Sydney, Dec 3, 2005 AEST (ABN Newswire) - Metex Resources Ltd (ASX: MEE) is pleased to advise that high grade assay results have been returned from an initial phase of sampling completed during its extensive drilling programs currently underway on the Laverton Exploration Joint Venture (LEJV).
The LEJV is a 50:50 joint venture between Metex and Granny Smith Mines Ltd (GSM), a wholly owned subsidiary of Placer Dome Australia Ltd (ASX: PDG)(NYSE: PDG). These samples have been collected from intervals where there are visual indications that the intercept is likely to be mineralized.
Two areas, one northwest of Beasley Creek ("Marabou") and the second to the west of Gladiator ("Augusta"), have been identified. At Marabou LJA0035 (6841225N, 430975E) has returned 4m @ 56g/t between 36-40m. The hole was drilled on an azimuth of 225 0 and a declination of 60 0 .
At Augusta RC hole LJC0015 (6833682N, 436793E) has intersected what appears to be a new lode system located 140m west of historical mine workings. A sulphide-rich (pyrite) zone has returned 2m @ 11.6g/t between 122-124m from sheared mafic rocks. The hole was drilled on an azimuth of 270 0 and a declination of 60 0 .
These assay results, although of a preliminary nature, are significant in that they are in areas of little or no previous drilling, and are the result of drilling of the "mineralized footprints" that have been discussed in detail in previous releases. To date, drilling is underway or has been completed at Gladiator, Beasley Creek, the Overflow (north of Gladiator) and to the north of Lancefield.
The entire drilling program is expected to exceed 12,000m and will continue through to Xmas. Currently, RC drilling is now underway in what is known as the Triple Point area between Beasley Creek and Lancefield where previous reconnaissance drilling has intersected encouraging results (BGRC057 6837000N, 434700E returned 3 m @10.1g/t between 156-159m). Following the completion of the Triple Point program drilling will recommence at Augusta and Marabou to further scope these new discoveries.
Due to the reconnaissance nature of these programs, and as a result of lengthy delays being experienced at commercial laboratories normally used for this type of reconnaissance work, the Joint Venture has been utilizing the analytical facilities of Placer Dome Australia's Granny Smith mine to provide fast turnaround for preliminary advice on the presence of gold mineralization. This allows the programs to be modified based on the tenor of results received. Final analytical results are pending from a commercially accredited facility and will be released as they become available.
Contact
TEL: +618 9321 5000
FAX: +618 9321 7177
EMAIL: metex@metex.com.au
| ||
|
