e57334be-62a5-4926-9287-107a9b6cf6a7.pdf
FURTHER HIGH GRADE RESULTS UP TO 66 g/t RETURNED FROM STAGE TWO DRILLING AT SECOND FORTUNE
Exterra Resources Limited
ACN 138 222 705
ASX Code: EXC
www.exterraresources.com.au
21 December 2015
Exterra Resources Limited (ASX:EXC) ("Exterra") is pleased to advise that high grade results over an ounce per tonne have been intersected in multiple holes from the recently completed Stage 2 diamond drilling programme at the Second Fortune Gold Mine at the Exterra's 100% owned Linden Gold Project.
Issued Capital:
Ordinary Shares: 201.2m Options: 12.5m
Cash (30 Sept 2015): $667,000
Directors and Management: John Davis
Managing Director
Justin Brown
Non-Executive Director
Peter Cole
Non-Executive Director
Dennis Wilkins
Company Secretary
*Note: Intercepts are listed as downhole widths.
The Stage 2 drilling programme consisted of 8 RC pre-collared, diamond core tail drill holes, totalling 1,102m of drilling. Results have been received with significant high grade intercepts in multiple lodes. High Grade results include:
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EXC SF010: 0.34 metres at 10.70 g/t Au from 104.90 metres
-
EXC SF011: 0.40 metres at 32.10 g/t Au from 79.48 metres
-
EXC SF011: 0.50 metres at 22.40 g/t Au from 91.18 metres
-
EXC SF012: 0.35 metres at 15.60 g/t Au from 93.26 metres
-
EXC SF013: 0.78 metres at 35.20 g/t Au from 131.10 metres
-
EXC SF014: 1.15 metres at 12.80 g/t Au from 110.90 metres
-
EXC SF017: 0.31 metres at 66.00 g/t Au from 138.43 metres
The Stage 2 programme focussed on intersections on the Main Lode north and south of the Stage 1 programme and at depth. Drilling also intersected the West, Hanging Wall ("H/W") and Foot Wall ("F/W") lodes.
The drilling programme was completed as part of a staged joint development strategy with PIT n PORTAL Corporate Services Pty Ltd ("PnP") as detailed in the previous release of 29 September 2015.
Refer to Figure 1 for the area of drilling on the Main Lode.
Results as tabulated below further confirm the high grade nature of the Second Fortune gold deposit with strong intercepts on the West, Main, H/W and F/W lode zones. Visible gold has been recorded in a number of holes.
All data from the co-funded Stage 1 and Stage 2 programmes has now being forwarded to PnP who will incorporate the enhanced drilling data into a revised mineral resource estimate.
This will form the basis of a revised mine plan and feasibility study to develop the Second Fortune Underground Gold Mine under a Profit Share agreement between Exterra and PnP as announced on the 29 September 2015. This study is due to be completed by February 2016.
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Stage 2 Drilling Completed
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Stage 1 Drilling Completed
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Stage 2 Drilling Complete
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Figure 1: Second Fortune Main Lode long section showing mineralised zones, Resource and Probable Reserve1 outlines and location of Stage 1 and Stage 2 diamond drilling.
1http://www.exterraresources.com.au/images/uploads/Second_Fortune_PFS_ASX_Release_July_2014.pdf
STAGE 2 SECOND FORTUNE DIAMOND DRILLING RESULTS
|
Hole ID
|
North
|
East
|
Azi
|
Dip
|
From (m)
|
To (m)
|
metres
|
Au (g/t)
|
EOH
|
Lode
|
|
EXC_SF010
|
6750075
|
445160
|
90
|
-60
|
79.00
|
79.40
|
0.40
|
7.60
|
135.20
|
WL
|
|
104.90
|
105.24
|
0.34
|
10.70
|
H/W ML
|
|
123.42
|
123.82
|
0.40
|
10.20
|
ML
|
|
125.40
|
126.05
|
0.65
|
2.00
|
F/W ML
|
|
|
|
EXC_SF011
|
6750090
|
445184
|
90
|
-60
|
43.12
|
43.75
|
0.63
|
3.41
|
99.20
|
Intermediate
|
|
79.48
|
79.88
|
0.40
|
32.10
|
ML
|
|
86.00
|
86.50
|
0.50
|
1.34
|
F/W ML
|
|
87.82
|
88.20
|
0.38
|
13.70
|
F/W ML
|
|
91.18
|
91.68
|
0.50
|
22.40
|
F/W ML
|
|
|
|
EXC_SF012
|
6750115
|
445180
|
90
|
-60
|
89.12
|
89.60
|
0.48
|
1.98
|
117.30
|
H/W ML
|
|
93.26
|
93.61
|
0.35
|
15.60
|
ML
|
|
100.05
|
100.35
|
0.30
|
1.03
|
F/W ML
|
|
103.15
|
103.40
|
0.25
|
1.53
|
F/W ML
|
|
|
|
EXC_SF013
|
6750150
|
445165
|
90
|
-60
|
122.50
|
123.00
|
0.50
|
2.88
|
153.40
|
H/W ML
|
|
131.10
|
131.88
|
0.78
|
35.20
|
ML
|
|
|
|
EXC_SF014
|
6750185
|
445187
|
90
|
-60
|
39.62
|
40.05
|
0.43
|
7.50
|
129.30
|
WL
|
|
40.05
|
40.26
|
0.21
|
1.40
|
WL
|
|
110.90
|
112.05
|
1.15
|
8.52
|
ML
|
|
incl
|
110.90
|
111.60
|
0.70
|
12.80
|
ML
|
|
111.60
|
111.80
|
0.20
|
1.00
|
ML
|
|
111.80
|
112.05
|
0.25
|
2.53
|
ML
|
|
|
|
EXC_SF015
|
6750294
|
445192
|
90
|
-60
|
NSR
|
|
|
|
EXC_SF016
|
6750300
|
445153
|
90
|
-60
|
175.50
|
176.00
|
0.50
|
6.70
|
183.40
|
ML
|
|
|
|
EXC_SF017
|
6750345
|
445169
|
90
|
-60
|
138.43
|
138.74
|
0.31
|
66.00
|
156.10
|
ML
|
|
|
Table 1: Results tabulated at a 1.0 g/t Au cut-off, no top-cut applied.
Note: Intercepts listed as downhole intervals, no top-cut applied, surface RL taken as 400mRL
Main Lode
F/W Lode
West Lode
H/W Lode
Figure 2: 3D model showing multiple stacked lodes at the Second Fortune Gold Mine. Planned drilling aims to add further ounces to the Reserve by better defining these secondary lodes.
About Exterra Resources Limited
Exterra Resources Limited (ASX:EXC) is a gold exploration and development company based in Perth, Western Australia, with a focus on high grade, high margin gold projects with near term production potential to fund the future growth of the Company.
The Company's projects are all located in the Archaean Yilgarn Craton in WA, a world class gold province which has been a prolific producer of gold since the late 1880's and includes the Kalgoorlie "Golden Mile" deposit which has produced over 50 million ounces of gold since discovery in 1893.
About PIT n PORTAL Corporate Services Pty Ltd
Pit n Portal is a Perth based mining Group of companies offering wide range of cost effective mining services from equipment to the complete whole of mine operations from feasibility to production; it departs from traditional mining contract model by actively partnering with the clients that consequently results in projects fast tracking from low cost start-up to rapid production and optimum profitability.
For further information:
Mr John Davis Managing Director T +61 8 6315 1411