Tulu Kapi Maiden Inferred Resource


 

TIDMDWY 
 
RNS Number : 9808Y 
Dwyka Resources Limited 
14 September 2009 
 

 
 
 
 
Dwyka Resources Limited ('Dwyka' or the 'Company') 
 
 
Tulu Kapi Maiden Inferred Resource of 690 000 oz Gold 
 
 
Highlights 
 
 
- Tulu Kapi Maiden Inferred Resource reported in accordance with the JORC Code 
contains 690,000 ounces of gold at 0.5g/t Au cut off 
 
 
- Dwyka Board approves aggressive drilling programme to upgrade the Inferred 
Resource to an Indicated category and expand the resource base by drilling 
extensions to the Tulu Kapi Project to generate additional Inferred Resources 
 
 
- Only a small portion of the prospective Tulu Kapi Project has been drilled to 
date and expectations remain high for the delineation of a substantial resource 
 
 
 
 
Tulu Kapi Resource Modelling 
 
 
Following the recent acquisition of Minerva Resources Plc, Dwyka Resources 
Limited ("Dwyka" or "the Company") has rapidly moved to convert historical 
exploration drilling results to a Resource that can be reported to JORC 
standards. The results indicate a Maiden Inferred resource of 690,000 ounces of 
gold at 0.5g/t Au cut off. Following these results a new drilling campaign is 
being designed to upgrade the resource to an Indicated category and generate new 
Inferred Resources by drilling previously identified extensions to confirm 
mineralisation. 
 
 
Resource modelling and grade estimation of the Tulu Kapi gold Project located in 
western Ethiopia has been completed by independent resource consultants Hellman 
& Schofield. Estimation using the multiple indicator kriging method was based on 
all verifiable data collated from four drilling campaigns using 34 diamond drill 
holes. 
 
 
+------------+------------+------------+------------+ 
|  Cut-off   |  Tonnes    |   Grade    |    Gold    | 
+------------+------------+------------+------------+ 
|  (g/t Au)  |    (Mt)    |  (g/t au)  |  (oz Au)   | 
+------------+------------+------------+------------+ 
|    0.5     |   13.52    |    1.58    |  690,000   | 
+------------+------------+------------+------------+ 
|     1      |    6.70    |    2.47    |  530,000   | 
+------------+------------+------------+------------+ 
|    1.5     |    3.94    |    3.30    |  430,000   | 
+------------+------------+------------+------------+ 
 
 
Figures for contained ounces have been rounded and include both primary and 
supergene resources. Significant figures used for tonnages and grades do not 
imply precision. 
 
 
All assay results were generated by certified laboratories operated by 
ALS-Chemex and SGS Laboratory, South Africa. Drilling, sampling, chain of 
custody procedures and data collection and storage have all been independently 
verified. 
 
 
The Maiden Resource has been generated within the central Zone of Tulu Kapi over 
a strike length of only 500 metres and a width of 400 metres to a depth of 200 
metres. Drill traverses were spaced at approximately 80 metre intervals and 
individual drill holes were sited at an average 80 metre spacing along each 
traverse. Drill holes were inclined at an average 50 degrees in a north-easterly 
direction to achieve a notional intersection perpendicular to the assumed dip of 
mineralisation. 
 
 
New Drilling Campaign 
 
 
A new drilling campaign is currently being designed to upgrade the Maiden 
Inferred Resource to an Indicated category and generate new Inferred Resources 
by drilling previously identified extensions to confirm mineralisation. Dwyka 
has contracted for both a reverse circulation and a diamond drill rig to be 
delivered to site for an initial programme expected to commence in early October 
2009. Based on a preliminary assessment completed by Hellman & Schofield, an 
estimated 56 RC drill holes for a total of approximately 11,800 metres will be 
required as part of an infill programme to upgrade the Maiden Inferred Resource 
to an Indicated category. This programme will commence with the drilling of 4 RC 
holes to be twinned with previously drilled diamond drill holes to confirm the 
reliability of RC drilling and sampling. A significant number of targets defined 
by various combinations of surface mapping, trenching, scout drilling and 
geophysics remain to be drilled 
 
 
Installation of on-site sample preparation facility 
 
 
In order to improve the efficiency of the drilling programme and reduce the lead 
time between sample collection and the return of assay results, Dwyka has 
commissioned the installation of a sample preparation facility on site at Tulu 
Kapi. The facility will be constructed, staffed and operated by ALS Chemex 
Laboratories and the laboratory will be operated to best industry practice. 
 
 
Chief Executive Officer Melissa Sturgess commented, "The assets of Minerva 
Resources Plc were acquired by Dwyka at a very low entry cost and the Company 
has quickly capitalised on historical exploration work to generate a significant 
Maiden Inferred Resource. A substantial number of further well-defined targets 
based on sound geological data bodes well for the continued expansion of the 
global resource. We expect the next stage of drilling to underpin the conversion 
of the current inferred resource to an Indicated category and further expand the 
Inferred category. The two programmes, upgrading the Maiden Resource and 
estimation of new Inferred Resources are scheduled to run in parallel over a 
period until mid 2010 as we continue to develop this extremely exciting 
project". 
 
 
  The technical exploration and mining information contained in this Report has 
been reviewed and approved by Mr Timothy Craske. Resource estimation has be 
conducted by Mr. Simon Gatehouse. Mr Craske and Mr. Gatehouse haves sufficient 
experience which is relevant to the style of mineralisation and type of deposit 
under consideration and to the activities to which they are undertaking to 
qualify as a Competent Persons as defined in the 2004 Edition of the 
'Australasian Code for Reporting of Exploration Results, Mineral Resources and 
Ore Reserves and as a qualified person under the AIM Guidance Note for Mining, 
Oil and Gas Companies. Mr Craske is General Manager-Exploration for Minerva 
Resources Plc and is a member of AIG and Associate Fellow of AIM. Mr. Gatehouse 
is a Geological Consultant for Hellman & Schofield Pty. Ltd. and is a member of 
the AIG. 
 
 
Mr Craske and Mr. Gatehouse consents to the inclusion in this announcement of 
such information in the form and context in which it appears. 
 
 
 
 
For further information please contact: 
 
 
Melissa Sturgess 
Dwyka Resources Limited 
(+44) (0)78 2555 1397 or melissa@dwyresources.com 
 
 
In United Kingdom 
Richard Greenfield 
Ambrian Partners Limited 
(+44) (0)20 7634 4700 
 
 
Press enquiries 
Charlie Geller or Leesa Peters 
Conduit PR 
+44 (0)20 7429 6604/ +44 (0)79 7006 7320 
 
 
Or visit: http://www.dwyresources.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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