Drilling Report: Exploration Update - Tulu Kapi Gold Project, Ethiopia
November 12 2008 - 8:05AM
UK Regulatory
Drilling Report: Exploration Update - Tulu Kapi Gold Project,
Ethiopia
AIM
Release
12th November 2008
Minerva Resources Plc (AIM:MVA)
('Minerva Resources' or 'the Company')
Exploration Update - Tulu Kapi Gold Project, Ethiopia
Highlights
* Final stage of Inferred Resource drilling programme has commenced
* Infill drill programme comprised of a planned 17 diamond drill
holes totalling over 3500 metres, to complete an 80 by 40 metre
drill-hole pattern, to a vertical depth of 200m below surface.
* Preparation of an up-dated resource model targeted for completion
by the end of the first quarter 2009
* Further drill results at Tulu Kapi expected to be announced later
this month
Terry Ward, Managing Director, commented today, "The excellent gold
assay results from the third phase of drilling at Tulu Kapi have
confirmed the depth and strike continuity of the high grade gold
lodes. The mineralised zone continues to be open in all directions
along strike and down-dip. Initial exploration will concentrate on
expanding the known resource along strike. However, this stage of
the drill programme, which has commenced, will focus on increasing
the drilling density inside known mineralisation in order to
facilitate resource modelling to a JORC compliant Inferred Resource
level. This is expected to be completed by the end of the first
quarter 2009
The results to date from Tulu Kapi, together with recently announced
intersections from Dina, continue to support the establishment of
developing regional gold province."
Tulu Kapi Prospect (100% Minerva Resources)
The directors of Minerva Resources are pleased to announce that a
major fourth phase of diamond drilling has commenced at the company's
advanced gold project at Tulu Kapi, in western Ethiopia. This drill
program comprises a planned 17 drill holes that will infill the
current drill grid to 80 by 40 metre spacing and test the deposit to
a vertical depth of 200m below surface. Completion of this program
should allow the preparation of an initial JORC Compliant Inferred
Resource model by the end of the first quarter 2009.
Drilling results from earlier drill phases have confirmed the
competent persons report (ACA Howe International Ltd) that the style
of mineralisation at Tulu Kapi has similar characteristics to other
bulk tonnage deposits hosted within the Arabian Nubian shield.
Minerva Resources has completed 25 diamond drill holes on 80 metre
spaced sections, over a 600m strike length. These holes have
delineated several sub-parallel zones of gold mineralisation that can
be correlated from section to section. The thickness and grade
continuity confirms Howe's assessment that Tulu Kapi has "significant
potential for a large gold resource".
Previously announced best drill intersections from Tulu Kapi have
included:
TKBH-04
From 46.4 to 84.3m: 37.9m @ 1.6g/t Au (with 157g/t cut to 31.1g/t Au)
TKBH-06
From 140.7 to 160.8: 14.1m @ 2.7g/t Au including 5.0m @ 6.3g/t Au
TKBH-10
From 28.0 to 48.7m: 20.7m @ 4.8g/t Au including 5.3m @ 13.2g/t Au
From 87.8 to 98.8m: 11.0m @ 2.0 g/t Au
TKBH-11
From 16.0 to 32.0m: 16.0m @ 1.7g/t Au including 4.7m @ 3.1g/t Au
TKBH-12
From 0.50 to 19.0m: 18.5m @ 4.3g/t Au including 9.6m @ 5.7g/t Au
From 56.6 to 68.4m: 11.8m @ 4.6g/t Au
TKBH-14
From 59.0 to 63.0m: 4.0m @ 10.2g/t Au including 1.0m @ 37.2g/t Au
TKBH-18
From 39.0 to 45.0m: 6.0m @ 4.0g/t Au including 1.2m @ 6.7g/t Au
TKBH-21
From 16.0 to 31.3m: 15.3m @ 7.3 g/t Au, including 4.0m @ 17 g/t Au
All gold intersections are associated with highly bleached, albite
and sulphide altered zones in syenite.
The deposit is located on the flanks and centre of a large hill,
rising from an elevation of 1,640m at its base to 1,770m at its peak.
A UNDP borehole, drilled in the 1970's, intersected 0.7m @ 27.0g/t
Au, 650m to the north east of the most northern fence line drilled by
Minerva to-date, demonstrating the project's continued strike
potential.
The work continues to rank Tulu Kapi as one of the most promising
gold projects in Ethiopia.
Qualified Person
The information in this release which relates to exploration results
is based on information compiled by Tim Craske, BSc(Hons), MAIG,
AFAIM. Mr Craske is General Manager Exploration for Minerva Resources
and has over 25 years experience in gold and base metals exploration
and resource estimation. He is auditing the current drill programme
and is responsible for signing off exploration results for news
releases to the market. Mr Craske 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:
Terry Ward
Minerva Resources plc
Tel: +44 (0)20 73795012 / (0) 7989571576
terry.ward@minervaresources.com
web: www.minervaresources.com
Nick Rome
Bishops Gate Communications Ltd
Tel: +44 (0)20 7562 3350
minerva@bishopsgatecommunications.com
James Joyce / Sarang Shah
W. H. Ireland
Tel: +44 (0)20 72201666
james.joyce@wh-ireland.co.uk
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
Project, the 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.
Scout drilling programmes have been undertaken at the Gudeya-Guji and
Guji gold prospects and one is underway at the Dina gold prospect,
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.
Minerva Resources also has a presence in Central Asia, operating a
Technical Services Division undertaking contract drilling and the
provision of geological services from the Kyrgyz Republic.
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.
Appendix A
+-------------------------------------------------------------------+
| Tulu Kapi - Significant Down Hole Intersections |
|-------------------------------------------------------------------|
| Hole | Hole | From | To (m) | Length | Au | Comments |
| Number | dip | (m) | | (m) | (g/t) | |
| | | | | | | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 01 | -60 | 10.3 | 20.3 | 10.0 | 2.1 | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 02 | -60 | 137.3 | 143.0 | 5.7 | 2.9 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 147.9 | 153.9 | 6.0 | 1.9 | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 04 | -50 | 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 | -50 | 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 | -50 | 146.7 | 160.8 | 14.1 | 2.7 | Including |
| | | | | | | 5.0m @ |
| | | | | | | 6.3g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 07 | -50 | 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 | -50 | 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 | -70 | 75.3 | 76.5 | 1.2 | 5.8 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 118.5 | 122.0 | 3.5 | 2.6 | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 10 | -51 | 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 | -50 | 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 | -50 | 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 | -50 | 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 | -47 | 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 | -60 | 35.4 | 36.0 | 0.6 | 11.2 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 103.5 | 104.5 | 1.0 | 3.4 | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 16 | -50 | 35.4 | 36.00 | 0.6 | 11.2 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 63.0 | 64.0 | 1.0 | 1.2 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 103.5 | 104.5 | 1.0 | 3.1 | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 17 | -50 | 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 |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 18 | -50 | 39.0 | 45.0 | 6.0 | 4.0 | Including |
| | | | | | | 1.2m @ |
| | | | | | | 6.7g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 19 | -50 | 24.3 | 25.3 | 1.0 | 3.7 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 30.9 | 35.0 | 4.1 | 1.2 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 57.3 | 58.1 | 0.8 | 3.0 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 89.6 | 90.9 | 1.3 | 9.8 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 145.8 | 146.7 | 0.9 | 1.9 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 176.2 | 177.0 | 0.8 | 5.0 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | | | | | **TABLE |
| | | | | | | CONT/D OVER |
| | | | | | | PAGE |
|-------------------------------------------------------------------|
| Tulu Kapi - Significant Down Hole Intersections |
|-------------------------------------------------------------------|
| Hole | Hole | From | To (m) | Length | Au | Comments |
| Number | dip | (m) | | (m) | (g/t) | |
| | | | | | | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 20 | -50 | 0.0 | 1.7 | 1.7 | 2.2 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 52.0 | 55.0 | 3.0 | 2.6 | Including |
| | | | | | | 1.0m @ |
| | | | | | | 4.1g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 59.1 | 65.0 | 5.9 | 3.7 | Including |
| | | | | | | 0.9m @ |
| | | | | | | 5.6g/t Au |
| | | | | | | and |
|----------+--------+-------+--------+--------+-------+-------------|
| | | | | | | 1.0m @ |
| | | | | | | 7.0g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 94.1 | 95.0 | 0.9 | 2.6 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 96.0 | 98.0 | 2.0 | 3.3 | Including |
| | | | | | | 1.0m @ |
| | | | | | | 5.0g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 99.0 | 100.0 | 1.0 | 2.4 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 201.0 | 204.5 | 3.5 | 13.0 | Including |
| | | | | | | 1.0m |
| | | | | | | @19.2g/t Au |
| | | | | | | and |
|----------+--------+-------+--------+--------+-------+-------------|
| | | | | | | 0.5 @ |
| | | | | | | 15.3g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 215.2 | 216.0 | 0.8 | 6.4 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 245.0 | 247.0 | 2.0 | 5.0 | |
|----------+--------+-------+--------+--------+-------+-------------|
| TKBH 21 | -50 | 0.5 | 2.4 | 1.9 | 1.7 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 8.5 | 11.0 | 2.5 | 3.0 | |
|----------+--------+-------+--------+--------+-------+-------------|
| | | 16.0 | 31.3 | 15.3 | 7.3 | Including |
| | | | | | | 4.0m @ |
| | | | | | | 17g/t Au |
|----------+--------+-------+--------+--------+-------+-------------|
| | | | | | | |
+-------------------------------------------------------------------+
---END OF MESSAGE---
http://hugin.info/138282/R/1269062/280492.pdf
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Minerva Res (LSE:MVA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Minerva Res (LSE:MVA)
Historical Stock Chart
From Aug 2023 to Aug 2024
