TIDMBGL
RNS Number : 6433D
Bullabulling Gold Limited
18 May 2012
18 May 2012
ASX Limited Electronic Lodgment
ASX Code: BAB / AIM Code: BGL
ASSAY RESULTS RECEIVED FROM REGIONAL EXPLORATION DRILLING
Bullabulling Gold Limited is pleased to announce that final
assay results have been received for a regional exploration
drilling program carried out earlier in the year. The latest
results confirm potential to further expand the 3.2 million ounce
resource base at the Company's wholly owned Bullabulling Gold
Project. Highlights from the recent drilling campaign include:
Gibraltar
-- 24 RC holes completed totalling 4,896 metres
-- Significant intercepts include 13m at 2.87g/t Au, 3m at 6.82g/t Au and 11m at 2.44g/t Au
-- The latest results confirm and extend previously reported high grade mineralisation
-- Most of the new intersections lie outside the current resource model
-- An updated resource estimate is being prepared
Geko
-- Preliminary drill testing at Geko totalling 694 metres in 5 RC holes was completed
-- Significant intercepts include 14m at 2.02g/t Au, 7m at 2.07g/t Au and 14m at 2.21g/t Au
-- The results confirm historic drill intercepts and indicate
that mineralisation extends beyond the limits of the historic
resource
-- Data is being reviewed to determine requirements for
estimation of a new JORC compliant resource
Regional Exploration
-- Regional scout drilling totalling 2,659 metres in 23 RC holes has been completed
-- New mineralisation was intersected at the Rhea Project, 10km south of Bullabulling
-- The discovery of mineralisation at Rhea increases the
prospectivity of the southern Bullabulling tenements
Managing Director, Brett Lambert, commented: "We are very
pleased with the grades delivered from Gibraltar and Geko and the
potential for further resource growth that has been identified by
the latest drilling. Both projects are now being evaluated for
possible inclusion in Bullabulling Gold Project pre-feasibility
study that is currently underway."
Full details of the completed drilling program and significant
assay results follow.
Maps and graphics ("Figures") referred to in this announcement
are available on the version of the release available on the
Company's website www.bullabullinggold.com.
Contacts:
Brett Lambert
Bullabulling Gold Ltd
41 Stirling Highway
Nedlands, WA, 6009, Australia
Tel: +61 8 9386 4086
------------------------------- --------------------------------
Cannacord Genuity (Broker) Westhouse Securities Limited
John Prior / Adam Miller (UK Nominated Adviser)
Tel: +44 20 7523 8350 Tom Price / Martin Davison
Tel: +44 20 7601 6100
------------------------------- --------------------------------
Neil Boom David Brook
MD, Gresham PR Ltd (UK media) Professional Public Relations
Tel: +44 7866 805 108 (Australia Media)
Email: david.brook@ppr.com.au
Tel: +61 8 9388 0944 / +61 433
112 936
------------------------------- --------------------------------
Gibraltar Project
All assays have now been received for 24 reverse circulation
(RC) holes totaling 4,986 metres drilled on the regional Gibraltar
trend earlier in the year (Figure 1; Table 1). The high grade
mineralisation at depth reported previously has been confirmed and
expanded. Significant intercepts, at a 0.5 g/t Au cut off,
included:
-- 3 metres at 6.82g/t Au from 163 metres in BJ5009
-- 2 metres at 3.88g/t Au from 66 metres in BJ5016
-- 13 metres at 2.87g/t Au from 166 metres in BJ5066
-- 11 metres at 2.44g/t Au from 196 metres in BJ5067
-- 7 metres at 2.02g/t Au from 182 metres in BJ5289 and
-- 2 metres at 3.16g/t Au from 160 metres in BJ5287
The new assay results have been modeled in 3D, including an
interpretation of geology and structure. Results from the modeling
confirm the presence of a zone of mineralisation that is 400 metres
in strike length and around 20 metres thick on section. The
mineralisation remains open down dip, mainly to the south west.
A new resource estimate is being prepared for Gibraltar that is
expected to expand the current Inferred Resource of 4.5 million
tonnes at 1.12 g/t Au for 161,900 ounces of gold, as most of the
new intersections lie outside the current resource model.
Importantly, the drilling has continued to confirm that higher
grade gold mineralisation is present at Gibraltar.
The updated Gibraltar resource will be evaluated for inclusion
into the Bullabulling Gold Project pre-feasibility study and has
potential to enhance the project by extending mine life and
providing higher grade mill feed early in the production
schedule.
Geko Project
Bullabulling Gold Limited holds an option to acquire a 100%
interest in the Geko Gold project, which is situated 17 kilometres
north of the Bullabulling Gold Project (Figure 2). The project
contains a gold deposit defined by drilling carried out in the
1990's, which is located entirely within one granted Mining Lease
(M15/615).
The Geko gold deposit is hosted by mafic rock altered to
sericite-quartz-biotite-hornblende schist directly overlying an
ultramafic sequence and is 50 metres wide and 500 metres long with
a steep dip to the south east down to a depth of 180 metres. Deep
weathering has produced a laterite profile to approximately 80
metres depth and includes supergene enrichment zones. The shear
zone containing the mineralisation is generally bounded at its
footwall by a mafic/ultramafic contact. Gold dispersion and
enrichment occurs in a series of sub-horizontal alteration and
weathering zones, from the transition zone above the fresh rock
through saprolite and mottled zone to leached material. An enriched
palaeochannel lies directly above the mineralised zones and is
overlain by Quaternary soils, ferricretes and silcretes.
Only 25% of the tenement has been tested effectively by drilling
and like Bullabulling the gold mineralisation is associated with a
regional scale fold, which has not been tested along and down
plunge of the fold axis.
An exploration drilling program has been completed at the Geko
project to test historic results as part of the option data review.
The drilling was also planned to test for mineralisation outside
the historic resource estimate to assess the potential to expand
the resource with additional exploration. The drilling program
consisted of five drill holes totaling 694 metres. Results have
been returned for all holes at Geko and, at a 0.5 g/t Au cutoff,
include:
-- 2 metres at 3.11g/t Au from 116 metres in GE0002
-- 14 metres at 2.02g/t Au from 44 metres in GE0003
-- 7 metres at 2.07g/t Au from 59 metres in GE0002 and
-- 14 metres at 2.21g/t Au from 141 metres in GE0005
The latest drilling has confirmed historic drill results, with
similar grades intersected. The results from GE0005 also confirm
that mineralisation extends outside the historic resource
estimate.
Currently available data is being reviewed to determine
requirements for the preparation of a JORC compliant resource
estimate using the historic and new drill results. This may include
further drilling for quality assurance purposes and or testing for
potential resource extensions. The incorporation of Geko into the
Bullabulling pre-feasibility study will be assessed and like
Gibraltar, this project has potential to extend mine life and
increase mill feed grade early in the project.
Regional Exploration Drilling Results
A number of regional soil anomalies were drilled as part of the
recently completed exploration drilling program. A total of 23
scout drill holes were completed for 2,659 metres, focused on the
area south of Bullabulling between Gryphon and Kraken prospects and
also on E 15/1263 south along strike of the Bullabulling Trend.
Better results received include 5 metres at 2.10 g/t Au from 75
metres in BJ1017 from the Edwards prospect and 5 metres at 0.40 g/t
Au from 48 metres, including 1 metre at 1.49 g/t Au from 52 metres
in BJ3171 from the Rhea prospect on E 15/1263. The gold occurs in
mafic schist, not previously recognised, surrounded by pegmatite
and constitutes a new discovery.
Results to date from the exploration work to the south of
Bullabulling have increased the prospectivity of the area,
increasing the probability of finding new resources that may extend
the Bullabulling Gold Project mine life.
Further exploration in the near term will be restricted to
advanced projects or targets that have well defined potential to
contribute to the development of the Bullabulling Gold Project.
Table 1: Complete list of drill holes from the recent
exploration drilling program
Hole Prospect Easting Northing RL Dip Azimuth Length
BJ1017 ED 299789.689 6564447.08 415.778 -60 45 217
BJ1020 ED 299907.07 6564450.591 418.213 -60 45 199
BJ1036 GY 299984.442 6564329.688 417.886 -60 40 199
BJ1051 GY 300101.451 6564237.026 417.328 -60 40 151
BJ1064 GY 300223.06 6564140.909 417.596 -60 40 199
BJ1143 GY 300699.723 6563768.37 418.268 -60 40 187
BJ3164 RH 299780.958 6560400.543 401.512 -60 90 55
BJ3165 RH 299882.959 6560399.46 401.696 -60 90 109
BJ3167 RH 300083.257 6560399.181 401.898 -60 90 121
BJ3169 RH 300280 6560395 430 -60 90 103
BJ3171 RH 300479.335 6560398.715 401.248 -60 90 103
BJ3173 RH 300680.679 6560389.15 402.505 -60 90 103
BJ3222 RH 299379.213 6560398.035 400.539 -60 90 91
BJ3223 RH 299481.252 6560391.553 400.478 -60 90 103
BJ3224 RH 299584.536 6560392.492 400.335 -60 90 103
BJ3225 RH 299679.257 6560397.108 400.703 -60 90 103
BJ5009 GB 304874.755 6562793.604 432.911 -60 325.5 211
BJ5010 GB 304874.839 6562752.227 430.036 -60 353 235
BJ5016 GB 304771.696 6562948.894 428.01 -60 353 157
BJ5018 GB 304780.407 6562869.137 427.886 -60 353 199
BJ5019 GB 304769.515 6562840.604 426.867 -60 353 118
BJ5022 GB 304794.09 6562754.396 428.117 -60 353 205
BJ5040 GB 304612.979 6562861.641 424.166 -60 353 199
BJ5042 GB 304632.939 6562767.998 423.372 -60 353 247
BJ5062 GB 304470.413 6562839.07 423.227 -60 325.5 187
BJ5063 GB 304955.793 6562727.267 432.339 -60 353 247
BJ5066 GB 305040.566 6562739.036 431.143 -60 352.5 205
BJ5067 GB 305040 6562694 430 -60 353 241
BJ5068 GB 305058.221 6562614.226 428.441 -60 352.5 259
BJ5069 GB 305113.413 6562751.417 428.644 -60 350 211
BJ5077 GB 305189.538 6562834.311 427.75 -60 352.5 211
BJ5082 GB 305322.87 6562840.894 427.5 -60 352.5 193
BJ5084 GB 305353.157 6562778.616 424.981 -60 353 205
BJ5087 GB 305194.7 6562760.553 426.557 -60 353 175
BJ5098 GB 305471.004 6562909.563 422.712 -60 352.5 163
BJ5107 GB 305619.264 6562927.503 419.052 -60 352.5 163
BJ5287 GB 305036.989 6562767.686 430.463 -57 353 204
BJ5289 GB 304915.591 6562723.466 430.947 -60 353 221
BJ5292 GB 304994.998 6562733.012 431.817 -60 348 217
BJ5295 GB 305076.88 6562743.466 429.909 -60 348 223
BJ5303 GB 305101.784 6563198.734 426.226 -90 0 163
BWX001 RH 302111.648 6560743.447 401.475 90 0 56
BWX003 RH 302248.06 6558083.84 391.407 90 0 74
BWX004 RH 302186.334 6559119.227 393.709 90 0 62
BWX005 RH 301474.225 6556094.739 387.641 90 0 62
BWX006 RH 300651.144 6556190.875 388.186 90 0 75
BWX007 RH 302504.679 6556509.528 387.494 90 0 74
BWX008 GY 300370.675 6563776.654 416.24 90 0 110
BWX009 BC 299855.631 6570541.38 437.268 90 0 110
GE0001 GK 299178.826 6583352.909 398.275 -60 338 79
GE0002 GK 298901.135 6583264.205 397.573 -60 332 198
GE0003 GK 299152.71 6583418.582 398.746 -60 338 74
GE0004 GK 299576.158 6582691.478 396.706 -60 338 162
GE0005 GK 299177.601 6583356.081 398.305 -60 338 181
-------- ---------- ----------- ------------ -------- ---- -------- -------
Table 2: Summary of significant intercepts at a 0.5 g/t Au
cutoff
Hole Prospect From To Width Au G/t
BJ1017 Edwards 75 80 5 2.01
BJ5009 Gibraltar 163 166 3 6.82
BJ5016 Gibraltar 66 68 2 3.88
BJ5063 Gibraltar 165 167 2 2.10
BJ5063 Gibraltar 208 210 2 2.94
BJ5066 Gibraltar 166 179 13 2.87
BJ5067 Gibraltar 196 207 11 2.44
BJ5068 Gibraltar 112 114 2 2.62
BJ5087 Gibraltar 156 159 3 2.30
BJ5287 Gibraltar 160 162 2 3.16
BJ5289 Gibraltar 182 186 4 2.15
BJ5289 Gibraltar 208 215 7 2.02
BJ5292 Gibraltar 191 193 2 2.14
BWX009 Water 100 102 2 2.23
GE0002 Geko 116 118 2 3.11
GE0003 Geko 35 39 4 2.01
GE0003 Geko 44 58 14 2.02
GE0003 Geko 59 66 7 2.07
GE0005 Geko 131 133 2 2.53
GE0005 Geko 141 155 14 2.21
-------- ----------- ----- ---- ------ -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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