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GME Resources Ltd.
Summary
| Project: | Murrin Murrin | |
|---|---|---|
| Deposit: | Malcom Challenger | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/4/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-10-2016: GME Resources Ltd. announces an Exploration/Drilling Update report for its Malcom Challenger deposit at the Murrin Murrin project. Drilling results incl. 14m @ 11.72g/t Au from 37m. The Company is pleased to report high grade gold results recei | |
| Resources: | (Resource, Ind): 547Kt @ 3.12g/t Au for 54875oz contained. | |
| CP/QP: | [Overall Report]: Tony Standish (Eureka Geological Services) | |
| ABSTRACT: | The Company is pleased to report high grade gold results received from the recent RC drilling campaign at the Murrin Murrin Gold Project Joint Venture with Zeta Resources Limited (Zeta – ASX:ZER). The program was designed to target mineralisation at the Malcom and Challengers gold mines where a JORC 2012 Indicated Resource is estimated to contain 547,000 tonnes at 3.12 grams per tonne for 54,875 ounces. (Zeta ASX announcement, 22 Jan 2014). Results from the program continue to support the potential for an economic project at the Malcolm Challenger mine. Mineralisation extending from the base of the two shallow open pits approximately 30 metres deep has been defined to a maximum depth of 100 metres over a strike length of 1200 metres. Mineralisation remains open at depth. Mineralisation is contained within a semi massive quartz vein lode that has been re-fractured. Grades are variable with highest grades associated with contacts of the vein system and the host sediments. Assay results confirm the tenor of grade from previous exploration and further drilling is warranted to define the high grade sections within the resource to complete preliminary mining studies based on a mine and haulage operation with processing at a third party plant. As announced on the 14 July 2016, the Company has entered into a binding Terms Sheet with Zeta whereby it can earn up to 50% interest in the project. | |
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