TIDMBGL
RNS Number : 7695E
Bullabulling Gold Limited
06 June 2012
Bullabulling Gold Limited
ASX Announcement 6 June 2012 ASX Code: BAB, AIM Code: BGL
3D MODELLING CONFIRMS BULLABULLING EXPANSION POTENTIAL
Bullabulling Gold Limited (the "Company") is pleased to report
that 3 dimensional data interpretation and geological modelling has
provided clear evidence for the potential to significantly expand
the regional resource base at Bullabulling beyond the current 3.4
million ounces*.
Highlights
-- All geophysical data for the broader project area has been
integrated with 2 dimensional geological interpretation, structure
and geochemical data to construct a regional 3 dimensional GIS
model.
-- The modelling has, for the first time, identified the
structural setting for gold mineralisation at the Bullabulling
deposit with positive implications for future exploration targeting
and supports potential to significantly increase the gold inventory
at Bullabulling and satellite deposits.
-- The board believe the eastern limb of the Bullabulling
anticline has the potential to replicate the existing resource and
structural features prospective for higher grade mineralisation
have been identified at depth beneath the current deposit.
-- Preliminary prospectivity analysis has defined eight new
exploration targets, with five targets at Bullabulling, two at
Gibraltar and one at Geko.
-- A program of stratigraphic diamond drilling and further
seismic data acquisition is being developed to commence the testing
of these targets and collect geological data to improve the 3D
geological interpretation.
Bullabulling Gold Managing Director, Brett Lambert, praised the
efforts of the Company's geologists and consultants. "The
culmination of several months' work on this project has delivered a
breakthrough in relation to the understanding of gold
mineralisation in the Bullabulling region. This greatly enhances
potential to expand the Company's resource base, which will be
pursued in parallel with work currently underway to bring the
Bullabulling Gold Project into production."
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.
*Comprising 3.2 million ounces at the Bullabulling Trend and 0.2
million ounces at Gibraltar. The resource is per the 29 February
2012 resource update and excludes the Jervois dumps.
Overview of GIS Model Development
All geophysical data from surveys carried out in the broader
Bullabulling project area have now been processed and integrated
with structural mapping and geochemical data, allowing the
development of a 2D surface geological interpretation, (Figure 1).
A three dimensional Geographic Information System (GIS) model has
been developed from the 2D geology, using gravity, magnetic and
seismic data to constrain the dip and orientation of lithological
contacts and structures. A microstructural study was also used to
help define the timing of structural events in relation to gold
mineralisation and to constrain the 3D geological
interpretation.
The work to date supports management's view that gold
mineralisation in the region is spatially associated with the upper
and lower contacts of a regionally extensive ultramafic unit where
the contacts are folded (Figure 2).
The modelling has shown that gold mineralisation at Bullabulling
is associated with the largest fold in the region at the top and
bottom contacts of the prospective ultramafic unit. The Directors
believe it is no coincidence that the largest deposit is hosted by
the largest and structurally most complex fold in the region. Both
Geko and Gibraltar are also associated with similar folds, but on a
smaller scale.
This structural setting for gold mineralisation has not been
described before and its identification has important implications
for future exploration as, with the exception of the Bullabulling
western limb, the limbs of the folds have not previously been
targeted. The Bullabulling eastern limb remains almost completely
untested by drilling, however a small number of holes did penetrate
the prospective horizon and mineralisation was intersected,
supporting the proposition that this structure has potential to
host a similar resource to that delineated on the west limb.
Neither the Gibraltar nor Geko fold limbs have been drilled to date
and these structures are considered to represent significant
exploration targets.
A detailed analysis of the structure in 3D suggests that high
grade mineralisation at Bullabulling and Gibraltar is related to
small scale discontinuities developed where fold amplitude
flattens. A large scale structure of this type has been mapped on
seismic line 2 (Figure 1), immediately beneath the current
resource. The plane to this discontinuity is at approximately 350
metres vertical depth and may also host high grade mineralisation,
similar to the smaller structures mapped in the Bacchus and Phoenix
pits. Confirmation of high grade mineralisation on this
discontinuity would add significant value to the current resource
at Bullabulling.
There are also a number of vertical structures mapped on the
seismic images that are axial planar to the Bullabulling Anticline.
These vertical structures transect the crust and have the potential
to have focused gold bearing fluids into the Bullabulling
anticline. These structures appear to terminate just below the flat
discontinuity that marks the lower limit to the Bullabulling
anticline and consequently have not been tested for their potential
to host high grade mineralisation to date.
Eight new exploration targets have been defined during
preliminary prospectivity analysis. These cover a range of depths
from near surface to 550 metres vertical depth and include:
1. Bullabulling east limb (near surface)
2. Bullabulling fold axis (350m Depth)
3. Bullabulling flat shear (450m Depth)
4. Bullabulling vertical feeder structures (550m depth)
5. Gibraltar fold limbs (near surface)
6. Gibraltar fold axis
7. Geko fold axis
8. Un-explored fold axis west of Gibraltar
A field program is being developed to test and further develop
the 3D geological model. This will include stratigraphic diamond
drill holes and additional seismic data acquisition. There is the
potential to use 3D seismic rather than 2D seismic lines over the
Bullabulling Trend and this is currently being assessed. The
stratigraphic drilling and seismic data acquisition will be
followed by finalisation of the 3D geological model and enhanced
target generation using 3D Weights of Evidence spatial data
modelling.
For further information contact Brett Lambert, Managing
Director, on +61 8 9386 4086 or visit the Company's website
www.bullabullinggold.com.
About Bullabulling Gold Limited
Bullabulling Gold Limited listed on the Australian Securities
Exchange (ASX:BAB) and London Alternative Investment Market
(AIM:BGL) in March 2012 and has approximately 289 million shares on
issue. The Company's primary asset is the wholly owned Bullabulling
Gold Project, located near Coolgardie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral
Resources of 3.4 million ounces comprising Indicated Resources of
72.1 million tonnes at 0.92 g/t gold and Inferred Resources of 30.7
million tonnes at 1.07g/t gold at Bullabulling and Inferred
Resources of 4.5 million tonnes at 1.12 g/t gold at Gibraltar.
Exploration has demonstrated strong potential for further expansion
of the resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit
mining and conventional CIL processing has delivered high gold
recoveries. The deposit is situated on granted Mining Leases in
close proximity to infrastructure.
The Company is currently undertaking a pre-feasibility study
into the development of a large scale, low cost mining operation at
Bullabulling, with first production targeted for 2015.
Competent Person Statement
The information in this report that relates to the Exploration
Results is based upon information compiled by Dr. Gregor
Partington, who acts as an exploration consultant to the company
and is a member of The Australasian Institute of Mining and
Metallurgy and the Australian Institute of Geoscientists. Dr.
Partington has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and the
activity in which he is undertaking to qualify as a Competent
Person under 2004 Edition of the Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves (JORC
Code). Dr. Partington consents to the inclusion in this report of
the matters based on his information in the form and context in
which it appears.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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