Queensland Minerals Announces Further Results From the Lynd Anastasia Au-Cu Project and Encouraging New Au-Cu Discovery at Dingo Peak Prospect
Mon Apr 14, 11:18 AM
ca.news.finance.yahoo.com
LONGUEUIL, QUEBEC--(Marketwire - April 14, 2008) - Queensland Minerals Ltd (TSX VENTURE: QML.V) (the "Company") is pleased to report additional results from its ongoing core drilling program at the Lynd Anastasia project in North Queensland. Drill hole ALD018 returned 8.0 m @ 2.44 g/t Au with 1.49% Cu including 0.9 m @ 3.14 g/t Au and 9.8% Cu.
In addition, the Company is pleased to announce a new discovery at its Dingo Peak prospect, 30 km east of Anastasia, in the Company's Mungana tenements as shown below in a regional location map:
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LYND ANASTASIA PROSPECT
During the period January-March 2008, the Company has completed 18 drill holes (namely: ALD014-ALD031) at the Lynd Anastasia prospect, totaling 4,304 meters. Final assay results for the first 7 holes (ALD014-020) have been received thus far.
Highlights of the recently received assay results include:
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Hole From To Int Au g/t Ag g/t Cu % As %
(m) (m) (m)
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ALD014 103.0 106.0 3 4.84 122 5.42 0.97
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188.0 189.0 1 0.54 27 1.22 0.35
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ALD015 9.0 10.0 1 2.25 39 0.03 0.44
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87.5 89.8 2.3 0.75 25 1.07 0.33
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96.7 98.05 1.35 0.58 25 0.45 0.14
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ALD016 16.6 22.0 5.4 0.03 8 0.22 0
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216.4 219.0 3 0.22 43 0.28 0.13
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ALD017 97.0 97.8 0.8 0.83 51 1.61 0.56
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ALD018 39.0 40.0 1 0.56 57 0.06 0.06
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221.7 234.0 12.3 1.78 33 0.41 0.34
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including 222.7 227.4 4.7 2.58 49 0.78 0.46
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ALD019 202.5 212.3 9.8 1.48 27 0.95 0.29
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ALD020 4.1 12.0 7.9 0.30 19 0.07 0.07
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52.8 56.0 3.2 1.47 19 0.95 0.17
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Complete assay results are located in Table 1 of the Appendix. All intervals are down hole lengths and true thickness will be less than stated above.
(Ref.: Previous results from ALD001-ALD013 from the 2007 drill program were released in January and February 2008 and can be found on the Company's website, www.queenslandminerals.com).
Since the beginning of the program in July 2007, 31 holes totaling 8029 meters have been drilled by the Company at Anastasia. The 2008 detailed core drilling program commenced in January 2008 and has continued apace over the wet season to take advantage of rig availability. The program is focused on a half kilometre mineralized portion of a 20 km north-west trending structural corridor that contains other favourable targets that the Company intends to evaluate by drilling later this year.
The Anastasia prospect is located 50 km south west of Chillagoe on the margin of the Permo-Carboniferous Scardon's Igneous Complex and at the intersection of the major northwestern structure with a 10 km north easterly trending linear feature. Anastasia is a polymetallic high sulphidation epithermal to mesothermal system covering a 600 m x 300 m wide main zone within a down faulted block of amphibolite grade Proterozoic metasediments shown in Figure 1. These are intruded by a rhyolite flow dome complex that is spatially and temporally associated with the gold-copper mineralization. This is inferred from limited vein intersections within the volcanic breccias and the adjacent altered older microgranites at depth to the north.
In general, significant mineralization is constrained at depth in the felsic subvolcanic intrusives, but there is evidence for a NE trending structural hydrothermal feeder zone adjacent to or within the rhyolites that is relatively untested and may have considerable depth extent.
Figure 1 on the Anastasia Drill holes ALD014-031 drilled during Jan-March 2008 is available at the following address:
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Note: Drill holes ALD032-034 shown above in Figure 1 are in progress.
The deposit is characterized by a series of linear silicified, and veined to commonly brecciated mineralized zones that are probably steeply dipping within psammitic host horizons but may also be locally shallow dipping in response to variable stress fields or structural events. Brecciation is common throughout the mineralized zones, ranging from crackle breccia to complete breccias with metasediment and minor quartz clasts, in a fine grained sulphidic matrix. Pyrite is present in all the intersections up to 10% as disseminated crystals and clots up to 2 cm; however some zones range to massive sulphide comprising dominant fine grained pyrite and variable polymetallic grey sulphides that include enargite and tennantite. These minerals are indicative of a high-sulphidation hydrothermal system.
In late 2007, prior to the current program, the Company conducted a limited program of MMI soil geochemistry and pole-dipole IP geophysics over the prospect in order to better constrain the next stage of drilling. This survey work was successful in defining coincident IP chargeability and Au-As-Te (Bi-Sn) anomalism over the known lode system and indicating several new targets for drill evaluation in adjacent volcanics and intrusives (Figure 2).
In the central zone a low-grade oxide resource down to 30 meters depth is reasonably well defined by previous (mainly RC) drilling. However, the Company's exploration objective is to identify a larger higher grade sulphide resource at depth by systematic core drilling across the mineralized stratigraphy mainly in the central zone as shown in Figures 1 and 2.
Figure 2 on the Anastasia prospect is available at the following address:
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To view the Legend of Figure 2, please click on the following link:
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The most recent drilling, nominally along 50 meters spaced sections, has been focused on identifying contiguous zones of sulphide mineralization extending beneath the oxide blanket and expanding the strike extent of these zones. Based on logging of the recent holes and ongoing holes ALD032-034, the objective has been successfully achieved in several portions of this large system, however definitive assay results are awaited to confirm new interpretations.
DINGO PEAK PROSPECT
The Dingo Peak prospect is situated within the company's Mungana tenements in the Chillagoe region of North Queensland and lies 30 km to the east of the Company's Anastasia prospect and 35 km south of the Red Dome copper gold mine. Dingo Peak is positioned along a North-South trending splay of the highly mineralized Palmerville Fault, and lies in the southern part of a 2 km long by 1 km wide geochemical and geophysical anomalous zone (refer to Map and Figure 3). The main target is a large copper-gold porphyry system with elevated gold and copper in soil values over an area of 1,200 m X 1,000 m surrounding the intrusive core.
Late in 2007, two diamond drill holes for 266 meters were completed over the two main targets at the Dingo Peak porphyry in the south and Quartz Needle to the north. The best intersection from DHDD5 at the Dingo Peak porphyry prospect returned: 39 m @ 0.42% Cu and 0.8 g/t Au including 23 m @ 0.55% Cu, 1.25 g/t Au and 4.6 g/t Ag and 7 m @ 2.87 g/t Au, 5.2 g/t Ag and 0.65% Cu.
All significant assay details are presented in Table 3 of the Appendix which includes Quartz Needle drill hole QHRD1E.
Figure 3 on the Dingo Peak Prospect Drilling Plan is available at the following address:
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Drill hole DHDD5 was a follow up hole to limited earlier Cyprus Gold RC and more recent RAB drilling that returned anomalous grades up to 3 m @ 2.8 g/t Au in drillhole DHAT 5 and 1.2% Cu in drillhole DHAT 44.
The discovery hole was sited to test depth extensions to encouraging mineralization including 12 m @ 0.34 g/t Au and 0.2% Cu in drill hole ALDRC01 that targeted bedrock Cu-Au anomalous geochemistry associated with a strongly altered 200 m X 100 m breccia body upslope from the drill collar.
The new core hole returned significantly better grade/thickness parameters than previous shallow drilling and the key intersection occurs within an extensive mapped zone of strongly hydrothermally altered and brecciated basement metamorphics. These lie peripheral to the central high-level quartz porphyry core of this well developed mineralized system in readily accessible hilly terrain.
DHDD5 intersected at total of 161 m @ 0.19% Cu with continuous copper mineralization to the bottom of the drill hole associated with increasing downhole alteration shearing and brecciation plus strong pyrrhotite mineralization from 124 meters as stringers and intergrowths with chalcopyrite and pyrite towards the centre of the system. The copper grades improve with depth and the mineralogy includes bornite with associated higher gold intercepts containing elevated Te (Tellurium) and Bi (Bismuth) that are diagnostic of porphyry style mineralization in this region.
This style of mineralization is typical of a range of large economic Permo- Carboniferous felsic intrusive porphyry-related deposits that characterize the North Queensland Region; these include Kidston (3.5M oz Au), Mt Leyshon (5.0M oz Au), Mt Wright (1M oz Au) and Red Dome (0.7M oz Au). The latter deposit near Chillagoe has past production of 10.5 million tonnes at 2.1 g/t gold and 29,000 tonnes of recovered copper. Recent exploration results reported by Kagara Zinc at Red Dome-Mungana appears to indicate that a much larger porphyry and polymetallic resource may be present in this highly prospective district.
The other prospect evaluated by recent drilling at Dingo Peak is the Quartz Needle Hill breccia pipe located within metamorphics 1.5 km NNE of the Dingo Peak porphyry. Quartz Needle breccia is considered a high-level prospect analogous to the Mt Wright Gold Deposit and was tested by new drill hole QRDH1E. This is a diamond tail of 105 meters that extended an angled RC hole QRDH1 of 126 meters that was drilled from the centre of the pipe towards the eastern margin. These holes intersected a weak polymetallic assemblage of pyrite, chalcopyrite, sphalerite and arsenopyrite in vughs and breccia matrix with common quartz/adularia veins in strongly silicified rhyolite breccias.
Precious metal grades are low but improve slightly at depth with 8.7 m of 17g/t Ag and 0.11% Cu from 164 meters within stronger sulphide development towards the breccia margin. It is evident this target needs to be further tested at depth and around the breccia margin but is rated a much lower priority than Dingo Peak porphyry.
The Company intends to finish digital compilation of previous exploration data at Dingo Peak prior to conducting further surface geochemical work and RAB drilling aimed at identifying priority targets for more systematic core drilling into this extensive high level porphyry system. Given the very limited current drilling of this major system it is expected that planned systematic surveys and proposed follow-up diamond drilling will result in the definition of a large resource target.
Quality Assurance
Queensland Minerals Ltd has put in place a rigorous QA/QC program using best industry practice. Elements of the program include chain of custody of samples, standard and blank samples submitted to SGS Analabs in Townsville, Australia. Results from the QA/QC program have to date been satisfactory.
Qualified Person
The technical information contained in this release was compiled by Mr. Al Marton, a corporate member of the Australasian Institute of Mining and Metallurgy, who has consented to the inclusion of such technical information in the form it appears in this release. Mr. Marton, a geologist from Juldex Pty Ltd, is a director of Queensland Minerals Ltd and is a qualified person under Securities Administrators National Instrument 43-101 ("NI 43-101").
Forward Looking Statement
Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by these forward-looking statements for various reasons discussed throughout the Company's Prospectus dated February 21, 2007, particularly in the section entitled "Risk Factors".
For more information about the Company and its projects, please refer to the NI 43-101 Technical Report dated February 20, 2007 and other documents available on SEDAR ( www.sedar.com) or via the Company's website at ( www.queenslandminerals.com).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
An Appendix is available at the following address :
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Queensland Minerals Ltd
1111 St-Charles Street West
West Tour, Suite 411
Longueuil, Quebec
J4J 5G4
Contacts
James A. Crombie
Queensland Minerals Ltd.
CEO and Executive Vice Chairman
450-677-2253
450-677-2601 (FAX)
jcrombie@queenslandminerals.com
Investor Relations
Gerri Paxton/Louise Quinn
450-677-2054/677-3523
gpaxton@queenslandminerals.com
lquinn@queenslandminerals.com |
