New High Grade Gold Intersection at Jupiter
Perth, Nov 15, 2013 AEST (ABN Newswire) - Dacian Gold Limited (
ASX:DCN) ("Dacian") is pleased to announce that another drill hole has intersected a high grade result extending the recently discovered high grade lode position at the Jupiter Prospect.
Hole 13JUDD018 intersected:
13JUDD018 17.2m @ 4.8g/t Au from 160m (main lode)
including 3.3m @ 17.1g/t from 169.7m
and 3.7m @ 5.8g/t from 147m (hangingwall lode)
The mineralisation is located approximately 50m west of the high grade result returned in 13JURD007 and is interpreted to correlate with the lode structure intersected in the three previously reported Dacian holes which include:
13JUDD007 - 6.9m @ 8.3g/t Au from 154.1m within 26m @ 3.0g/t
13JURD006 - 6.1m @ 4.8g/t Au from 166.9m within 16.8m @ 2.1g/t
13JURD002 - 1.25m @ 6.1g/t Au from 122.7m within 3.2m @ 2.62g/t
All high grade intersections drilled to date lie within a single moderately north-east dipping lode structure that cuts both the syenite intrusive and the adjacent host basalt. The results have been received for holes on three consecutive 80m spaced cross sections and importantly, the mineralisation remains open in all directions.
The new mineralisation is located 1000m south of the existing 73,000oz Mineral Resource and the Jupiter pit where similar style lode structures were mined in the 1990s.
Figure 1 in link below shows photographs of the high grade intersection in drill core showing intense silica-sericite alteration and strong structure development in syenite and basalt. Figures 2, 3 and 4 show plan and cross-section interpretations of the new intersection positions. Full details of the results are shown in Table 1.
Managing Director Paul Payne commented "All four holes drilled into this lode position have encountered high grade gold and the structure remains open in all directions. We are encouraged that the new mineralisation bears similarities with the Jupiter mine, located lkm north; as well as that seen in the world-class Wallaby mine located 7km to the south-east. We are focused on defining the dimensions of this new lode and are continuing to explore for further high grade gold mineralisation at the prospect."
Ongoing Exploration Progams
Drilling at the Jupiter Prospect is ongoing and is planned to:
- Follow-up the high grade intersections returned to date;
- Fully delineate the location and orientation of the prospective mineralised syenite bodies;
- Drill down the vertical axis of the defined syenites testing for high grade structures located within the intrusive body;
- Continue to test for high grade mineralised structures located within the surrounding basalt, away from the syenites.
Additional drilling is also planned for the Westralia deposit during November. A second diamond rig recently commenced work on this program which will comprise several infill holes to test for continuity of the high grade mineralisation defined by Dacian within the Millionaires Shoot. It is anticipated that this will allow a Mineral Resource update to be completed for the deposit including the mineralisation within the high grade shoot.
The Mt Morgans Project hosts high grade JORC Code compliant Mineral Resources of 923,000 ounces at an average grade of 3.1g/t gold, including JORC Code compliant Ore Reserves of 136,000 ounces at an average grade of 6.2g/t gold. In addition, the Company has identified multiple exploration targets and resource extension opportunities. If proven, they will enable growth of the Mt Morgans' existing Mineral Resource and Ore Reserve base.
Dacian Gold has a strong Board and Management team which includes Rohan Williams as non-executive Chairman and Paul Payne as Managing Director; and Robert Reynolds (formerly non-executive Chairman of Avoca Resources Ltd) and Barry Patterson (co-founder and non-executive Director of GR Engineering Ltd) as non-executive directors.
Dacian's exploration strategy at Mt Morgans is aimed at delivering on the company's corporate objective of defining at least 500,000 ounces of Ore Reserves at Mt Morgans. Dacian considers mining an Ore Reserve of at least 500,000 ounces of gold is reasonably likely to provide sufficient returns to justify the investment capital required to construct an ore processing facility at the project.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/76189-asx-dcn-20131114.pdf
About Dacian Gold Ltd
Dacian Gold Limited (
ASX:DCN) Mt Morgans Project hosts high grade Mineral Resources of 2.1 million ounces at an average grade of 2.6 g/t gold, including Ore Reserves of 136,000 ounces at an average grade of 6.2 g/t gold. In addition, the Company has identified multiple exploration targets and resource extension opportunities. If proven, they will enable growth of the Mt Morgans' existing Mineral Resource and Ore Reserve base.
Dacian's strategy at Mt Morgans is evolving toward mine feasibility and potential mine development. It has identified two large mineralised systems at Westralia and Jupiter where it believes mine development at each site is a possibility, and will be the subject of ongoing drilling and feasibility studies. Dacian considers a high grade Ore Reserve of at least 600,000 ounces of gold is reasonably likely to provide sufficient returns to justify the investment capital required to construct an ore processing facility at the project.
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