From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Mon Jan 11 2010 - 11:51:49 EST
Encouraging Eritrean geochemical results
Posted on: Sun, 10 Jan 2010 10:26:54 EST
Symbols: GPPDF
Jan 10, 2010 (Al-Bawaba via COMTEX) --
During November 2009, Gippsland Limited [ASX: GIP, DB: GIX] completed a
reconnaissance drainage geochemical survey from within the three
Prospecting Licences ('PLs') the Company holds in Eritrea (Adobha
Project).
A total of eleven Thematic Mapper (TM) alteration targets were sampled
by collecting 196 drainage samples associated with zones of argillic
alteration and favourable host lithologies.
Anomalous results for gold, copper and zinc were recorded from all of
the three 100 km2 PLs. - TM target E26 (411400E/1920400N) located within
the northern Afah PL yielded a coherent copper anomaly 2.8 km long with
six samples containing anomalous copper values (>65 ppm), with the
highest being 193 ppm. The copper anomaly is closely associated with an
intense zone of argillic alteration measuring 6.4 x 1.4 km.
Anomalous, but non-coincident gold and copper values were also recorded
from the target area. Rock types within the anomaly include felsic
volcanics, quartz-chlorite-sericite schist and chloritic lapilli tuff,
all of which are known to be frequently associated with volcanogenic
massive sulphide VMS deposits. - A low order but coincident gold, copper
and zinc anomaly was identified at the E21 target (404800E/1905000N)
within the central Merba West PL.
The close association of this anomaly with the TM alteration target,
favourable geology and low sample density make this a priority for
further sampling. - TM target E14 (403700E/1888100N) located within the
Rabae Tahat North PL yielded the highest gold values with two samples
containing 1.1 and 3.7 g/t. These two samples located 1 km apart drain
from a strong zone of argillic alteration measuring 1.5 x 0.4 km.
Two rock-chip samples from the same area returned 0.287 and 0.210 g/t
Au. The presence of widespread quartz-chlorite-sericite-schist
containing pyrite makes this anomaly of particular interest.
Gippsland Directors are greatly encouraged by the results of this first
pass widely spaced sampling programme which will now be followed up by
infill drainage sampling to determine the source of the anomalous gold,
copper, and zinc values. This fieldwork will also involve a rock chip
sampling programme and geological mapping.
The three PLs cover 300 km2 of ground that is prospective for both VMS
mineralisation and structurally controlled gold mineralisation. The PLs
were selected following an interpretation of Thematic Mapper (TM)
satellite data of a large part of northern Eritrea. During this study,
the Bisha and Zara (Koka) mineral deposit areas were used as type
examples.
The Bisha deposit was selected as it represents a VMS deposit of the
type that can be expected to occur in the area of interest. Zara (Kola)
was selected as it represents a structurally controlled gold deposit
located in the southern part of the area of interest. The three PLs are
located in a geological setting similar to the Bisha gold-base metal
deposit located some 174 km to the south that contains 1.44 Moz Au, 0.39
Mt Cu and 0.499 Mt Zn.
The structural setting of the area covered by the PLs is also similar
to that found at the 0.94 Moz Zara (Koka) gold project located along
strike some 65 km to the south. As a result of the above results,
Gippsland Directors have unanimously agreed to make application for a
further three 100 km2 Prospecting Licenses in the Adobha region. If
successful, the additional licences will double the Company's holdings
in Eritrea.
The Directors believe that Gippsland's first-mover advantage in this
highly prospective province improves the likelihood of identifying
substantial gold and copper deposits similar to those situated on strike
to the south of the Company's PLs, and elsewhere in the Arabian-Nubian
Shield.(C) 2010 Al Bawaba ( <http://www.albawaba.com> www.albawaba.com)
For full details on (GPPDF) GPPDF. (GPPDF) has Short Term PowerRatings
at TradingMarkets. Details on (GPPDF) Short Term PowerRatings is
available at This Link.
http://www.tradingmarkets.com/news/stock-alert/gppdf_encouraging-eritrea
n-geochemical-results-692734.html
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