Salmon River Resources Ltd.: Exploration Update; Initial Drilling Results on E77/1208 (Mt Manning South)
04 1월 2012 - 8:04AM
Marketwired Canada
Salmon River Resources Ltd. (TSX VENTURE:SAL) -
HIGHLIGHTS
-- A two-hole helicopter-assisted scout diamond drilling program has been
completed at E77/1208 (Mt Manning South) on November 24, 2011.
-- Geological logging highlighted major zones of hematite iron
mineralization enrichment.
-- Potential for high-grade and Direct Shipping Ore (DSO)-style hematite
iron mineralization based on preliminary handheld XRF results with
averaged indicative iron grades as high as 63.36% Fe and 68.20% Fe
being returned for diamond holes MMS001 and MMS002, respectively.
-- Drilling confirms the strike and part of the down dip continuity of
hematite +/-magnetite mineralization.
-- Further drilling results are being awaited from core samples that have
been submitted to Genalysis-Intertek Laboratory for detailed and more
representative XRF analysis.
Salmon River Resources Ltd. ("Salmon River" or the "Company") is pleased to
announced the completion of the initial two-hole helicopter assisted drilling
program at "J-Hook Area" within E77/1208 (Mt Manning South) portion of its
Treppo Grande Iron Project. E77/1208 is located in Western Australia
approximately 220km west by road from the township of Menzies or about 130km
north by road from the township of Koolyanobbing (Figure 1 and 2). This update
should be read in conjunction with the previous update of 11 October 2011 which
describes the tenement, geology and the drill hole programme.
The first diamond hole (MMS001) was drilled on 31 October 2011 and the second
diamond hole (MMS002) was completed on the 24 November 2011, which marks the
completion of this initial diamond drilling program. The drilling program was
undertaken using a Boart Longyear LF-70 diamond drill rig from Winmax Drilling
and utilized both HQ- and NQ diameter core size. The two scout diamond holes
were spaced abut 400m apart along an east-west strike line and were designed to
maximum depths of 300 metres. The diamond holes were drilled from inclinations
of -55 degrees to -60 degrees towards a south-south east direction. Core
orientation was achieved using a Ezy-Mark orientation tool and hole direction
data in terms of azimuth and dip were collected using a Deviflex tool.
The main objectives of the scout diamond drilling program were to:
1. target the interpreted sub-surface extents of the outcropping massive
BIF-hosted hematite+/- magnetite rock units;
2. demonstrate the potential on-strike continuity of the iron
mineralization along a 400m corridor and within an area of known
hematite+/-magnetite outcrops, and;
3. test the results of the supporting magnetic modelling for the above
areas based on the geophysical data from the recently-flown (i.e.
August 2011) helimag survey.
The drill hole details are shown in Table 1 below. The locations of the diamond
drill holes are shown in Figure 3 and 4.
To view Figures 1, 2, 3 and 4 click on: http://media3.marketwire.com/docs/salb.pdf
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Table 1: Diamond Drill Hole Details at E77/1208 (Mt Manning South)
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Planned Completed
Hole ID Easting Northing Inclination Azimuth Depth (m) Depth (m)
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MMS001 (PROPDH1) 753307 6678551 -60 degrees 160 300 71.70
degrees
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MMS002 (PROPDH2) 753640 6678808 -55 degrees 160 300 119.10
degrees
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Datum Australian Geocentric 1994 (GDA94) 50J
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All core were initially logged and photographed on site before being transported
to Kalgoorlie in Western Australia where they are then subjected to more
detailed geological mapping, photography and sampled accordingly based on sample
intervals nominated by a Salmon River-contracted geologist together with the
insertion of blanks and standards as per the company's existing QA/QC sampling
protocols. All core were then cut in half using an Almonte core saw, with one
half kept for geological records and the other half bagged in pre-numbered
calico bags and submitted to Genalysis-Intertek Laboratory in Perth for routine
XRF Fluorescence Spectrometry analysis covering an Extended Iron Ore Suite. As
of this writing, the Genalysis-Intertek Laboratory XRF assay results for the
sampled core intervals are still being awaited.
Neither of the diamond holes reached their designed depths of 300 metres due to
technical drilling difficulties that resulted in stuck drill strings brought
about by factors such as poor ground conditions (particularly in the oxidized
hematite cap zones), presence of intervening soft shaley rock units, intervening
hard to very hard fresh hematite and magnetite BIF units, sheared mafic
intrusive rocks and major fault structures that had displaced the interpreted
down-dip sub-surface projections of the known massive BIF-hosted hematite units.
Hole MMS001 terminated at a depth 71.70 metres and MMS002 completed to a depth
of 119.10 metres. However, despite these technical drilling difficulties, the
drilling program intercepted a number of significant BIF-hosted hematite iron
mineralization as seen in Table 2 below.
To view Table 2 click on: http://media3.marketwire.com/docs/sala.pdf
Prior to submission of the core samples to Genalysis-Intertek, the nominated
core sample intervals were subjected to a preliminary XRF testing of their
averaged iron content using a handheld Olympus InnovX Delta DP 6000C XRF tool
provided and operated by an independently-contracted geologist from BM
Geological Services in Kalgoorlie. Tables 3 and 4 presents the preliminary
averaged XRF results (using a calibrated handheld Olympus InnovX Delta DP 6000C
XRF tool) from the testing conducted by BM Geological Services for some of the
selected and sampled core intervals. Three XRF analyses were performed per
selected sample interval and the average of the three is considered the
preliminary handheld XRF grade. It must be noted, each analysis represents a
point interval, and optimal results using this tool require sample intervals to
be pulverised and homogenised. This preliminary XRF testing was focused on
specifically targeted intervals and not on the entire half-core, which has been
submitted for detailed XRF Laboratory testing. The results presented below are
an indication of the averaged iron grade and must be treated as such. A detailed
and more representative XRF Fluorescence Spectrometry analysis covering an
Extended Iron Ore Suite for all the selected sample core intervals on the
completed diamond holes have been submitted to Genalysis-Intertek Laboratory in
Perth and these assay results are still being awaited.
The preliminary handheld XRF results demonstrate the main mineralized intercepts
(i.e. greater than or equal to 40% Fe) encountered from the completed diamond
drill holes and are consistent and within the logged geology of major zones of
hematite iron enrichment.
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Table 3: Preliminary Averaged Handheld XRF Results of Sampled Core from
Drill Hole MMS001
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DEPTH XRF ANALYSIS
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FROM TO SAMPLE NUMBER XRF 1 XRF 2 XRF 3 AV. XRF
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0.00 2.00 357501 11.20 26.99 14.43 17.54
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2.00 3.60 357502 9.09 45.06 31.28 28.48
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3.60 4.00 357503 51.25 47.21 52.64 50.37
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4.00 6.00 357504 56.41 56.53 53.60 55.51
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6.00 8.00 357505 51.60 47.33 62.66 53.86
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8.00 9.25 357506 65.64 46.74 50.98 54.45
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9.25 10.00 357507 58.37 57.52 52.03 55.97
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10.00 12.00 357508 47.80 44.28 52.02 48.03
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12.00 14.00 357509 43.69 57.56 54.68 51.98
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14.00 16.00 357510 55.63 56.96 60.05 57.55
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16.00 18.00 357511 57.71 57.95 65.62 60.43
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18.00 20.00 357512 59.71 60.98 60.20 60.30
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20.00 22.00 357513 52.07 42.69 53.80 49.52
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22.00 22.50 357514 58.58 61.49 62.97 61.01
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22.50 23.40 357515 NA NA NA NA
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23.40 24.50 357516 66.29 31.26 23.53 40.36
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24.50 26.00 357517 27.20 55.83 63.88 48.97
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26.00 28.00 357518 59.85 42.82 35.61 46.09
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28.00 30.00 357519 45.36 13.91 33.85 31.04
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30.00 32.00 357520 36.84 11.28 23.20 23.77
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32.00 34.00 357521 18.00 57.87 53.55 43.14
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34.00 36.00 357522 65.05 54.11 58.50 59.22
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36.00 38.00 357523 58.50 40.86 64.03 54.46
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38.00 40.00 357524 63.91 61.77 64.41 63.36
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40.00 42.00 357526 23.52 47.64 58.63 43.26
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42.00 44.00 357527 65.28 66.10 58.61 63.33
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44.00 45.10 357528 58.61 14.53 28.39 33.84
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45.10 45.90 357529 63.97 12.18 35.09 37.08
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45.90 47.60 357530 30.39 64.38 19.47 38.08
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46.60 47.80 357531 37.47 14.02 52.82 34.77
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47.80 49.00 357532 50.65 57.84 41.90 50.13
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49.00 50.60 357533 10.23 38.80 14.81 21.28
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50.60 51.00 357534 43.24 17.69 23.94 28.29
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51.00 53.00 357535 24.87 18.45 16.17 19.83
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53.00 54.10 357536 47.72 56.90 11.73 38.78
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54.10 55.00 357537 20.94 34.57 59.69 38.40
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55.00 56.40 357538 53.38 32.50 38.02 41.30
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56.40 58.00 357539 26.41 51.79 26.41 34.87
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58.00 59.50 357540 56.95 56.42 55.87 56.41
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59.50 59.70 357541 NA NA NA NA
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59.70 60.50 357542 NA NA NA NA
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60.50 62.00 357542 18.65 37.35 40.07 32.02
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62.00 64.00 357542 22.08 61.23 50.57 44.63
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64.00 66.00 357542 36.84 57.84 18.06 37.58
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66.00 68.00 357542 17.99 38.80 47.72 34.84
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68.00 70.00 357542 23.75 40.86 34.57 33.06
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70.00 71.70 357542 18.65 61.90 53.38 44.64
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NA = not analysed; due to core loss or extreme fine banding of BIF
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Table 4: Preliminary Averaged Handheld XRF Results of Sampled Core from
Drill Hole MMS002
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DEPTH XRF ANALYSIS
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FROM TO INTERVAL XRF 1 XRF 2 XRF 3 AV. XRF
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0.00 0.75 0.75 69.42 27.00 56.95 51.12
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0.75 2.50 1.75 7.36 61.70 15.01 28.02
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2.50 3.60 1.10 65.92 59.36 61.98 62.42
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3.60 5.10 1.50 66.80 67.65 67.46 67.30
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5.10 5.90 0.80 69.72 66.83 62.50 66.35
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5.90 7.10 1.20 61.05 65.06 65.97 64.03
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7.10 8.50 1.40 63.78 62.44 66.45 64.22
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8.50 9.30 0.80 69.68 68.65 66.28 68.20
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9.30 9.80 0.50 67.23 61.54 66.90 65.22
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9.80 10.80 1.00 66.14 63.56 66.44 65.38
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10.80 12.00 1.20 61.87 48.27 43.27 51.14
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12.00 12.85 0.85 66.09 66.64 60.66 64.46
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12.85 13.50 0.65 67.25 69.30 25.17 53.91
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13.50 14.70 1.20 66.21 64.73 65.78 65.57
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14.70 15.90 1.20 65.07 63.15 57.71 61.98
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15.90 17.00 1.10 64.87 65.08 65.04 65.00
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17.00 18.20 1.20 67.60 66.90 65.60 66.70
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18.20 19.10 0.90 64.13 65.55 64.55 64.74
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19.10 20.00 0.90 58.48 60.21 37.54 52.08
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20.00 21.50 1.50 45.90 28.05 23.86 32.60
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21.50 23.00 1.50 43.65 21.81 17.00 27.49
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23.00 23.60 0.60 24.55 17.74 47.13 29.81
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23.60 24.15 0.55 22.13 22.37 43.77 29.42
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24.15 25.15 1.00 25.55 46.18 44.45 38.73
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25.15 27.00 1.85 22.27 32.96 31.84 29.02
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27.00 29.00 2.00 48.23 34.89 25.12 36.08
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29.00 31.00 2.00 16.12 31.09 34.08 27.10
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31.00 33.00 2.00 29.55 45.62 24.10 33.09
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33.00 34.00 1.00 26.54 14.78 37.70 26.34
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34.00 35.70 1.70 66.88 30.53 62.01 53.14
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35.70 37.60 1.90 34.38 42.86 20.53 32.59
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NA = not analysed; due to core loss or extreme fine banding of BIF
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The interval for the hematite-rich material is from 2.5 to 19.1 metres down
hole, and has a weighted average grade of 16.6 metres @ 63.4% Fe (orange
type in Table 3). The material below the haematite cap is a BIF
transitionally weathered consisting of haematite bands after magnetite
hosted with shale. The interval which has been analysed using the XRF is
from 19.1 to 37.6 metres and is 18.5 metres @ 34.3% Fe (blue type in Table
3).
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These preliminary drilling results have demonstrated the following:
-- part of the sub-surface extents of the outcropping massive BIF-hosted
hematite+/-magnetite rock units exists to at least 70 metres down-hole
depth. However, at the position of MMS002 was drilled, the sub-surface
extents appears to be displaced by a fault structure at 67 meters down-
hole depth; and the down-dip continuity is interpreted to be deeper
than 120m and displaced at an unknown location at this stage;
-- the potential on-strike continuity of the iron mineralization along a
400m corridor and within an area of known BIF-hosted hematite+/-
magnetite outcrops;
-- predominantly validated the supporting magnetic modelling for the areas
where the diamond drilling was completed, and;
-- potential for high-grade and Direct Shipping Ore (DSO)-style hematite
iron mineralization based on preliminary handheld XRF results with
averaged indicative iron ore grades as high as 63.36% Fe and 68.20% Fe
being returned for diamond holes MMS001 and MMS002, respectively.
Whilst awaiting the Genalysis-Intertek Laboratory XRF results for the sampled
core intervals for the two diamond holes drilled, this recently-completed
drilling program will provide valuable empirical information necessary in the
Company's planning for a more systematic, detailed and expanded exploration
program for E77/1208 (Mt. Manning South) tenement.
Doug Betts, Salmon River Chair, commented:
"We are pleased with the results to date from this initial scout diamond
drilling programme and the results validate the on strike and down dip
continuity on the potentially massive hematite deposit in the 'J Hook' area in
the southern portion of our Treppo Grande Iron Project (E77/1208). We look
forward to receiving the more detailed XRF assay results of the core samples to
enable us to assess properly their significance and plan further appropriate
exploration and drilling strategies."
Salmon River will provide additional exploration updates as results become
available.
Qualified Person
Mr. Hector Galam, B.App.Sc. (Hons) (App. Geology), M.Sc. (Geology), is a Member
both the AIG and the AusIMM; and the Exploration Manager responsible for the
geological programmes on all the EL's referenced in this document. He is a full
time employee of the Company as the Exploration Manager and responsible for the
geological programmes on all the EL's referenced in this document. Mr. Galam is
Qualified Person as defined in National Instrument 43-101 and has assisted in
the preparation of and approved this news release.
Salmon River has established and maintains a comprehensive quality
assurance-quality control (QA/QC) program.
About Salmon River Resources Limited (TSX VENTURE:SAL)
Salmon River Resources Limited is a mineral exploration company engaged in the
exploration for and development of commercial deposits of iron ore in Western
Australia. It exercised its option to acquire five tenements in the Yigarn
region of Western Australia including the Treppo Grande iron ore project,
approximately 210 kilometres northwest of Kalgoorlie, comprising two tenements
covering Mt Manning (298 km2) and the Barlee tenement (98.7 km2). Completion of
the acquisition of the tenements is subject to certain conditions, including
payment of A$100 million to the optionor. Salmon River believes the Treppo
Grande project has the potential to be a world-class iron ore deposit with early
development potential. Salmon River has recently announced the signing of a
Memorandum of Understanding with General Steel Holdings Inc. ("General Steel")
providing for substantial future financing, off-take arrangements and the
provision of management oversight (see press release dated 4 November 2011). The
shares of Salmon River are listed on the TSX Venture Exchange under the symbol
"SAL".
For further information see our website at www.salmonriverresources.com.
On behalf of the Board of Directors of SALMON RIVER RESOURCES LTD.
J.G. Stewart, President
Cautionary Language and Forward-Looking Statements: This press release contains
forward-looking statements that are based on the beliefs of management and
reflect Salmon River's current expectations. This press release relates to the
exploration programmes of Salmon River. All statements in this discussion, other
than statements of historical facts, that address future exploration drilling,
exploration activities and events or developments that the Company expects, are
forward looking statements. Although the Company believes the expectations
expressed in such forward looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results, performance or developments may differ materially from those in
forward-looking statements. By their nature, forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking information. Factors that could cause actual results to differ
materially from those in forward looking statements include the fact that the
Company must complete the acquisition of the tenements (which requires
regulatory and shareholder approval, execution of a definitive agreement with
GSH, completion of a minimum of $110 million in financing, all prior to April
30, 2012), the risks that mineral resources are not as estimated, the actual
results of exploration activities not being as anticipated, fluctuations in
commodity prices in general and iron ore prices in particular, and the
availability of capital and financing, and general economic, market or business
conditions. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information. Forward-looking
information is provided as of the date of this press release, and the Company
assumes no obligation to update or revise them to reflect new events or
circumstances, except as required in accordance with applicable laws.
Salmon River Resources Ltd. (TSXV:SAL)
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