Drilling Report: Exploration Update - Tulu Kapi Gold Project, Ethiopia
August 04 2008 - 5:22AM
UK Regulatory
Drilling Report: Exploration Update - Tulu Kapi Gold Project,
Ethiopia
AIM
Release
4 August 2008
Minerva Resources Plc (AIM:MVA)
('Minerva Resources' or 'the Company')
Exploration Update - Tulu Kapi Gold Project, Ethiopia
Highlights
* Additional drill results continue to show significant depth and
strike extensions of high grade gold mineralisation and
additional hydrothermally altered zones at Tulu Kapi
* Significant intersection results include 4.0m @ 10.2g/t Au (with
1.0m @ 37.3 g/t Au), 4.1m @ 5.0g/t Au (with 1.2m @ 14.8g/t Au),
3.0m @ 5.1g/t Au (with 1.0m @ 12.2g/t Au), 0.6m @ 11.2g/t Au and
1.0m @ 5.8g/t Au
* Drilling at the nearby Dina gold prospect shows mineralised
intersections beneath old workings.
* Assay results from the adjacent Gudeya-Guji and Guji gold
prospects are expected in the forthcoming month
Terry Ward, Managing Director, commented today, "The continuing
multiple mineralised intersections with high grade values support the
presence of a widely mineralised system at the Tulu Kapi project. The
initial results at Dina indicate that it may have the potential to be
included with the Gudeya-Guji and Guji prospects in the potential
establishment of a 'one treatment plant - multiple feed sources
scenario'".
Tulu Kapi Prospect (100% Minerva Resources)
Minerva Resources has completed 22 diamond drill holes on a 600m
section of a large gold zone delineated by numerous 1930s mine
workings and more recent exploration activity at its Tulu Kapi gold
prospect in western Ethiopia.
Additional assay results from holes 13 to 17 have been received and
are shown in Appendix A, with the previously announced results from
holes 1 to 12. The results from holes 18 to 22 are expected to be
received over the forthcoming month, delayed due to the excessive
demand on the assay laboratories.
The holes have been drilled, 40m apart, on fence lines at intervals
of 80m along a 600m length of the strike of the deposit on a
north-west/south-east base line. The aim was to examine the depth and
strike continuity and the grades of the altered zones, which were
identified in the initial scout drilling programme.
The deposit is located on the flanks and centre of a large hill,
which rises from an elevation of 1,640m at the base to 1,770m at the
top. A UNDP borehole, drilled in the 1970's, showed a 0.7m @ 27.0g/t
Au intersection some 650m to the north east of the northern most
fence line of the recent drill pattern.
The holes drilled recently confirm a significant depth extension, to
some 200m, of the two altered zones intercepted in the scout drilling
programme and also show several additional altered zones, of varying
thicknesses, beneath these zones. Visible gold is present in a couple
of core sections, while gold nuggets have been picked out of the soil
after rains. Independent preliminary petrographic studies indicate
that the gold mineralisation would give good recoveries using
standard processing techniques.
The zones remain open along strike in both directions and at depth.
Holes 23, 24 and 25 are being drilled at present to investigate the
continuity at depth.
Dina Prospect (100% Minerva Resources)
Reconnaissance work by the Company identified ancient gold workings
at Dina, situated 20km north-west of Tulu Kapi, in an area of
anomalous gold in stream sediments. Several old pits occur on a
northerly trending structure. The structure can be traced over a
strike length of more than 400 metres and over widths of up to 35m.
The initial diamond drill hole, in a three hole scout drilling
programme aimed at targets arising from a ground based geophysical
survey, intersected the expected mineralised target from 146 metres
to 180 metres down hole. The core has been forwarded for assay, with
results expected in the next six weeks.
The second hole has reached a down hole depth of 70 metres and
drilling is continuing. A mineralised quartz vein was intersected
from 46 metres to 70 metres down hole.
Qualified Person
The information in this release which relates to exploration results
is based on information compiled by Chris Wilson, BSc(Hons), PhD,
FAusIMM (CP), FSEG. Dr.Wilson is a consultant to Minerva Resources
and has provided Best Practice and QA/QC training resources to the
Company's geologists in Ethiopia. He is auditing the current drill
programme and is responsible for signing off exploration results for
news releases to the market. Dr. Wilson is a Competent Person as
defined in the Australian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves and has reviewed and approved this
release.
For further information please contact:
Roger Clegg
Minerva Resources plc
Tel: +44 (0)20 76344700
roger.clegg@ambrian.com
web: www.minervaresources.com
Jane Stacey / Ed Portman
Conduit PR
Tel: +44 (0)20 74296606 / (0)7922923306
jane@conduitpr.com
James Joyce
W. H. Ireland
Tel: +44 (0)20 72201666
james.joyce@wh-ireland.co.uk
Appendix A
+-------------------------------------------------------------------+
| Tulu Kapi - Significant Intersections |
|-------------------------------------------------------------------|
| Hole | From | To | Length | Au | Comments |
| Number | (m) | (m) | (m) | (g/t) | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 01 | 10.3 | 20.3 | 10.0 | 2.1 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 02 | 137.3 | 143.0 | 5.7 | 2.9 | |
|-----------+--------+--------+---------+--------+------------------|
| | 147.9 | 153.9 | 6.0 | 1.9 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 04 | 46.4 | 84.3 | 37.9 | 4.6 | |
|-----------+--------+--------+---------+--------+------------------|
| | 46.4 | 84.3 | 37.9 | 1.6 | With 157g/t Au |
| | | | | | cut to 31.1g/t |
| | | | | | Au |
|-------------------------------------------------------------------|
| Including several 0.3m to 1.1m intersections with grades ranging |
| from 2.1 to 4.2g/t Au |
|-------------------------------------------------------------------|
| TKBH 05 | 36.7 | 41.9 | 5.2 | 2.7 | Including 3.0m @ |
| | | | | | 3.7g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 71.8 | 75.7 | 3.9 | 2.9 | Including 1.1m @ |
| | | | | | 6.9g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 06 | 146.7 | 160.8 | 14.1 | 2.7 | Including 5.0m @ |
| | | | | | 6.3g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 07 | 53.5 | 62.3 | 8.8 | 2.2 | Including 5.0m @ |
| | | | | | 4.9g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 95.8 | 96.7 | 0.9 | 2.3 | |
|-----------+--------+--------+---------+--------+------------------|
| | 112.2 | 117.1 | 4.9 | 2.9 | Including 1.2m @ |
| | | | | | 10.4g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 121.8 | 122.8 | 1.0 | 2.3 | |
|-----------+--------+--------+---------+--------+------------------|
| | 157.0 | 157.6 | 0.6 | 13.8 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 08 | 64.9 | 80.6 | 15.7 | 2.7 | Including 6.9m @ |
| | | | | | 4.5g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 87.8 | 98.8 | 11.0 | 2.0 | Including 6.8m @ |
| | | | | | 2.6g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 107.0 | 111.1 | 4.1 | 5.8 | Including 2.1m @ |
| | | | | | 10.5g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 221.5 | 227.0 | 5.5 | 5.0 | |
|-----------+--------+--------+---------+--------+------------------|
| | 231.5 | 234.0 | 2.5 | 3.8 | |
|-----------+--------+--------+---------+--------+------------------|
| | 239.0 | 244.3 | 5.3 | 2.1 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 09 | 75.3 | 76.5 | 1.2 | 5.8 | |
|-----------+--------+--------+---------+--------+------------------|
| | 118.5 | 122.0 | 3.5 | 2.6 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 10 | 16.4 | 18.6 | 2.2 | 2.0 | |
|-----------+--------+--------+---------+--------+------------------|
| | 28.0 | 48.7 | 20.7 | 4.8 | Including 5.3m @ |
| | | | | | 13.2g/t Au and |
|-----------+--------+--------+---------+--------+------------------|
| | | | | | 3.0m @ 5.3g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 68.9 | 75.2 | 11.3 | 1.9 | |
|-----------+--------+--------+---------+--------+------------------|
| | 201.0 | 203.8 | 2.8 | 9.3 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 11 | 16.0 | 32.0 | 16.0 | 1.7 | Including 4.7m @ |
| | | | | | 3.1g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 55.0 | 56.1 | 1.1 | 18.0 | |
|-----------+--------+--------+---------+--------+------------------|
| | 162.0 | 165.3 | 3.3 | 2.5 | |
|-----------+--------+--------+---------+--------+------------------|
| | 185.0 | 186.7 | 1.7 | 4.6 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 12 | 0.5 | 19.0 | 18.5 | 4.3 | Including 9.6m @ |
| | | | | | 5.7g/t Au and |
|-----------+--------+--------+---------+--------+------------------|
| | | | | | 3.1m @ 6.1g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 56.6 | 68.4 | 11.8 | 4.6 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 13* | 49.7 | 57.7 | 8.0 | 1.9 | Including 4.4m @ |
| | | | | | 3.2g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 63.0 | 69.0 | 6.0 | 1.7 | Including 1.9m @ |
| | | | | | 4.5g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 14* | 59.0 | 63.0 | 4.0 | 10.2 | Including 1.0m @ |
| | | | | | 37.2g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 93.8 | 98.2 | 4.4 | 2.9 | Including 1.2m @ |
| | | | | | 8.85g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 160.6 | 164.6 | 4.0 | 5.0 | Including 1.1m @ |
| | | | | | 14.8g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 15* | 35.4 | 36.0 | 0.6 | 11.2 | |
|-----------+--------+--------+---------+--------+------------------|
| | 103.5 | 104.5 | 1.0 | 3.4 | |
|-----------+--------+--------+---------+--------+------------------|
| TKBH 17* | 2.0 | 6.3 | 4.3 | 2.2 | Including 1.3m @ |
| | | | | | 6.3g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 58.7 | 62.9 | 4.2 | 2.5 | Including 1.0m @ |
| | | | | | 6.3g/t Au |
|-----------+--------+--------+---------+--------+------------------|
| | 67.0 | 68.0 | 1.0 | 5.8 | |
|-----------+--------+--------+---------+--------+------------------|
| | 137.0 | 140.0 | 3.0 | 5.1 | Including 1.0m @ |
| | | | | | 12.2g/t Au |
+-------------------------------------------------------------------+
* indicates the latest assay results. The other results have been
announced previously and are presented here for completeness of
reporting.
Notes to Editors
Minerva Resources plc is a UK based mineral exploration and
development company quoted on London's Alternative Investment Market
(AIM: MVA). The Company is intent on delivering shareholder value by
increasing and developing its mineral resources in a socially and
environmentally responsible manner.
The main focus is resource development in Ethiopia where the Company
has first-mover advantage on prospective ground on the Arabian-Nubian
shield. Key projects include the gold resources at the Tulu Kapi,
Gudeya-Guji, Guji and Dina Prospects and the Yubdo Platinum Mine,
located in western Ethiopia, some 560km west of Addis Ababa.
Tulu Kapi was mined in the 1930s by an Italian company. In the 1970s,
the United Nations Development Programme (UNDP) mapped and drilled
Tulu Kapi. Tan Range Exploration carried out soil sampling and
further mapping and drilling in the 1990s. These two phases of work
confirmed mineralisation extending over a strike length of 1.5km. The
project is undergoing resource drilling on a 600m section at present,
after encouraging Minerva Resources ground mapping, data
reinterpretation and excellent scout drilling results.
Drilling programmes are also underway at the Gudeya-Guji, Guji and
Dina gold prospects, which are located in close proximity to Tulu
Kapi. The drilling has shown mineralised intersections on all three
prospects.
The results from the drilling on Tulu Kapi and the satellite
prospects and their close proximity point towards a new gold province
with the potential for the establishment of a 'one treatment plant
- -multiple feed scenario'.
The Company is examining the potential to expand the small scale
platinum production operations at Yubdo, some 25km from the Tulu Kapi
Project. A pilot gravity recovery plant has been installed, a
metallurgical research programme has been initiated and further
exploration activities have commenced on the 9km by 1.5km surface
expression of the orebody.
In Sierra Leone, the Company holds gold, platinum and diamond
exploration licences, which will for the most part continue to be
developed by existing Joint Venture partners.
- ---END OF MESSAGE---
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