AIM: EMED 9 July 2007
PORPHYRY GOLD SYSTEM IDENTIFIED AT BIELY VRCH
EMED Mining Public Limited ("EMED Mining" or "the Company") announces further drilling results from the drilling program at the Biely Vrch Prospect at the Company's Detva Licence in central Slovakia, as well as the recognition of the deposit as a classical porphyry gold system.
Highlights
- Drillhole DVE8 has extended known mineralisation to the west with an intercept of 0.94g/t gold over 258m from surface, including 154m at 1.3g/t gold from surface.
- Drillhole DVE9 has extended known mineralisation to the north with an intercept of 41m at 0.7g/t gold from 62m down hole.
- Current drilling is aimed at extending mineralisation north and south, as well as testing nearby prospects analogous to Biely Vrch.
- Biely Vrch is a classical porphyry gold system which is a deposit type rare globally and exemplified by several multi-million ounce deposits in the Maricunga belt of northern Chile.
- Porphyry gold deposits typically occur in clusters and are usually large (>100 million tonnes), low-grade (0.7g/t to 1.8g/t gold), bulk-mineable deposits.
- Results to date have defined a zone of mineralisation estimated to contain 15 to 23 million tonnes at an average grade of 1.0g/t gold, containing approximately 0.5 to 0.7 million ounces. Further work is required to define a JORC-compliant Mineral Resource.
- Several other prospects within the Company's Slovakian Licence have been recognised as having potential to host porphyry gold mineralisation.
Assay results have now been received for five (DVE5 to DVE9) of the six drillholes completed at Biely Vrch during 2007. This program was designed to follow-up the Company's first four drillholes at Biely Vrch which all intercepted gold mineralisation over their entire length.
Drilling results have confirmed the presence of gold mineralisation underlying the first target at Biely Vrch, a 300m by 500m soil geochemical anomaly. Gold mineralisation is contained in a broadly pipe-shaped quartz-veinlet stockwork zone associated with an andesitic porphyry intrusion.
Drillhole DVE8 extended known mineralisation (to 250m east-west in total) with an intercept of 154m at 1.3g/t gold from surface. Drillhole DVE9 extended known mineralisation (to 350m north-south in total) with an intercept of 41m at 0.7g/t gold from 62m down hole.
Commenting on the results, Managing Director Harry Anagnostaras-Adams said:
"Mineralisation at Biely Vrch continues to be extended and is open in several directions. This drilling provides encouragement for the ultimate delineation of a significant Mineral Resource.
"The recognition of Biely Vrch as a porphyry gold system is exciting as this style of deposit typically occurs in clusters. Our geologists are now applying the porphyry gold model to our large Slovakian tenements and defining drill targets on several prospects relatively quickly.
"Drilling continues at Biely Vrch and initial drilling of nearby prospects is also planned."
Enquiries:
|
EMED Mining |
RFC Corporate Finance |
Fox-Davies Capital |
Parkgreen Communications |
|
Harry Anagnostaras-Adams |
Stuart Laing |
Daniel Fox-Davies |
Clare Irvine/ Shannon Leano |
|
+357 9945 7843 |
+618 9480 2500 |
+44 20 7936 5220 |
+44 20 7851 7480 |
