Drilling Report: Exploration Update - Tulu Kapi Gold Project, Ethiopia
December 17 2008 - 1:31AM
UK Regulatory
Drilling Report: Exploration Update - Tulu Kapi Gold Project,
Ethiopia
AIM
Release
17th December 2008
Minerva Resources Plc (AIM:MVA)
('Minerva Resources' or 'the Company')
Exploration Update - Tulu Kapi Gold Project, Ethiopia
Highlights
* Assay results from the last 4 holes of the previous diamond
drilling programme have been received
* A number of significant intersections in drill hole TKBH 25
include: 2.2m @ 2.2g/t Au, 3m @ 5.4g/t Au, 9m @ 2.1g/t Au and
2.9m @ 15.2g/t Au
* Final stage of Inferred Resource drilling programme (Phase Four)
at Tulu Kapi has commenced with 4 new drill holes completed (TKBH
26 to 28)
* Initial assay results from Phase Four drilling are expected to be
announced January 2009
Terry Ward, Managing Director, commented today, "The gold assay
results from the third phase of the Tulu Kapi drilling programme
continue to prove up thick intersections of good grade gold
mineralisation at the south end of the exploration grid."
"The ongoing Phase Four drilling is currently focussing on expanding
this zone that is open both down dip and along strike. The remaining
holes from Phase Four will focus on increasing the drilling density
to facilitate resource modelling to a JORC compliant Inferred
Resource level."
"These results together with continuing work at nearby prospects of
Dina, Gudeya-Guji and Guji, continue to establish this area as a
developing regional gold province."
Tulu Kapi Prospect (100% Minerva Resources)
The directors of Minerva Resources are pleased to announce additional
significant gold intersections from Tulu Kapi project in western
Ethiopia. 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 style of mineralisation at Tulu Kapi has
similar characteristics to other bulk tonnage deposits hosted within
the Arabian Nubian shield.
Minerva Resources has completed 28 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 AC Howe's assessment that Tulu Kapi has
"significant potential for a large gold resource".
New drill intersections from Phase Three drilling at Tulu Kapi have
included:
TKBH-22
From 2.0 to 6.0m: 4.0m @ 1.6g/t Au
TKBH-23
From 10.0 to 11.0m: 1.0m @ 0.9g/t Au good bleached syenite but
relatively few sulphides
TKBH-24
From 129.0 to 130.6m: 1.6m @ 1.32g/t Au from albitised bleached
syenite with minor veins
From 132.0 to 133.0m: 1.0m @ 0.82 g/t Au from blebby pyrite bearing
albitised syenite
TKBH-25
From 59.0 to 61.2m: 2.2m @ 12.3g/t Au
From 105.0 to 108.0: 3.0m @ 4.4g/t Au including 1.0m @ 9.0 g/t Au
From 110.0 to 119.0: 9.0m @ 2.1g/t Au including 1.0m @ 6.6 g/t Au
From 188.4 to 191.3: 2.9m @15.23 g/t Au including 0.9m @ 33.1 g/t Au
All gold intersections are associated with highly bleached, albite
and quartz veined sulphide altered zones in syenite, with the deepest
intersection in TKBH 25 also being associated with shearing and
pyrite, chalcopyrite and galena bearing quartz veins.
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
Bishopsgate 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,
that are all 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 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | With 157g/t |
| | | 46.4 | 84.3 | 37.9 | 1.6 | 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 |
|-------------------------------------------------------------------|
| | | | | | | Including |
| TKBH 05 | -50 | 36.7 | 41.9 | 5.2 | 2.7 | 3.0m @ |
| | | | | | | 3.7g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 71.8 | 75.7 | 3.9 | 2.9 | 1.1m @ |
| | | | | | | 6.9g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 06 | -50 | 146.7 | 160.8 | 14.1 | 2.7 | 5.0m @ |
| | | | | | | 6.3g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 07 | -50 | 53.5 | 62.3 | 8.8 | 2.2 | 5.0m @ |
| | | | | | | 4.9g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | 95.8 | 96.7 | 0.9 | 2.3 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 112.2 | 117.1 | 4.9 | 2.9 | 1.2m @ |
| | | | | | | 10.4g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | 121.8 | 122.8 | 1.0 | 2.3 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | 157.0 | 157.6 | 0.6 | 13.8 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 08 | -50 | 64.9 | 80.6 | 15.7 | 2.7 | 6.9m @ |
| | | | | | | 4.5g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 87.8 | 98.8 | 11.0 | 2.0 | 6.8m @ |
| | | | | | | 2.6g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 107.0 | 111.1 | 4.1 | 5.8 | 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 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 28.0 | 48.7 | 20.7 | 4.8 | 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 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 11 | -50 | 16.0 | 32.0 | 16.0 | 1.7 | 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 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 12 | -50 | 0.5 | 19.0 | 18.5 | 4.3 | 9.6m @ |
| | | | | | | 5.7g/t Au |
| | | | | | | and |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | 3.1m @ |
| | | | | | | 6.1g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | 56.6 | 68.4 | 11.8 | 4.6 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 13 | -50 | 49.7 | 57.7 | 8.0 | 1.9 | 4.4m @ |
| | | | | | | 3.2g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 63.0 | 69.0 | 6.0 | 1.7 | 1.9m @ |
| | | | | | | 4.5g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 14 | -47 | 59.0 | 63.0 | 4.0 | 10.2 | 1.0m @ |
| | | | | | | 37.2g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 93.8 | 98.2 | 4.4 | 2.9 | 1.2m @ |
| | | | | | | 8.85g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 160.6 | 164.6 | 4.0 | 5.0 | 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 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 17 | -50 | 2.0 | 6.3 | 4.3 | 2.2 | 1.3m @ |
| | | | | | | 6.3g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 58.7 | 62.9 | 4.2 | 2.5 | 1.0m @ |
| | | | | | | 6.3g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | 67.0 | 68.0 | 1.0 | 5.8 | |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| | | 137.0 | 140.0 | 3.0 | 5.1 | 1.0m @ |
| | | | | | | 12.2g/t Au |
|----------+-------+--------+--------+--------+-------+-------------|
| | | | | | | Including |
| TKBH 18 | -50 | 39.0 | 45.0 | 6.0 | 4.0 | 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 |
|---------+------+-------+--------+--------+-------+----------------|
| | | | | | | Including 0.9m |
| | | 59.1 | 65.0 | 5.9 | 3.7 | @ 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 | |
|---------+------+-------+--------+--------+-------+----------------|
| | | | | | | Including 1.0m |
| | | 201.0 | 204.5 | 3.5 | 13.0 | @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 |
| | | | | | | @ 17.0g/t Au |
|---------+------+-------+--------+--------+-------+----------------|
| TKBH | -50 | 2.0 | 6.0 | 4.0 | 1.6 | |
| 22* | | | | | | |
|---------+------+-------+--------+--------+-------+----------------|
| TKBH | -50 | 10.0 | 11.0 | 1.0 | 0.9 | |
| 23* | | | | | | |
|---------+------+-------+--------+--------+-------+----------------|
| TKBH | -50 | 129.0 | 130.6 | 1.6 | 1.32 | |
| 24* | | | | | | |
|---------+------+-------+--------+--------+-------+----------------|
| | | 132.0 | 133.0 | 1.0 | 0.82 | |
|---------+------+-------+--------+--------+-------+----------------|
| TKBH | -50 | 59.0 | 61.2 | 2.2 | 2.3 | |
| 25* | | | | | | |
|---------+------+-------+--------+--------+-------+----------------|
| | | 105.0 | 108.0 | 3.0 | 4.4 | Including 1.0m |
| | | | | | | @ 9.0g/t Au |
|---------+------+-------+--------+--------+-------+----------------|
| | | 110.0 | 119.0 | 9.0 | 2.1 | Including 1.0m |
| | | | | | | @ 6.6g/t Au |
|---------+------+-------+--------+--------+-------+----------------|
| | | 188.4 | 191.3 | 2.9 | 15.23 | Including 0.9m |
| | | | | | | @ 33.1 g/t Au |
+-------------------------------------------------------------------+
* indicates the latest assay results. The other results have been
announced previously and are presented here for completeness of
reporting
---END OF MESSAGE---
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