:54 Uhr

KORAB RESOURCES LTD [KOR] - SPECTACULAR COPPER RESULTS FROM ASHBURTON DOWNS





Fortbridge Media Release

Korab Resources Ltd [KOR] - Spectacular Copper Results From Ashburton Downs

17 May 2012
SPECTACULAR COPPER RESULTS FROM ASHBURTON DOWNS
� Significant new copper complex in the Ashburton Basin south of Paraburdoo comprising North Mount Elephant, Green Elephant, East Elephant and Mount Elephant
� Green Elephant copper anomaly covers two square kilometers (2,000,000 square meters) with some 970,000 square meters of visible copper mineralisation
O Multiple assays grading 5% to 20% copper
O Four trenches of over 10m length each averaging greater than 5% copper
� Up to 45% (450,000 ppm) copper assays in rock chip samples at Mount Elephant
� EM surveys show 2.5 km long conductor coinciding with high grade copper assays
Korab Resources Limited (�Korab� or �the Company�) (ASX:KOR) is pleased to advise that material historical exploration results have recently been received, collated and interpreted by the Company in respect of its Ashburton Downs project.
The Ashburton Downs project, located 25km due south of Paraburdoo and 5km south west from Mt Olympus gold mine, consists of granted tenement E08/2115, covering an area of 380km2. Korab secured the Ashburton Downs project in late 2010 after noting the extensive gold and copper mineralisation within the area. The Company has also applied for additional tenements in the surrounding area.
The setting and the mineralisation style of the Green Elephant Complex (Mount, North, East and Green Elephant and Green Kangaroo) bears close similarity with those of the Zambian copper belt where similar rock types host the copper mineralisation. The Company believes it is highly likely that these 5 anomalies, which cover an extensive area, form part of the same mineralised structure. The extent of the mineralisation can only be determined following extensive drilling, however the initial, early stage exploration results highlight the potential for the Green Elephant Complex to be one of Australia�s most exciting copper prospects.
A recently completed review and interpretation of the extensive historical exploration results highlights the significant potential of the Ashburton Downs project. Results show widespread copper and gold mineralisation, both in discrete, very high grade samples, and over large bulk samples from trenches, costeans and grab pits. Korab supplemented the review of historical data with a number of site visits and field surveys to verify aspects of the historical data. Significant results include:
� Copper assays in rock chip samples at the Mount Elephant anomaly grading up to 45% with multiple assays grading between 2% and 19%;
� Rock chip samples delivering copper values of over 20% and gold grades of over 10g/t at the North Mount Elephant anomaly;
� A significant structure covering an area of circa two square kilometres with some 970,000 square meters of visible copper mineralisation, including 300,000 square meters of cuprous outcrop at the Green Elephant � Green Kangaroo. Multiple assays over 5%, four trenches of over 10m length each averaging greater than 5% copper; and multiple trenches grading between 3% and 5%
Whilst previous exploration was very promising, the relative remoteness of the Ashburton Downs project area, coupled with the lack of modern exploration tools such as helicopter borne VTEM surveys and mobile metal ions sampling (MMI) to assist targeting, led to previous explorers failing to follow through on their prospective results with significant drilling programs.
Korab intends to follow-up with an MMI program accompanied by helicopter electromagnetic surveys designed to delineate discrete drilling targets, followed by a preliminary drilling program.
Initial work to facilitate this program has already been completed during recent site visits, with additional field work planned to commence next week. This drill hole targeting program is expected to take approximately three months to complete, with results expected in 3Q 2012. Timing will, to a certain extent, be weather dependent, with parts of the area subject to occasional flooding. Further exploration activities will be definitively planned following the outcome of the drill hole targeting program. Project is operated by Korabs wholly owned subsidiary Australian Copper Pty Ltd.
COPPER PROSPECTS AT ASHBURTON DOWNS PROJECT
The Ashburton Downs project is located 25km south of Paraburdoo on the southern edge of the Pilbara Craton � within Ashburton Fold Belt � in a zone of very high hydrothermal activity and multiple zones of deformation, with multiple geological events leading to depositions and re-mobilisation of minerals.
North Elephant Prospect
The North Mt Elephant anomaly is approximately 1km long and ranges up to 30m wide, trending in a WNW direction. Further narrow outcrops can be followed for another 1km along strike to the west. The mineralisation has developed on a strike fault between sandstone and siltstone. Within the mineralised zone, the mineralisation has developed in a quartz � sulphide stockwork with the highest grades probably in shoots. Within the main developed zone, copper values can be extreme (20%+), gold has been recorded greater than 10g/t, along with anomalous antimony, bismuth and arsenic. Previous exploration has been directed towards exploration of the central gossan, however geochemical anomalies suggest that the mineralisation is far more extensive and is obscured by the surrounding shallow soil cover.
Green Elephant � Green Kangaroo Prospect
These anomalies were originally delineated as two separate outcrops of malachite stained gossan. Field mapping has shown that they form part of the same copper zone comprising approximately 1,000,000 square meters of copper mineralisation with an additional 1,000,000 square meters of intense associated alteration. This gives a total area of the anomaly of about two square kilometres (2,000,000 square meters) with some 970,000 square meters of copper staining including 300,000 square meters of cuprous outcrop. Further outcrops occur to the south east along strike. The major rock type is sericitic sandstone, which has been intensely intersected by quartz veins in a stockwork which are also associated with sulphide mineralisation The copper occurs on the surface as malachite, chrysocola and cuprite. Associated with these minerals is martite � iron oxide derived from pyrite and maintaining the pyrites original crystal shape.
This mineralisation has developed in a favourable structural location in that:
1. It occurs on or near the contact between the Ashburton and Capricorn sedimentary formations.
2. It occurs on a prominent NNE trending fault zone intruded by quartz which in places is up to 20m thick. On this same fault gold mineralisation has been discovered at the Mt Olympus deposits (Coliseum, Amphitheatre, etc), 20km to the NNE.
3. It occurs on a prominent WNW trending shear fault zone. This broad zone has a strike length of about 200km and contains some twenty separate mineralised zones.
The setting and the mineralisation style of the Green Elephant Complex bears close similarity with major copper deposits, most notably those of the Zambian copper belt where similar rock types host the copper mineralisation. The fact that all sandstone in the project area at this stratigraphic level contains disseminated copper sulphides demonstrates origin similar to Zambian copper belt and other similar deposits. Undoubtedly, at the Green Elephant and Green Kangaroo gossans this is the primary source of copper. The presence of large gossans which have been derived from massive sulphides suggests a remobilisation into zones of tension within the sandstone. Such tension zones have formed as shear links structures associated with local strike faults.
The Green Elephant occurs stratigraphically in the same location as East Elephant but some 6km to the south on the same NNE trending fault and on a parallel WNW fault. The same WNW fault also includes the mineralisation at North Elephant. It is highly possible that North Elephant, East Elephant and Green Elephant form part of the same mineralised zone extending over a large area. Clearly, the extent of the mineralisation can only be determined following extensive drilling, however there is evident potential for Green Elephant Complex to be one of Australia�s most exciting copper prospects.
East Elephant Prospect
The East Elephant anomaly contains anomalous gold, silver, arsenic, silicon, copper, lead and zinc in a zone north of Mt Elephant. Work completed to date shows that East Elephant is the same style of mineralisation as the Green Elephant anomaly. The major mineralised unit is the sandstone, which occurs at the same horizon as at Green Elephant. Although the anomaly at the East Elephant is of a large lateral extent, it fails to outcrop, which has reduced exploration activity. Notwithstanding the poor outcrop, the inference from work completed to date suggests that the East Elephant anomaly is a major target.
FOR FURTHER INFORMATION, CONTACT:
Andrej Karpinski Shane Murphy
Executive Chairman FTI Consulting
(08) 9474 6166 (08) 9386 1233 or 0420 945 291




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