FIRST DRILL RESULTS FROM FALL PROGRAM POINT TO CONTINUITY OF MINERALIZATION
October 29, 2002.
Kimber Resources is pleased to report initial results from the fall drill program on its Monterde mineral property in the Sierra Madre of Northern Mexico.
Hole no. From To Width Gold Silver Gold equivalent
(m) (m) (m) (g/t) (g/t) (g/t) Gold +(Silver/70)
Completed holes;
MTR22 24 52 28 0.43 134.2 2.35
MTR24 4 54 50 0.76 145.6 2.84
including 4 28 24 0.50 103.7 1.98
and 34 54 20 1.28 232.9 4.61
Incomplete hole
MTR23 * 44 50 6 0.37 75.6 1.45
* This hole was stopped for technical reasons at 88 metres and then completed to 180 metres after a planned break. Results for the remaining 92 metres will be reported when available. This intersection corresponds to one of the unnamed splays in the hanging wall of the Carmen zone.
Comment:
The intersections reported above are consistent with the Company's current understanding of the Carmen deposit. Drill holes MTR 22 & 24 intersected the high-silver zone previously identified in drill holes MTR 9, 10 & 11. This silver zone is at the northwest end of the known Carmen deposit above the "No. 4 Ore Shoot" (outlined and named by underground development between 1937 and 1943) and above the intersection obtained in MTR 19 (78 metres of 3.29 g/t Au and 9.1 g/t Ag). Drill hole MTR 22 confirms the working model: that the controlling structure to the Carmen deposit continues to the west towards the area known locally as El Orito, where mapped alteration and surface gold values add 500 metres to the zone to be drilled.
Progress to Date:
By October 20, 2002, 16 drill holes of the fall program had been completed. All samples from the 1644 metres drilled are now at the assay laboratory. A total of 3000 metres is planned. Drilling of the Carmen deposit together with trenching and sampling of other parts of the mineralized belt will continue.
Results will be released as they become available.
Resources:
Company is drilling and trenching its Monterde gold/silver property in the State of Chihuahua, Mexico. The property covers a low-sulphidation, epithermal, oxide gold-silver deposit. Inferred resources, confirmed by Mr. A. Burgoyne, P.Eng., independent geologist and described in the Company's Prospectus for its IPO, are 6,900,000 tonnes grading (at a 0.5 g/t gold cut-off) 2.26 g/t gold and 106.6 g/t silver in an open pit configuration with an estimated 4.4 to one strip ratio. This resource is open for enlargement in two directions and at depth.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Longe, President, , Email: kimber1@kimberresources.com, Tel: (604) 669-2251 or
Tom Corcoran, Corporate Communications Manager. Email: tcorcoran@kimberresouces.com, North America Toll Free: 1-866-824-1100, Tel: (604) 669-2251, Fax: (604) 669-8577.
Website: kimberresources.com
Mr. Alan Hitchborn, B.Sc., Vice President Development, manages the field program of drilling and trenching on the Monterde project. Mr. J.B. Richards, P.Eng., Vice President Engineering, and designated Q.P. for the project is responsible for quality control and has verified the data disclosed. He has determined that the laboratory reports matched the drill sample logs and that the quality control assays fall within reasonable limits. QA./QC procedures incorporate blanks and duplicates inserted at the drill site and standards inserted after sample preparation. Drilling is by reverse circulation. A one eighth split of each two-metre section of the drill hole, weighing approximately 6 kg is processed by ALS Chemex at its preparation laboratory in Hermosillo, Mexico. Pulps are analysed by ALS Chemex at its laboratory in North Vancouver, British Columbia, using 50 gram subsamples, fire assay with an AA finish for gold and four-acid digestion and ICP finish for silver from a 1.0 gram subsample. Highgrade gold or silver intervals are re-assayed by fire assay with gravimetric finish.
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