Maiden Drilling Confirms Potential of Mount Ararat VMS Copper Project

September 10, 2014

Every hole drilled to date hits copper-gold-zinc-silver mineralisation with maiden drilling programme also confirming potential for an additional VMS discovery at the Carroll’s prospect 

HIGHLIGHTS

  • Encouraging grades of copper-gold-zinc-silver mineralisation, including individual assays of up to 5.98% Cu, returned from every drill hole into the EM conductor at the north end of the Mount Ararat copper-gold VMS, with results including:
    • 5m at 2.10% copper, 0.56 g/t gold, 0.48% zinc and 9 g/t silver, including
      • 2m at 3.37% copper, 0.73 g/t gold, 0.47% zinc and 14 g/t silver
    • 3m at 2.64% copper, 0.17 g/t gold, 0.31% zinc and 3 g/t silver
    • 1m at 5.89% copper, 0.55 g/t gold, 2.31% zinc and 17 g/t silver
  • An unexpected intercept of gold mineralisation was also returned in the footwall to the expected VMS mineralisation, similar in character to that at the Stawell Gold Mine, comprising a 13 metre interval (one x 1 metre sample destroyed at the lab and is being re-sampled) which returned 12m at 0.97g/t goldincluding:
    • 3m at 3.04 g/t gold

Observed sulphide mineralisation, magnetite and manganese-rich intervals in RC drill holes completed into the upper portion of the Carroll’s prospect ground EM conductor plate has confirmed a highly prospective VMS exhalative environment.

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