Proactiveinvestors Australia

Phosphate Australia www.phosphateaustralia.com.au/
Full Phosphate Australia profile here

Phosphate Australia (ASX: POZ) is focused on phosphate in the Northern Territory, and also has gold, nickel, copper interests in Western Australia.

Pdf

Phosphate Australia intersects 28m at 6.7g/t gold in maiden drilling at Tukanarra

Tuesday, February 14, 2012 by Angela Kean

Phosphate Australia intersects 28m at 6.7g/t gold in maiden drilling at Tukanarra

Phosphate Australia (ASX: POZ) has intersected high grade gold in phase 1 drilling of the Cable West vein at the Tuckanarra gold project located in the prolific Western Australian Murchison goldfield.

Strong intersections include 28 metres at 6.7 grams per tonne (g/t) gold from 25 metres from the Cable West vein – a high grade structure and now the highest priority target.

Importantly, directly above this drill intersection was a 9 metre cavity which was mined out by underground miners in the 1900s. The reported historic mined grade at Cable was 22g/t from this period.

Recent results, including 20 metres at 2.1g/t from 70 metres, at the Cable East vein indicate a continuous, well mineralised structure up to 13 metres true width with a current strike length of about 350 metres which is open to the south and at depth.

The Tuckanarra gold project has a historic production of 125,000 ounces and was last mined in 1993 when the gold price was around US$330 an ounce.

The maiden phase 1 reverse circulation comprised 16 holes for 1,635 metres targeting shallow, steeply dipping, mineralised structures around the old Cable pit.

There is also a substantial area of shallow, sub horizontal, laterite hosted mineralisation that covers most of the lode gold target area.

This laterite mineralisation was the target of a phase 2 aircore drilling campaign, comprising 213 holes for 5,062 metres, completed early in February. Assays from this program are due in March.

Phosphate Australia is now planning a phase 3 drilling program for April.

Sign up to Proactive Investors

Andrew McCrea's Research Reports
Sign up to Andrew McCrea's Research Reports and Receive Latest Research & Flash Trades
Receive Proactive Investors Newsletter, Investor Forum Invites
Receive Proactive Investors Newsletter, Event Invites, Special Stock Notifications

Comments from Proactive Investors readers

  • Fill in your details below:
Verification Code
Andrew McCrea is Sub Authorised Representative (SAR: 291331) of Proactive Investors Australia Pty Ltd
(ABN: 19 132 787 654) which is a Corporate Auhorised Representative (CAR: 413802) of RM Capital
Pty Ltd (AFSL: 221938).

Copyright © proactiveinvestors.com.au, 2012. All Rights Reserved