Bullabulling Gold Limited Stratigraphic Diamond Drilling Underway (6344L)
06 9월 2012 - 3:52PM
UK Regulatory
TIDMBGL
RNS Number : 6344L
Bullabulling Gold Limited
06 September 2012
Bullabulling Gold Limited
6 September 2012 ASX Code: BAB, AIM Code: BGL
Stratigraphic Diamond Drilling Underway at Bullabulling
-- Two diamond holes planned to a minimum depth of 600 metres
-- Results have potential to significantly influence future
exploration strategy and resource growth potential
-- Three specific structural features to be targeted:
o Bullabulling eastern fold limb - potential to host
mineralisation analogous to the existing 3.2Moz resource in the
western limb details of which are set out in the Company's
Admission Document dated February 2012
o Disharmonic fold structures - identified as hosts of higher
grade gold mineralisation within the region
o Vertical structures - interpreted to represent feeder zones
with potential for remnant high grade mineralisation
Bullabulling Gold Limited is pleased to advise that deep diamond
drilling has commenced at the Bullabulling Gold Project in Western
Australia.
Two holes, each with a minimum depth of 600 metres, are planned
in order to validate the three dimensional geological model that
has been developed for the project area (see announcement dated 6
June 2012) and test three specific targets that were interpreted
from the model. The main aim of the holes is to map in detail the
geology and orientation of structures interpreted from the seismic
data below and to the east of the current drill coverage.
The 3D modelling is considered to have identified the structural
setting for gold mineralisation at Bullabulling and, if the current
drilling supports this interpretation, it will have positive
implications for future exploration targeting and the potential for
increasing the Company's gold inventory in the region.
The indicated and inferred 3.2 million-ounce Bullabulling
deposit has been interpreted to sit above and below an ultramafic
unit on the western limb of a major anticline. The model indicates
that the prospective ultramafic unit continues on the eastern limb
of the anticline, which has not previously been targeted.
Structurally, the eastern limb appears to be as prospective as the
western limb and if mineralised has the potential to host
mineralisation analogous to the existing resource. Historic
drilling has intersected mineralisation to the east of the west
limb in the anticline hinge zone, confirming that other structures
on the anticline are mineralised.
One of the current holes, to be drilled at a dip of 60deg
towards the west, will target the eastern fold limb to identify and
orientate lithology and test for the presence of gold
mineralisation around the ultramafic. This hole will continue in
order to intersect an interpreted flat shear zone situated at the
base of a disharmonic fold structure, approximately 500 metres
below surface.
The second hole will be drilled at a dip of 60deg towards the
east and will intersect the western limb of the Bullabulling fold
before targeting a disharmonic fold structure at 450 to 500 metres
below surface. This hole will continue to greater depth in order to
assess vertical features interpreted to be potential feeder
structures.
The final depth of both holes will be determined based upon
on-site core logging and geological interpretation. Drilling is
expected to take four-to-six weeks depending on final hole depth
with assays anticipated approximately one month later.
[Image]
Cross-section on Seismic Line Showing Planned Drill Holes
[Image]
Chairman Peter Mansell and Non-executive Director Ronnie
Beevor
Inspect the drill site with Bullabulling Project Geologist Steve
Saul
For information, contact:
Brett Lambert
Bullabulling Gold Limited
Level 2, 55 Carrington Street
Nedlands, WA, 6009, Australia
Tel: +61 8 9386 4086
------------------------------- ---------------------------------------------
Canaccord Genuity (Broker) Westhouse Securities Limited
John Prior / Adam Miller (UK Nominated Adviser)
Tel: +44 20 7523 8350 Martin Davison / Jonathan Haines
Tel: +44 20 7601 6100
------------------------------- ---------------------------------------------
Neil Boom Dudley White / Blake Wilshaw
MD, Gresham PR Ltd (UK media) MAGNUS Investor Relations
Tel: +44 7866 805 108 (Australian Media)
Tel: +61 2 8999 1002 / +61 8
9212 0101
dwhite@magnus.net.au/bwilshaw@magnus.net.au
------------------------------- ---------------------------------------------
A copy of this announcement including images including the
seismic cross section referred to in the announcement can be found
on the Company's website: www.bullabullinggold.com
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities
Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) 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 4.8 million tonnes at 1.15 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, Mineral Resources or Ore Reserves 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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