Perth, Sep 17, 2008 AEST (ABN Newswire) - Conquest Mining Limited (ASX:CQT)(PNK:CQMLF) is pleased to announce that recent exploration and resource definition drilling at the Silver Hill Deposit has intersected substantial mineralisation both at Area 39 and at depth under Silver Hill Deposit.
Highlights
- Diamond drill hole HC08DD020 intersected 30m @ 1,122 g/t silver (36 ounces), and included 12m @ 2,615 g/t silver (84 ounces). This spectacular intersection was drilled during resource definition at Area 39 within the high grade line of lode. Two other holes also intersected high grade silver with 23m @ 188 g/t silver and 46m @ 121 g/t silver.
- Three precollared diamond holes were completed in the north-east part of the deposit with a number of robust intersections including 21m @ 5.25 g/t gold, 40 g/t silver, 0.87% copper, equivalent to 7.6 g/t gold.
- Regional Joint Venture partner Gold Fields is currently drill testing IP geophysical targets at Capsize prospect, located 2km east along strike from Silver Hill Deposit. Previous drilling had intersected encouraging mineralisation and alteration.
Drilling
Three holes (HC08DD018 - 20) have intersected high grade silver during resource definition drilling at Area 39. These holes are located on sections 25 and 50 metres west of the original high grade hole 39, and substantially improve confidence in the extent of the high grade resource. The most spectacular of these, hole HC08DD019, intersected high grade veins containing silver sulphides tetrahedrite and polybasite (Figures 2 and 3). The core of this zone assayed 12m @ 2,615 g/t silver and 0.73% copper within a 30m zone of disseminated replacement style silver mineralisation.
Three precollared diamond holes (HC08RCD429 - 430) were completed in the north-east part of the deposit as infill resource drilling, and to test below previous drill programs. Hole HC08RCD429 intersected 21m @ 7.6 g/t gold equivalent as mentioned above. Hole HC08RCD430 intersected from 147-180m; 33m @ 1.44g/t gold, 62 g/t silver, and 1.15% copper or 4.69 g/t gold equivalent. This hole continued to 522m depth to granite basement, and intersected a number of narrow siliciceous lodes with moderate grade gold. These are interpreted to be positive for future exploration, although below the current estimated pit outline. Both holes 429 and 430 are substantially better than paralleled previous hole HC07RCD247 which intersected 144-168m; 24m @ 1.03 g/t gold, 16 g/t silver, 0.32% copper. Hole HC08RCD431, located on east side of V2 hill, intersected from 170-185m; 15m @ 2.37 g/t gold, 56 g/t silver, and 0.37% copper or 3.97 g/t gold equivalent. This result is similar to previous nearest hole HC07RCD147 with 116-152m; 36.0m @ 2.15 g/t gold, 53 g/t silver, and 1.01% copper.
Metallurical Testwork
Bacterial leach testwork is in progress on a concentrate and results from this ammenibility testwork are expected this month. The process being investigated offers the potential for comparison of recoveries and capex to the current development model.
Work Programmes
The company has completed 49 diamond holes for 7,240 metres of HQ core, and 76 RC holes for 8,747 metres of percussion drilling in the calendar year to date.
Regional Joint Venture
Gold Fields is currently drill testing induced polarisation (IP) chargeability geophysical targets at Capsize prospect, located 2km east along strike from Silver Hill Deposit. This type of geophysics is used to locate disseminated sulphide mineralisation. Previous drilling had intersected encouraging mineralisation and silica pyrite alteration with intersections of 33m @ 138ppb gold and 0.37ppm silver, and 3m @ 1.59ppm silver and 1099ppm copper, in holes MCR003D and MCR007D respectively.
Gold Fields continues to accelerate its substantial exploration effort with 20 men on site including soil sampling crews, geophysics crews, 5 geologists, and heritage survey team of 4.
Table 1. Significant Drill Intersections - September 2008.
---------------------------------------------------------------------------Drill Hole Depth (m) Significant Intersections Gold g/t Equivalent--------------------------------------------------------------------------- HC08RCD430 522.7 147-180m; 33m @ 1.44g/tAu, 62g/tAg, 1.15%Cu 4.69 296-298m; 2m @ 3.18g/tAu, 15g/tAg, 0.47%Cu 4.35 387-388m; 1m @ 1.52g/tAu, 5g/tAg, 0.24%Cu 2.08---------------------------------------------------------------------------HC08RCD429 276.6 119-140m; 21m @ 5.25g/tAu, 40g/tAg, 0.87%Cu 7.61 incl 125-127m; 2m @ 20.8g/tAu, 33g/tAg, 0.13%Cu 21.57 148-150m; 2m @ 1.46g/tAu, 24g/tAg, 0.43%Cu 2.69 161-163m; 2m @ 1.14g/tAu, 36g/tAg, 0.72%Cu 3.13 187-190m; 3m @ 1.05g/tAu, 20g/tAg, 0.40%Cu 2.16 224-227m; 3m @ 1.54g/tAu, 46g/tAg, 1.63%Cu 5.51---------------------------------------------------------------------------HC08RCD431 249.8 105-109m; 4m @ 0.67g/tAu, 29g/tAg, 0.48%Cu 2.08 113-115m; 2m @ 0.41g/tAu, 54g/tAg, 0.57%Cu 2.38 128-130m; 2m @ 0.32g/tAu, 67g/tAg, 0.29%Cu 1.93 170-185m; 15m @ 2.37g/tAu, 56g/tAg, 0.37%Cu 3.97 incl 178-179m; 1m @ 13.9g/tAu, 174g/tAg, 0.26%Cu 17.10---------------------------------------------------------------------------HC08DD018 207.5 40-42m; 2m @ 0.02g/tAu, 54g/tAg, 0.01%Cu 0.87 58-81m; 23m @ 0.02g/tAu, 188g/tAg, 0.07%Cu 3.05 105-116m; 11m @ 0.25g/tAu, 50g/tAg, 0.02%Cu 1.06 121-141m; 20m @ 0.44g/tAu, 50g/tAg, 0.04%Cu 1.29---------------------------------------------------------------------------HC08DD019 213.7 42-72m; 30m @ 0.07g/tAu, 1122g/tAg, 0.32%Cu 17.97 42-54m; 12m @ 0.08g/tAu, 2615g/tAg, 0.73%Cu 41.77 125-127m; 2m @ 0.17g/tAu, 56g/tAg, 0.06%Cu 1.15 132-133m; 1m @ 0.20g/tAu, 94g/tAg, 0.06%Cu 1.77---------------------------------------------------------------------------HC08DD020 204.7 69-115m; 46m @ 0.06g/tAu, 121g/tAg, 0.05%Cu 2.02 123-140m; 17m @ 0.51g/tAu, 40g/tAg, 0.05%Cu 1.23--------------------------------------------------------------------------
Calculated Gold Equivalent grade is based on 1 gram gold = 65 grams silver = 0.5% copper
+ denotes holes with 4m composite results awaiting 1m ore grade assays.
* denotes hole that ended in mineralisation.
Contact
John Terpu
Managing Director
TEL: +61-8-9240-4111
FAX: +61-8-9240-4054
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