Pioneer Resources Ltd (ASX: PIO)
ASX
RELEASE 19
April 2010
Drilling strikes more gold at Mt
Jewell
- New
preliminary drilling results from the Mt Jewell Project near Kalgoorlie
highlight the growing potential of this emerging project
- New
drill intersections included:
·
LDRC076: 16m at 2.30g/t Au from 136m including 5m at 3.81g/t
·
LDRC093: 13m at 2.20g/t Au from 109m including 6m at 3.00g/t
· LDRC096: 3m at 8.03g/t Au
from 121m
· LDRC094: 11m at 2.25g/t Au
from 72m including 3m at 3.24g/t
- Results
confirm the continuity of the down-plunge mineralisation at the Tregurtha
Prospect
- Drilling
confirms the broad nature of mineralisation at the Hughes Prospect, now
measuring more than 500m long and open to the north and south
- A
7,000m RAB drilling program at the Golden Cities North prospect, designed
to identify new reverse circulation drill targets, is 50% complete.
Pioneer Resources (ASX: PIO) is pleased to report
that drilling at its Mt Jewell Project, 55km north of Kalgoorlie, has produced
more significant assay results reinforcing the project’s growing gold
potential.
The preliminary results, such as those listed above and in
more detail in Table 1, confirm the down-plunge continuity of the Tregurtha
Prospect, and also confirm the significance of the second zone of
mineralisation, the Hughes Prospect, 1km south of Tregurtha.
These results are from composited samples for the next 22
holes of the recently completed 32 hole program. (7 holes were announced
on 5 March 2010.) Assay results from the last 3 holes and some 500 check
assays are due to be received in coming weeks. It is noteworthy that from
results received for holes LDRC064 to LDRC102, 22 holes have intersected gold
mineralisation grading above 1.0g/t Au, demonstrating how well mineralised
areas of the Mt Jewell Project are.
Pioneer Managing Director David Crook said the results for
Hughes were very encouraging and supported the Company’s belief that the extent
of the known mineralisation can be increased through targeted drilling.
Widespread holes were completed over 500m of strike length
at Hughes, with a number of the holes intersecting anomalous gold over broad
widths. The mineralisation remains open to the north and south.
At Tregurtha, drilling successfully intersected
mineralisation at several targeted gaps, increasing confidence in the Company’s
structural interpretation.
Now drilling
has moved south with an extensive RAB program set to identify new targets
While the Company is interpreting the new RC drill results
and planning the next round of resource definition drilling, the exploration
schedule sees activities move to the Golden Cities North Trend, 15km SW of
Hughes.
To date the Company has completed 50% of a 7,000m RAB
program to infill existing gold anomalies. The program is the next step
in a process to generate new prospects for RC drilling later this year.
Activity locations are shown on Figure 1.
“We are very keen to test the gold targets that we
identified from work completed during the 1990s. This work, which
included soil sampling and RAB drilling, identified a 6km gold trend which
extends into Pioneer’s tenements from the million ounce Golden Cities and
Federal deposits,” Mr Crook said.
The Tregurtha, Hughes and Golden Cities North Prospects are
100% held by Pioneer and located entirely within areas of sheared and altered
granodiorite. This geological setting is analogous to the Federal and
Golden Cities Deposits, located on adjacent tenements.
Yours faithfully
Managing Director
Figure
1. Project Location Plan showing Hughes and Tregurtha drill sites and
Golden Cities North where the Company has commenced a 7,000m RAB drilling
program.
Table 1
Reverse Circulation
Drilling: Mt Jewell Gold Project
|
Hole ID
|
East
|
North
|
Dip/Az
|
Depth
|
From
|
To
|
Intercept
|
Grade
|
Cutoff
|
|
(m)
|
(m)
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
Tregurtha
|
LDRC084
|
351,788
|
6,651,438
|
-60/90
|
130
|
104
|
108
|
4
|
2.07
|
1.0
|
LDRC088
|
352,079
|
6,651,241
|
-60/90
|
140
|
40
|
44
|
4
|
2.34
|
1.0
|
LDRC088
|
|
and
|
|
|
48
|
56
|
8
|
1.92
|
1.0
|
LDRC088
|
|
including
|
|
|
52
|
56
|
4
|
2.65
|
2.0
|
LDRC089
|
352,041
|
6,651,238
|
-60/90
|
150
|
104
|
108
|
4
|
2.11
|
1.0
|
LDRC089
|
|
and
|
|
|
127
|
144
|
17
|
1.22
|
0.5
|
LDRC089
|
|
including
|
|
|
132
|
137
|
5
|
2.32
|
2.0
|
LDRC093
|
352,033
|
6,651,258
|
-60/90
|
150
|
91
|
97
|
6
|
2.50
|
1.0
|
LDRC093
|
|
and
|
|
|
109
|
122
|
13
|
2.20
|
1.0
|
LDRC093
|
|
including
|
|
|
112
|
118
|
6
|
3.00
|
2.0
|
LDRC094
|
352,008
|
6,651,297
|
-60/90
|
130
|
64
|
86
|
22
|
1.94
|
0.5
|
LDRC094
|
|
including
|
|
|
64
|
68
|
4
|
3.66
|
1.0
|
LDRC094
|
|
and
|
|
|
72
|
83
|
11
|
2.25
|
1.0
|
LDRC094
|
|
including
|
|
|
80
|
83
|
3
|
3.24
|
2.0
|
LDRC095
|
351,933
|
6,651,335
|
-60/90
|
130
|
60
|
72
|
12
|
1.50
|
1.0
|
LDRC096
|
352,059
|
6,651,202
|
-60/90
|
150
|
121
|
124
|
3
|
8.03
|
1.0
|
Hughes
|
LDRC076
|
352,442
|
6,650,399
|
-60/270
|
161
|
118
|
152
|
34
|
1.71
|
0.5
|
LDRC076
|
|
including
|
|
|
136
|
152
|
16
|
2.30
|
1.0
|
LDRC076
|
|
including
|
|
|
145
|
150
|
5
|
3.81
|
2.0
|
LDRC078
|
352,798
|
6,650,559
|
-60/270
|
150
|
88
|
102
|
14
|
1.31
|
0.5
|
LDRC078
|
|
including
|
|
|
90
|
94
|
4
|
2.69
|
1.0
|
LDRC082
|
352,899
|
6,650,601
|
-60/270
|
150
|
128
|
150
|
22
|
1.10
|
0.5
|
LDRC082
|
|
including
|
|
|
144
|
147
|
3
|
2.23
|
1.0
|
LDRC097
|
352,577
|
6,650,440
|
-60/270
|
150
|
96
|
99
|
3
|
2.58
|
1.0
|
LDRC098
|
352,616
|
6,650,440
|
-60/270
|
132
|
87
|
122
|
35
|
0.77
|
0.5
|
LDRC099
|
352,659
|
6,650,440
|
-60/270
|
140
|
44
|
46
|
2
|
2.92
|
1.0
|
LDRC100
|
352,697
|
6,650,442
|
-60/270
|
148
|
87
|
110
|
23
|
0.89
|
0.5
|
Notes
o
Drill hole collar positions determined
by GPS and will be confirmed by licensed surveyor. GDA94-51 datum.
o
Analytical results by Genalysis
Laboratories Pty Ltd: 50g Fire Assay, 0.01g/t lower detection limit.
o
Intersection grade reported are predominantly
composites of 2, 3 or 4 samples, based on geological or regolith
similarities. Length weighted average grade reported. Where
sampled, single metre assays will replace composited sample assays, in due
course.
o
Intercepts are “down-hole” metres.
No estimate regarding true thickness is made or implied.
Released by :
|
Further information:
|
Paul Armstrong
Read Corporate
Telephone: (+61-8) 9388 1474
|
Mr David Crook
Pioneer Resources Limited
Telephone: (+61-8) 9322 6974
|
The information within this report as it relates to geology and
mineralisation was compiled by Mr David Crook who is a full time employee of
Pioneer Resources Limited, a member of The Australasian Institute of Mining and
Metallurgy (member 105893) and is a Competent Person as defined by the 2004
JORC Code, having five years experience which is relevant to the style of
mineralisation and type of deposit described in the Report. This person
consents to the inclusion of this information in the form and context in which
it appears in this report.
About Pioneer Resources Limited
Pioneer Resources Limited (ASX: PIO) is a specialist exploration company
searching for gold and base metals in the Kalgoorlie and Ravensthorpe Districts
of Western Australia. The Company strives to create shareholder value by
combining work on advanced projects with active project generation from within
the Company’s 100%-owned and joint venture tenement portfolio.
A summary of the Company’s activities is presented in a fact sheet and
other reports available from the Company’s web site at www.PIOresources.com.au.
READ CORPORATE
Public Relations Corporate
Communications
T: (+61-8) 9388-1474
| F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
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