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Market: ASX
Sector: Gold Mining
Epic: ASX:BDR
News: Latest news
Web Site: Beadell Resources
Other Articles: 07-01-201005-01-201001-12-2009

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The New York listed shirt and neckwear company is paying €1.924 billion in cash and issuing €276 million in PVH common stock (approximately 8.7 million shares) to fund the transaction.

 

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Beadell Resources

Beadell Resources

Beadell Resources Limited (ASX: BDR) was incorporated in May 2007 to acquire mineral interests throughout Australia and Brazil, with an emphasis on gold.

Beadell's exploration tenements form a portfolio from advanced drill-ready targets at the Tartaruga Project in Northern Brazil and Reedy Creek Project in Victoria, to greenfields exploration projects in the remote central eastern parts of Western Australia. The Tartaruga Project in Brazil contains gold exploration assets which have the potential for early development.

 

Thursday, January 07, 2010

Beadell Resources confirms significance of West Musgrave gold discovery

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Perth-based Beadell Resources (ASX: BDR) has announced that 1m resplit results from the 7 hole first pass Reverse Circulation drilling program at the Handpump prospect have confirmed previously reported 5m composite results.

The new results, including 15 m @ 2.3 g/t gold from 31 m including 5 m @ 4.7 g/t gold from 34 m, 7 m @ 1.4 g/t from 3 m and 11 m @ 1.1 g/t from 24 m, validate the existence of a completely new gold mineralised system in the West Musgrave province which remains open along strike and at depth.

The discovery drill hole HPC001 intersected wide zones of brecciation and potassic alteration with a mineralised envelope reporting 60 m @ 0.9 g/t gold from 13 m. The gold mineralisation shows a distinctly consistent halo effect to the higher grade zones with internal intercepts, including 15 m @ 2.3 g/t from 31 m encompassing a core of mineralisation assaying 5 m @ 4.7 g/t gold from 34 m.

The gold mineralisation intersected in HPC001 is interpreted to dip steeply to the north and remains completely open at depth and along strike to northwest.

To the southeast a second RC traverse drilled 100 m away only partly tested the interpreted strike of the breccia mineralisation in HPC001 intersecting the mineralisation in the top part of HPC005 which reported 7m @ 1.4 g/t gold from 3 m depth including 5 m @ 1.7 g/t gold from 5 m.

Additional parallel mineralised zones were intersected immediately south of the main mineralised breccia with HPC006 intersecting 11 m @ 1.1 g/t from 24 m and 5 m @ 0.9 g/t gold from 101 m.

These additional zones remain completely open along strike to the northwest and at depth.

Gold mineralisation at the Handpump prospect is associated with a magmatic hydrothermal breccia hosted in rhyolite. The mineralisation remains completely open to the northwest of the initial discovery drill hole HPC001 and a follow up RC drilling program is planned to test both the northwest extension of the mineralisation under cover and down dip projection of the mineralisation.

Beadell Managing Director Peter Bowler said the results confirmed the significance of this exciting new discovery in the Musgrave region.

"We remain extremely encouraged with this district and the eagerly anticipated follow up RC program will commence shortly," Mr Bowler said.

The planned RC drilling program will commence on the 20 January 2010.

The Handpump prospect has only been partially tested over a strike length of 300 m. Multiple zones of gold mineralisation suggest a larger and as yet undefined mineralised system located along a major geological contact between agglomerate and brecciated rhyolite with vast untested strike extensions under cover.

The Handpump discovery represents the first definitive gold mineralisation intersected in the entire sparsely explored central Australian Musgrave block and potentially represents the emergence of a new and exciting gold district in Australia.

The RC drilling at Handpump was co-funded by the Western Australian government through the Geological Survey of Western Australia’s Exploration Initiative Scheme.

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