TIDMBGL
RNS Number : 9976B
Bullabulling Gold Limited
10 April 2013
Bullabulling Gold Limited
10 April 2013 AIM Code: BGL, ASX Code: BAB
Further High Grade Assays Returned from Edwards &
Gryphon
-- Mineralisation extended down-dip at Gryphon, including:
- Hole BJ4927, 12m at 2.36 g/t gold
- Hole BJ4576, 6m at 11.74 g/t gold, including 2m at 29.08 g/t
gold
-- Further mineralisation intersected at Edwards, including:
- Hole BJ4622, 5m at 2.68 g/t gold
- Hole BJ4631, 3m at 5.53 g/t and 4m at 11.42 g/t gold
-- Potential for amalgamation of the two prospects confirmed by
strong results from the separating corridor, including:
- Hole BJ4588, 6m at 3.52 g/t gold, including 1m at 12.30 g/t
gold (revised)
- Hole BJ4931, 12m at 5.35 g/t gold, including 3m at 13.47 g/t
gold
-- Results expected to support a resource expansion at Edwards
and Gryphon to deliver additional high grade mill feed early in the
proposed mine life
-- Mineralisation remains open providing scope for further extension drilling
Bullabulling Gold Limited is pleased to report that drilling at
the Gryphon and Edwards prospects has been completed and assay
results have been received for a further 16 holes, including a
number of additional high grade intercepts.
Notable results from the latest batch of assays included 6
metres at 11.74 g/t, including 2 metres at 29.08 g/t, in hole
BJ4576 and 12 metres at 2.36 g/t in hole BJ4927 at Gryphon. These
holes extend the strongly mineralised core of the Gryphon prospect
further down-dip and confirm that mineralisation remains open at
depth.
Encouraging results were also returned from several drill holes
at Edwards. Hole BJ4631 designed to drill through the main Edwards
lode at shallow depths before testing for deeper mineralisation in
the footwall ultramafic returned 3 metres at 5.53 g/t from the main
lode position followed by 4 metres grading 11.42 g/t from within
the footwall ultramafic. This intercept establishes the ultramafic
as a significant target for future drilling. Hole BJ4622, testing
down-dip, intersected 5 metres at 2.68 g/t, confirming
mineralisation at Edwards also remains open at depth.
The potential amalgamation of the proposed Edwards and Gryphon
pits was strongly supported by hole BJ4931, which returned 12
metres at 5.35 g/t, including 3 metres at 13.47 g/t, from within
the corridor between the two prospects. However some recent holes,
particularly on the up-dip margin of the corridor, failed to
intersect significant grade mineralisation where there appears to
have been some localised replacement by pegmatite.
The completed program comprised 5,421 metres in 37 reverse
circulation holes covering 1.3 kilometres of strike on the southern
portion of Bullabulling Trend. Assays for five holes remain
outstanding.
Upon receipt of final assays, the resource model for the
Edwards-Gryphon portion of the Bullabulling Trend will be updated
for use in the mining optimisation program being undertaken in the
first phase of the definitive feasibility study. Drilling results
to date indicate that there is high potential for expanding the
mining inventory at Edwards and Gryphon, which currently has a
grade approximately 30% above the project average, thereby
providing additional higher grade mill feed in the early years of
the proposed mining operation. Furthermore, drilling suggests
continuity of mineralisation between Edwards and Gryphon that may
enable development of a single open pit which management expect
would improve mining efficiency and reduce costs.
Collar locations for holes completed at Edwards and Gryphon are
shown in Figure 1. Drill hole details and significant intercepts
from the latest batch of results are presented in Table 1.
Table 1 - Edwards/Gryphon significant drill intercepts
(>0.5g/t)
Hole Easting Northing RL Dip Azi From To (m) Interval Grade
Number (m) (m) (g/t)
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4545 300588 6563759 418 -60 45 No intercepts > 0.5 g/t
----------- -------- --------- ---- ---- ---- ----------------------------------
BJ4547 300530 6563701 417 -60 45 94 96 2 0.56
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 137 141 4 1.65
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4566 300289 6563775 416 -60 45 112 115 3 1.12
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 123 125 2 0.68
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 191 198 7 1.57
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 202 206 4 0.88
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4927 300126 6563821 415 -60 45 133 145 12 2.36
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4576 300156 6563959 416 -60 45 114 120 6 0.74
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 127 133 6 11.74
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
including 128 130 2 29.08
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4580 300158 6564068 417 -60 45 No intercepts > 0.5 g/t
----------- -------- --------- ---- ---- ---- ----------------------------------
BJ4586 300105 6564120 417 -60 45 No intercepts > 0.5 g/t
----------- -------- --------- ---- ---- ---- ----------------------------------
BJ4588 300049 6564063 416 -60 70 85 91 6 3.52
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
including 86 87 1 12.30
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4600 299951 6564282 418 -60 45 No intercepts > 0.5 g/t
----------- -------- --------- ---- ---- ---- ----------------------------------
BJ4931 299784 6564222 419 -60 45 116 128 12 5.35
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
including 116 119 3 13.47
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4611 299783 6564327 419 -60 45 35 38 3 1.18
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 43 55 12 0.63
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4934 299700 6564241 420 -60 45 98 100 2 0.56
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4622 299625 6564429 421 -60 67 86 91 5 0.57
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 97 102 5 2.68
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4631 299730 6564530 419 -60 90 30 33 3 5.53
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
and 117 121 4 11.42
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4635 299572 6564526 422 -60 90 90 93 3 0.53
----------- -------- --------- ---- ---- ---- ----- ------- --------- -------
BJ4648 299649 6564673 420 -60 90 No intercepts > 0.5 g/t
----------- -------- --------- ---- ---- ---- ----------------------------------
Note: Drill intercepts were composited using a 0.5 g/t lower cut
and minimum width of 2 metres.
Hole BJ4588 results were revised following re-assay of bulk
sample splits. See release dated 25 March 2013: 5 metres at
14.52g/t gold (including 1 metre at 68.6g/t)
A copy of this announcement, including figures can be found on
the Company's website: www.bullabullinggold.com
For information, contact:
Brett Lambert Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Street Martin Davison/Jonathan Haines
Nedlands, WA, 6009, Australia Tel: +44 20 7601 6100
Tel: +61 8 9386 4086
------------------------------- -----------------------------------------------
Neil Boom John Gardner / Rupert Dearden
Gresham PR Ltd (UK media) MAGNUS Investor Relations. Corporate
Tel: +44 7866 805 108 Communication. (Australian Media)
Tel: +61 8 9212 0101
jgardner@magnus.net.au rdearden@magnus.net.au
------------------------------- -----------------------------------------------
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 302.5 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 3.5 million ounces comprising Indicated Resources of
71.7 million tonnes at 0.96 g/t gold (2.2 million ounces) and
Inferred Resources of 32.8 million tonnes at 1.06 g/t gold (1.1
million ounces) at Bullabulling and Inferred Resources of 4.8
million tonnes at 1.15 g/t gold (0.2 million ounces) 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 has recently completed a pre-feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling and is now moving into definitive feasibility study.
First production is targeted for Q4 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 Mr Trevor Pilcher, who is a full time
employee of the Company and is a member of The Australasian
Institute of Mining and Metallurgy. Mr Pilcher 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). Mr Pilcher 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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