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Krucible Metals commences drilling on Pilgrim copper gold prospects

Krucible Metals commences drilling on Pilgrim copper gold prospects

Krucible Metals (ASX: KRB) has commenced drilling on the copper, gold and silver prospects on the Pilgrim prospect (EPM 10572), located in the Mount Isa district, approximately 30 km north of Phosphate Hill Mine and the company’s Korella Phosphate project in Queensland.

Krucible is the operator in the joint venture with Deep Yellow (ASX: DYL) and and can earn 80% equity by spending $400,000 over four years.

Previous announcements to the ASX, the latest being 15th April 2010, reported significant multi-element surface values, such as 28.1% copper, 5.07 g/t gold, 13.5 g/t silver and 134 ppm molybdenum from the Pilgrim breccia/fracture prospect.

The company said the completely covered Humphries Hill prospect reported 0.72% copper, 8.73g/t silver and 459ppm uranium.

Dennis Lovell, director and company secretary, commented that "the planned drilling program is for 2,000 to 3,000 metres of mainly RC percussion drilling, to an average depth of 70 metres. "

"Only minor previous/historical drilling has been recorded, so this program should be considered as first-pass 'wildcat drilling', " he added.

Krucible said access is often difficult due to the rugged terrain, so the planned drill holes are not on a regular grid, but spaced to obtain a fair coverage of the two prospects.

Lovell said results from this drilling, including assays, should be available within six weeks.

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