Excalibur Mining
Excalibur Mining Corporation (ASX: EXM) is a resources company focusing on gold exploration and mining. Its major assets are in the Northern Territory.
Excalibur Mining drilling confirms gold potential at Juno Project
Monday, March 22, 2010
Excalibur Mining Corporation (ASX: EXM) has reported new drill results that were part of the stope validation work being undertaken at Excalibur’s Juno Project at Tennant Creek, Northern Territory.
Highlighted intersections include: EJRC066: 5.5m @ 5.87 g/t from 271m down the hole including 0.5m @ 26.9 g/t; EJRC034: 11m @ 3.50 g/t from 167m down the hole including 2m @ 12.17 g/t.
The current results follow last week’s announcement of mineralised intersections of more than 10 g/t from the majority of reported holes, which included 11m @ 14.6 g/t from 284m down the hole, 7m @ 17.75 g/t from 275m and 6m @ 14.34 g/t from 295m.
A step out hole, EJD079, intersected significant ironstone and chlorite alteration from 362.7 to 375m down hole.
This lies approximately 50m down plunge from Juno and supports the company’s view that Juno remains open down dip. The closest drill hole to this intersection is EJDT017, which intersected 4m @ 31.39g/t Au. Assays from this new drill core are awaited.
Excalibur Managing Director Tim Lagdon said, “its clear we are drilling in the right area. The new drill results at Juno and Up-Dip Juno continue to confirm the potential of the projects. Juno is not yet closed off and looks like it will expand as we drill."
The recent drill holes were designed to locate the previous stopes and also test mineralisation within and adjacent to the previously defined resource. Hole 79 was a diamond hole that was originally targeting a pillar between two stopes.
The drilling is part of an overall program to advance Excalibur’s portfolio of Tennant Creek assets which, with an external resource review, is leading to a planned update to its resource position in the 2nd quarter of 2010.
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