🕐08.04.10 - 04:02 Uhr
Mutiny unveil the Bligh prospect
Mutiny Gold Limited
ASX Announcement
8 April 2010
Mutiny unveil the Bligh prospect
Key Points
- "BLIGH" prospect a new Mutiny discovery within the Bounty Zone,
- Mutiny recently conducted Mobile Metal Ion ("MMI") geochemical testing on
the lower southern Bounty Zone, within the White Well Gold Project in the
Murchison region of Western Australia,
- Testing was designed to identify additional gold anomalism and drill
targets within the Bounty Zone, a highly prospective mineralisation zone
within the prolific Tuckabianna gold belt,
- Response ratios calculated from MMI program confirm the potential for
additional mineralisation of the Bounty Zone, where grades to date are
similar to those achieved at the Genesis and Exodus gold discoveries 5km to
the south, this discovery is now named the Bligh Prospect,
- With the MMI results now received Mutiny will prepare an exploration
program to further test the mineralisation at the Bligh Prospect within the
Bounty Zone,
Australian diversified resources and exploration company, Mutiny Gold Ltd
(ASX: MYG) ("Mutiny" or "the Company"), continues the development of what
it believes is becoming a significant gold project in the Murchison region
ofWestern Australia (see Figure 1), with recent MMI geochemical testing on
the portions of the Bounty Zone confirming a new exploration discovery
called "Bligh".
The Bligh prospect adds to the potential for significant
mineralisation of the Bounty Zone, where grades to date are similar to
those achieved by ASX listed Silver Lake Resources Limited (ASX: SLR) at
the Genesis and Exodus gold discoveries 5km to the south.
In December 2009, Mutiny undertook a soil program at the Bounty Zone,
within the White Well Gold Project, utilising the MMI assaying technique.
The purpose of this testing was to identify additional mineralisation and
drill targets within the Bounty Zone, identified by Mutiny in late 2009 as
having a 400,000 to 750,000 oz gold mineralisation target with grades
predicted to be between 2-3 g/t.
The MMI soil program consisted of 200m line spacing and 20m sample
stations, totalling 190 samples.
It specifically tested three known
mineralisation hosts.
Targets included previously untested extensions of
granitic porphyries defined by the Bounty Zone phase one drill program and
the 4km of interpreted Banded Iron Formations (BIF) that runs north-south
along the eastern half of the tenement (see ASX announcement 5 November
2009), along with a series of palaeochannels, known for their near surface
high grade gold expressions.
MMI response ratios in the southern portion averaged over four (4) times
the background results calculated from over 70 samples taken and assayed
(see Figure 3).
The highest response ratio was over 17 times the background
results in this area and also defined a strike length of over 500m of a
greater than 7.5 response ratio anomaly called the Bligh prospect.
The
sampling in the south targeted interpreted BIF horizons defined previously
from Total Magnetic Intensity (TMI) interpretation.
These BIF units are a
significant host to mineralisation throughout the Tuckabianna Belt, a belt
that is host to over 1,000,000 oz gold in both resources and historic
production.
It is also significant that the strike length of the interpreted BIF units
extends to the south.
The BIF units in the south appear to be an important
factor in the newly discovered Genesis and Exodus prospects defined by
Silver Lake Resources Ltd only 5km to the south of the White Well tenement.
Grades reported from both these prospects by Silver Lake Resources Ltd
included 9m @ 1.8 g/t from Genesis and 6m @ 1.70 g/t from Exodus, it is
these grades that Mutiny remains confident of replicating with further
testing of the anomalies.
Further to the confidence in the Bounty Zone target is that the grades from
Mutinys September 2009 drilling campaign are showing a strong similarity
with the Genesis and Exodus results.
Mutinys results, including 10m @ 1.20
g/t gold and 7m @ 1.81 g/t which also included 1m @ 9.61 g/t and 1m @ 5.13
g/t have given Mutiny the belief that the Bounty Zone remains a strong
exploration target for the company.
It is these grades from Exodus and
Genesis coupled with both the grades returned from the first phase of the
Bounty Zone drilling and the strong Bligh anomaly from the MMI work that
re-affirm Mutinys belief in the Bounty Zone as a exploration target in the
order of 400,000 to 750,000 oz gold at a grade of 2-3 g/t.
With the MMI results now received, Mutiny will prepare an exploration
program to further test the mineralisation within the Bligh prospect.
Details of this program will be released to the market once finalised.
To view the full ASX announcement use this link.
http://esp.gewru.com/download/files/12414/1132253/Mutiny%20unveil%20the%20Bligh%20prospect.pdf
For further information please contact:
John Greeve
Mutiny Gold Ltd
Tel: 08 9368 2722
Email:
Karen Oswald
Professional Public Relations
Tel: 61 8 9388 0944
Email:
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