Sydney, April 23, 2008 AEST (ABN Newswire) - Tamaya Resources Limited (ASX: TMR; PNK: TMAYF)("Tamaya") is pleased to announce that exploration and drilling at the Lichkvaz Gold project (Tamaya: 86.21%) has discovered mineralisation close to surface, which is supported by trenching and sampling of ore exposures.
This previously undetected mineralisation has the potential to add to the project's Inferred Resource of 3 million tonnes at 7g/t Au, 31.5g/t Ag, and 0.5% Cu (1).
Highlights:
- Surface drilling at Lichkvaz intersects 3 veins near to surface
- Economic grades of mineralisation offer Open Pit mining potential
- Metallurgical Test work underway to explore low capital processing routes
- Underground drilling to commence from existing adits to build on 25,000 metres of previous underground development
- New drilling scheduled at Vaz, a gold project adjacent to Lichkvaz
The new development confirms the potential for a small open pit operation, to supplement underground mining activities and supports the board's decision to defer commissioning until additional drilling at the project has provided a more detailed view of the mines potential.
Additionally, old metallurgical data has recently been discovered in the project archives which will assist in determining the optimal processing route that optimises production.
In addition to the near surface discovery, good grades are being recorded in the veins at depth. Results to date of the drilling are included below (see Table 1) with the best intersections including the following:
-------------------------------------------Hole From To Intersection Average Gold (m) (m) (m) value (g/t)-------------------------------------------LSR05 39 42 3 7.52LSR05 48 50 2 5.79LSR12 43 47 4 5.22LSR16 131 134 3 6.35LSR19 107 109 2 17.91-------------------------------------------
2008 Exploration Campaign
The 2008 exploration campaign at Lichkvaz has three key objectives:
1. Add to Inferred Resources already established at the project
2. Convert Inferred resources into Measured and Indicated Resources
3. Improve the understanding of the metallurgy of the project
A RC (Reverse Circulation) drilling campaign from surface covering a 25m x 25m grid pattern, is underway at site, with the objective of testing extensions to surface of the three main vein systems (vein 1, vein 4, and vein 5) as shown in Figure 2. Drilling at a 65 degree to 70 degree angle from surface is intended to intersect targeted vein sets and in some cases, more than one vein is intersected by a single angled hole.
While the known mineralisation to date and all Inferred resources lie at or below the 16 level adits, the identification of gold veins closer to surface, offers the potential for an increase in resources, and an open cut mining section.
Underground drilling from levels 16, 19, and 22, supported by a disciplined channel sampling programme will commence by mid year, and this programme is expected to add significantly to the understanding and certainty over the resources at this project.
Drilling Results to Date
Several economic intersections of gold have been identified from the surface drilling campaign. While the results of silver and base metals assays are pending, the existence of economic grades of gold close to surface has significant implications for the project.
While it is clear that the grades of the veins are generally greater at depth, the existence of veins close to surface offers the prospect of an open cut mining section to support underground mining sections using the existing system of adits and underground development.
Table 1: Key drilling results (gold values only)--------------------------------------------Hole From To Intersection Average Gold (m) (m) (m) value (g/t)--------------------------------------------LSR01 10 12 2 1.09 37 63 26 1.14LSR02 18 19 1 2.81LSR03 7 8 1 1.25LSR04 8 10 3 3.02LSR04a 8 11 3 1.72LSR05 16 17 1 1.32 34 35 1 2 39 42 3 7.52 48 50 2 5.79LSR06 6 7 1 1.07LSR06a 22 24 2 1.93LSR07 6 7 1 1.54 9 18 9 2.28 22 27 5 2.13LSR08 39 40 1 1.74LSR11 20 21 1 1.28 90 92 2 2.16LSR12 43 47 4 5.22 53 54 1 2.24LSR13 80 82 2 2.73 114 115 1 1.20LSR14 31 33 2 1.26 58 62 4 3.65LSR16 47 62 15 1.37 131 134 3 6.35LSR17 31 35 4 1.06LSR18 27 28 1 3.52 31 33 2 2.03LSR19 31 38 7 1.37 46 47 1 1.38 107 109 2 17.91LSR20 71 72 1 1.56 80 81 1 2.08LSR21 35 50 15 1.81 122 127 5 1.66LSR22 84 85 1 1.56LSR22a 87 89 3 1.41--------------------------------------------
Trenching in the Open Pit
Trenching in what may become an open pit section for Lichkvaz has revealed gold mineralisation close to surface in what appear to be surface expressions of vein 4. Additional work is scheduled to be completed to analyse the potential of vein 1 in this regard.
The labeled trenching results note in white font, the number of the sample, and the width of the intersection, while the gold values (in grammes per tonne) are denoted in red font.
While trenching and sampling are merely indicative of mineralisation, and an aide to exploration, this discovery would appear to support the drilling from surface. This work is continuing, and providing invaluable information to the geology and metallurgy of the project.
Underground Drilling
The Lichkvaz project has 25,000 metres of underground development along adits developed over 30 years of exploration on the project during Soviet times. Since the bulk of the known mineralisation lies below the Level 16 adit, close to 200 metres below surface, an underground drilling campaign is planned using existing adits.
Underground drilling is anticipated to commence in mid 2008, and preparations are underway toaccelerate this programme as the most economic way of testing the higher grade vein mineralisationbelow the 16 level adit.
Metallurgical Test Work Programme
In the March quarter of 2008, Tamaya supported the decision of its 86.21% subsidiary, Iberian Resources, to defer the development of the Lichkvaz project and pursue further drilling and metallurgical test work on what is a complex, polymetallic sulphide ore. Tamaya believes that while the proposed processing route to produce gold bullion (crushing, milling and flotation followed by a sulphide destruction phase and cyanidation in a CIP plant) is robust, there may be lower capital alternatives which need further investigation. A consultant metallurgist has begun to investigate alternative processing routes with the emphasis of the study lying on capital effectiveness.
A significant amount of old metallurgical data has recently been discovered in old archives, which will be helpful in guiding the project towards the optimal processing route that optimises gold production while benefiting from the by-product credits of a polymetallic ore.
Option over Vaz Gold Project
The company completed an option agreement in 2007 to explore the Vaz property, a licence located close to Lichkvaz and which appears to be part of the same mineralized trend and structure. Drilling at Vaz from surface will commence this week.
The Vaz Gold Deposit, located 2.2 km south-west of Lichkvaz-Tey, was discovered in 1952 and prospected until the early 1960's. The mineralization at Vaz is related to two sets of structures in a granodiorite host rock. These structures have been traced at surface for approximately 500m. The exact surface strike extent is not known as these structures disappear under deep soil cover. Approximately 1350m (11 adits) of underground prospect development was undertaken to evaluate both mineralized structures.
Under the Soviet system of resource reporting, the mineralisation for the two structures at Vaz was reported to be of the order of 130,000 tonnes at 16 g/t Au 50 g/t Ag and 0.3% Cu. If the drilling on Vaz demonstrates economic potential, the option may be declared and this could add additional resources to the Lichkvaz resource base.
Contact
Hugh Callaghan
Executive Chairman
Tamaya Resources Limited
Media:
Fortbridge - Bill Kemmery
Mobile: +61 400 122 449
Office: +61 2 9331 0655
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