AIM: EMED
21 August 2007
EMED Mining Public Limited (“EMED Mining” or “the
Company”) announces the best drilling intercept of gold mineralisation
achieved to date at the Biely Vrch Prospect at the Detva Licence in central Slovakia.
Drillhole DVE11 intercepted 371m at 1.34g/t gold from 30m
downhole to the end of the drillhole. Nearby drillhole DVE12 intercepted 150m
at 0.53g/t gold from surface with assays pending on the remainder of that
hole.
These two drillholes are located approximately 130m to the south of
the previously reported zone of mineralisation with then-estimated 15 to 23
million tonnes at an average grade of 1.0g/t gold, containing approximately 0.5
to 0.7 million ounces. Drillholes DVE11 and DVE12 are therefore part of a
program which is to date successfully expanding the previously reported zone of
mineralisation. In due course in-fill drilling would seek to define an initial
JORC-compliant Mineral Resource at Biely Vrch.
The Company also announces that it has been granted a 16km2
Exploration Licence within EMED Mining’s Detva Licence. This licence
covers the Klokoc prospect which contains a small gold resource defined by
previous explorers and appears to have the characteristics of a porphyry gold
deposit and, in light of recent insights, warrants follow-up by EMED Mining.
Background:
- Biely Vrch is
a classical porphyry gold system which is a deposit type
rare globally and exemplified by several multi-million ounce deposits in
the Maricunga belt of northern Chile.
- Porphyry gold
deposits typically occur in clusters and are usually large
(>100 million tonnes), low-grade (0.7g/t to 1.8g/t gold), bulk-mineable
deposits.
- Several other
prospects within the Company’s Slovakian Licence have been recognised as
having potential to host porphyry gold mineralisation, including the
Klokoc prospect.
Further background information on porphyry gold deposits is available in
EMED Mining’s Biely Vrch announcement dated 9 July 2007.
Commenting on the results, Managing Director Harry Anagnostaras-Adams
said:
“The beauty of porphyry gold systems is that substantial intervals
are consistently mineralised, enabling multi-million ounce orebodies to be
delineated relatively quickly.
“These first two holes in our current drilling program already suggest
that the size of the previously reported zone of mineralisation will be at
least doubled with further drilling. The deposit remains open to the north
and south, as well as six of the eleven drillholes assayed to date ending in
mineralisation.
“Porphyry gold deposits typically occur in clusters and
several nearby prospects in our 100%-owned, 20km by 10km Detva Licence are
already known to have the appropriate geology and geochemistry to host porphyry
gold mineralisation.
“Drilling continues at Biely Vrch and initial drilling of nearby
prospects is also planned.”
...announcement continues.