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Centrex Metals starts survey, prepares for drilling at Goulburn Zinc Project

Last updated: 17:30 10 Dec 2014 AEDT, First published: 16:30 10 Dec 2014 AEDT

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Centrex Metals (ASX:CMX) has started a induced polarisation (IP) survey at the Goulburn Zinc Project in New South Wales to guide positioning of an initial four hole diamond drilling program.

The drill program in early 2015 will test the down-dip, up-dip, and along strike extensions of the Collector Skarn Deposit.

Land access agreements have been secured for the diamond drilling and the company is waiting on state government approvals for drilling to commence at the start of 2015.

Access has also been secured for rotary air blast program to test nearby priority geophysical targets derived from air-borne magnetics and ground based gradient IP completed previously by Centrex.


Collector Skarn Deposit

The Collector Skarn Deposit is located around 10 kilometres north of Woodlawn Polymetallic Mine in the Lachlan Fold Belt, and around a 40 minute drive northeast of Canberra.

It was discovered in the early 1990s with drilling intersecting an iron-rich exoskarn hosted within a limestone unit and overprinting broader volcanagenic mineralisation.

Historical drilling returned:

- 25.2 metres at 4.1% zinc, 0.8% copper and 0.1% lead from 86 metres including 6.3 metres at 9.9% zinc and 0.7% copper;
- 25.2 metres at 3.3% zinc, 0.2% copper from 113 metres including 3.8 metres at 6.7% zinc, 0.3% copper and 0.1% lead;
- 35.2 metres at 2.3% zinc, 0.3% copper from 141 metres including 7.6 metres at 4.6% zinc, 0.2% copper, 0.1% lead; and
- 20.4 metres at 3.9% zinc, 0.4% copper and 0.5% lead.

While the company had previously entered into a joint venture agreement over the Goulburn Zinc Project with China’s Shandong 5th Geo-Mineral Prospecting Institute in April 2013, it has enacted its right to terminate the agreements and fund the drilling program itself if Chinese Government Approvals have not been received by 15 December 2014.

Centrex is well funded with $32.4 million in cash as at 30 September 2014. This is well above its current market cap. of circa $25 million.

 

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