Rum Jungle Resources Limited (ASX:RUM) Announce Barrow Creek 1 Resource Estimate
Perth, June 27, 2011 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) has received an initial assessment of the Resource potential of the drilled grid area at Barrow Creek 1 from the Independent Geologists. The Company is extremely optimistic with these early favourable results that a major new resource of world class can be established by increasing the drill grid to incorporate an additional 20,000 metres of drilling in the current field season.
The resource area is approximately 3km x 3.5 km and has been tested by 371 vertical drill holes which include 23 Air Core holes and 348 RC holes totalling 9666m of drilling. Although most of the resource area has been sampled by 200 by 200 m spaced holes, approximately one quarter of the resource area has been drilled at 100 by 100 m spacing.
The average thickness of mineralisation is 6.5m and the average overburden depth is 14m but ranges from 2m to 43m. The deposit is open to the south, west and east. No density measurements are yet available therefore a bulk density of 1.8t/bcm was used by Hellman & Schofield, the independent geologists who estimated the resource, to determine the tonnage. Diamond drilling is currently underway to obtain density and other important lithological data.
No Direct Shipping Ore resource (+30% P2O5) has yet been estimated due to insufficient infill drilling density.
Since beginning exploration at Ammaroo in October 2010, RUM has spent A$1.23 million on exploration in nine months to post an inferred resource of 88 million tonnes of rock phosphate which we believe is a huge milestone achievement for the Company.
Exploration during the next 4 months will involve:
- Resource extension drilling at Barrow Creek 1 to the south, west and east, with an approved budget up to 20,000m of drilling.
- Infill drilling at 50m spacing in high grade zones to try and determine a Direct Shipping Ore resource.
- Exploration drilling at Ammaroo 1 prospect, 70 Km east of Barrow Creek 1.
- RAB exploration drilling to outline other deposits that may exist nearby.
RUM aims to substantially increase and upgrade the ore resource at Barrow Creek 1 before the end of the year. In addition to this, exploration will resume at the Ammaroo 1 prospect 70Km's east and greenfields RAB drilling will commence in areas south of the Sandover Highway for the first time to explore for new rock phosphate deposits.
For the complete Rum Jungle Resources announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/356927.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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