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Explaurum Ltd.
Summary
| Project: | Tampia | |
|---|---|---|
| Deposit: | Spartacus | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/4/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-10-2018: Explaurum Ltd. announces an Exploration/Drilling Update report for its Spartacus deposit at the Tampia project. Drilling results incl. 2.0m @ 10.44g/t Au from 48m. Explaurum Limited (ASX:EXU) is pleased to announce the preliminary results from | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Gregor Partington (Internal) | |
| ABSTRACT: | Explaurum Limited (ASX:EXU) is pleased to announce the preliminary results from the first program of follow up grid RC drilling and diamond drilling at the Anomaly 8 area. Four diamond holes for 618m were drilled to collect geological data from the areas where gold was intersected in previous RC drilling (see ASX announcement June 7, 2018) and 11 RC holes were drilled at the Spartacus prospect for 933m (Table 1). The RC holes at the Spartacus prospect were planned to test a 960m long coincident arsenic and gold soil anomaly down dip from the near surface intersection in A8RC009 of 3m at 3.63 g/t Au from 16m. The intersections in the RC holes confirm the initial near surface gold intersected in A8RC009 continues to a depth of 40m into fresh gneiss over a down dip length of 150m (Figure 2 and Table 2). Commenting on the Tampia exploration results, Explaurum Managing Director John Lawton said: “Although our understanding of the geology and structure of the Anomaly 8 area is at an early stage, it is clear we are within a large mineralised system with similar characteristics to the Tampia resource and with significant upside. These results also confirm Explaurum’s exploration model for assessing the potential for a new gold field within our tenements. Anomaly 8 is the first of many gravity targets being systematically explored which have defined gold soil anomalies and was selected as a priority target for assessment because of its size, approximately five times larger than the gravity anomaly over the Tampia resource, and anomalous gold soil geochemistry over 2.5km2 with values up to 0.8g/t gold. Our focus is to continue to aggressively explore our regional targets with a view to adding additional resource ounces to the Tampia development with the recent discovery of a new resource at Mace confirming the value of this approach and we look forward to announcing a maiden resource for Mace in the near term. It is clear to us that there is significant opportunity to continue to find new resources down plunge from the mine and regionally that will add significant value to the project and for shareholders in the future. These results further support our view that the current opportunistic and hostile takeover offer from Ramelius undervalues both the exploration potential at Tampia but also the near term development of the Tampia Gold project.” | |
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