The Asia Miner

OCT-DEC 2015

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 43 of 71

42 | ASIA Miner | October-December 2015 Australia Gold NEAR-SURFACE, high-grade gold intersections have been identifed in results from the frst seven holes drilled by Tyranna Resources, formerly IronClad Mining, in a frst phase drilling program at Jumbuck Gold Proj- ect in the northwest of Gawler Craton in South Australia, about 45km from the one million ounce Challenger gold mine. Positive results have been received from all seven drill holes sub- mitted with signifcant intersections of 4 metres from 22 metres @ 6.07 grams/tonne gold, including 2 metres @ 10.7 grams/tonne; 3 metres from 20 metres @ 2.77 grams/tonne, including 1 metre @ 7.7 grams/tonne; and 5 metres from 23 metres @ 0.85 grams/ tonne, including 1 metre @ 3.31 grams/tonne. The results confrm near-surface high-grade potential at the Golf Bore deposit. A total of 110 reverse circulation (RC) holes are planned at the three more advanced prospects - Golf Bore, Golf Bore North and Camp Fire Bore. Golf Bore and Campfre Bore are within the joint venture area in which Tyranna has 53.4% and Kingsgate Consoli- dated has 46.6%. Golf Bore North is within Tyranna's Galaxy Tank licence and drilling of 25 RC holes for approximately 1250 metres in that area remains subject to native title clearance. If clearance is not attained during the current drilling program, then approximately 25 holes will be drilled at Mainwood prospect. The South Australian Government, through its Program for Accel- erated Exploration (PACE) has committed $75,000 towards drilling costs. In addition Tyranna has an outstanding credit with SGS Lab- oratories for $20,000 worth of assay work. All drilling targets are constrained to an area within 50km from the Challenger milling operations. Subject to certain conditions, all joint venture ore can be treated at Challenger mill. The objectives of the frst phase are: • To improve the economics of the existing resource at Golf Bore by extending the three known, shallow, high grade centres with a view to early, low cost production; • To extend the known resource at Golf Bore to the north (Golf Bore North) and south; • To test previous high grade, deeper drill intersections at Camp- fre Bore for extensions and similarities to the Challenger miner- alisation; and • To attain extensive knowledge of the gold metallurgy and min- eralogy across the Golf Bore, Golf Bore North and Camp Fire Bore prospects. A recent exhaustive data review indicated that the Jumbuck area is similar in style and age to the Yilgarn Craton in Western Australia which hosts the large Tropicana gold deposit. VISIBLE gold has been observed in sam- ples obtained from a recently completed drilling program at Ventnor Resources' Black Dragon Gold Project in Western Australia. The program was designed to test the potential for a new style of min- eralization in this gold region northeast of Kalgoorlie and to investigate the strike, dip and plunge components of the prospect. A total of 33 reverse circulation (RC) drill holes were completed for 2492 metres of drilling and the average vertical depth per hole was 50 metres. During drilling 15 RC samples were selected on the basis of observed geology and hand portable XRF results. These samples were panned and visible gold and silver were noted in 12 of the samples. Discrete ore intercepts or any indication of true widths of gold bearing lodes are subject to fnal assays, which Ventnor ex- pected to receive in September. The drill program was designed to follow up preliminary exploration on an initial feld trip which produced very high grade rock chip assays. Assays on the rock chips re- sulted in high-grade results for gold, silver and tellurium. These included 64 grams/ tonne gold, 38 grams/tonne silver and 7ppm tellurium; 568 grams/tonne gold, 585 grams/tonne silver and 462ppm tellurium; 213 grams/tonne gold, 304 grams/tonne silver and 219ppm tellurium; and 626 grams/tonne gold, 154 grams/ tonne silver and 651ppm tellurium. During the June quarter the company had a program of work approved by the Western Australia Department of Mines and Petroleum for the latest explora- tion. Ventnor raised almost $600,000 through a share placement in late June that enabled the drilling to take place. Ventnor's managing director Bruce Maluish said: "It is encouraging to see visible gold in samples at this early stage and it supports the geological assump- tions we are testing in the Black Dragon exploration program so far. "The observed geology from the RC drilling confirms the company's belief that Black Dragon is an epithermal-style deposit. The drilling program was de- signed to recognize the deposit is visu- ally and structurally different to typical West Australian Archean gold deposits and on-site drill hole planning was flexi- ble to deal with the expected variations in dip and strike." Black Dragon is 370km northeast of Kalgoorlie and 22km northeast of An- gloGold Ashanti and Independence Group's Tropicana Gold Mine, a project with in excess of 7 million ounces of gold in resources. Promising early Jumbuck results Ventnor Resources has projects in Western Aus- tralia and western Queensland. Black Dragon samples reveal visible gold

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