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Malachite Resources Ltd.
Summary
| Project: | Lorena | |
|---|---|---|
| Deposit: | Lorena | |
| Location: | Australia | |
| Commodities: | Gold-Copper-Zinc | |
| Date: | 12/21/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 21-12-2018: Malachite Resources Ltd. announces an Exploration/Drilling Update report for its Lorena deposit at the Lorena project. Drilling results incl. 12m @ 0.80g/t Au, 0.3% Cu from 220.0m. Malachite Resources Limited (ASX Code: MAR) (“Malachite” or th | |
| Resources: | (Reserve, Prob.): 295Kt @ 5.0g/t Au for 49Koz Au contained | |
| CP/QP: | [Overall Report]: Keith Hannan (Independent) | |
| ABSTRACT: | Malachite Resources Limited (ASX Code: MAR) (“Malachite” or the “Company”) advises that the drilling program recently completed at the Lorena Gold Project intersected moderate grades of gold mineralisation in LRD125, up-plunge of, and over a similar width to, the previously reported high-grade intercept in hole LMRD092. Gold mineralisation was not however encountered in LRD126, down-plunge of, and deeper than, the previously reported distal intercept. With the exception of the testing of the DHEM conductor (Target 1), the results to date indicate that gold mineralisation southeast and down-plunge of the current open cut resource lacks continuity over sufficient distances, and at sufficient average grades, to justify further exploration expenditure at this time. The program consisted of two completed RC-diamond tail holes for a total of 595 m. One other hole was abandoned due to problematic ground conditions (196.5 m). The drilling was designed to test down-plunge extensions of the main A Lode that is currently being mined, and also to test an electromagnetic (EM) conductor target identified in an earlier downhole geophysical survey. The collars and traces of all four program holes are shown in plan view on Figure 1. Assays have been received for the successfully completed holes, LRD125 and LRD126 and are summarized in Table 1. Figure 2 shows a NW-SE detailed long-section with drill hole traces using a 50 m lateral envelope and extends from established high grade gold mineralization beneath the current open pit to the southeastern, deeper extensions of the A Lode where the holes of the currently reported program were drilled. The 12 m long intersection of low-grade gold in LRD125 and the trace of barren hole LRD126 are shown to plot on either side of the previously drilled high grade intercepts of LMRD092, which was drilled in 2012 (announced to the ASX on 19 April 2012), and which also intersected 6.28m @ 12.39g/t Au from 223m and 8m @ 1.48g/t Au from 251m. Figure 3 shows a schematic long section, along the same trend as that of Figure 2, but showing drill hole pierce points at the centre of the envelope rather than the projected drill hole traces. This permits a clearer depiction of the relationship between completed drill hole paths and the location of the untested and off-section DHEM conductor (Target 1). Drill hole LRD124, located in Figure 1, was designed to intersect the conductor but was abandoned at 196.5m due to drilling difficulties caused by problematic ground conditions. This high priority target remains untested and will be evaluated in a future drilling program. | |
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