Archer Exploration Quarterly Activities Report
Adelaide, April 21, 2012 AEST (ABN Newswire) - Two drill programmes were completed at Archer Exploration Limited's (
ASX:AXE) high priority Campoona Graphite Deposit. Six RC aircore drill holes were completed in mid February to test the Campoona graphite deposit north beyond the Campoona South outcrop. That programme was followed by second larger 30 hole drill programme which was in progress at Quarter's end. The second drill campaign targeted mostly the northern and central Campoona areas where high grade graphite had been intersected in the February 2012 drilling. No results for the second drill campaign were to hand at Quarter's end.
The drilling was a resounding success demonstrating a thick sub-vertical zone of intense high grade graphite mineralisation carrying visible flake graphite.
Drilling Results
The Campoona graphite intervals received during the March 2012 Quarter are;
CSRC12_003 24m @ 10.4%C from 49m downhole Including 10m @16.7%C from 48m and 3m @ 13.9%C from 70mCSRC12_006 21m @ 15.0%C from 46m downholeCSRC12_007 25m @ 10.9%C from 64m downhole Including 14m at 15.5%C from 71m
The first drill campaign is considered significant for a number of reasons:
The high grade intersections carry visible flake graphite. The discrete intense graphite enriched unit is hosted within graphitic proto-gneiss formed under conditions important for the development of crystalline graphite. Field observations indicate little to no silicification of the graphite. The drilling demonstrated strong continuity in both grade and thickness of the high grade graphite unit. The grades reported from the thick high grade hangingwall zone are comparable in grade to the Lac Knife graphite deposit in Canada which is reportedly one of the world's largest high grade graphite deposits. The drilling when combined with the electromagnetic data indicates a strike potential of at least 6km. The Campoona graphite deposit outcrops at Campoona South (25%C) and at the historic circa 1915 Campoona Shaft. Elsewhere the deposit lies under thin cover. The high grade graphite unit is sub-vertical and extends to a depth of at least 70 metres. The unit shows no sign of diminishing in grade or thickness with depth.
HIGHLIGHTS FOR THE QUARTER
EXPLORATION
GRAPHITE
- A total of 37 RC and RC aircore drill holes for 1,957 metres were drilled at the high grade Campoona Graphite Deposit.
- Drilling confirmed the presence of an outcropping, sub-vertically dipping, 20-40m thick high grade, low-silica graphitic unit contained within a broad lower grade graphitic proto-gneiss.
- Drilling at the Sugarloaf Graphite Deposit confirmed the large-scale folded nature of the graphitic unit which enabled a revision of the Exploration Target* up from 24-37Mt grading 10-12%C to 40-70Mt grading 10-12%C.
* The potential quantities and grades presented are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource
- Graphite concentrates grading 82%TGC were produced from a 10%C Sugarloaf sample using conventional flotation techniques and standard reagents.
MAGNESITE
- Test work continued on samples of Leigh Creek magnesite. Calcining of flotation products produced magnesia grading 95.4% MgO and 2.98% SiO2. Further testing involving straight crushing and attrition of the crushed product delivered magnesite grading 1.7% SiO2. Calcining of this product is underway.
GOLD
- Gold up to 2g/t reported within large hydrothermal alteration halo at Bartel.
- Poly metallic mineralisation comprising gold, silver, arsenic, copper, molybdenum +/- fluorite and +0.1% Cerium.
COPPER
- 2m @ 1.4% Cu were intersected at Emu Plain in 2012 drilling, within a wider (32m) low grade (0.2% Cu) halo. Molybdenum reports up to 0.27%.
BUSINESS DEVELOPMENT
- Negotiations with BHP Billiton Olympic Dam Corporation Pty Ltd in relation to its proposed acquisition of an interest in Archer's five West Roxby tenements are progressing.
FINANCIAL
- Cash in bank on 31st March 2012 of A$4.082 million.
- A$340,000 spent on exploration during the quarter.
To view the complete Archer Exploration Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-187782.pdf
Contact
Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au
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