I'm not sure if you read the below MRX announcement on 14/01/03.
MRX are gradually drilling up a nice copper resource that is open in direction, is shallow and recent drilling has extended the oxide zone depth.
Well worth watching due to the open resource, increased oxide and better grades drilled as per below. I feel this resource is only going to get better as time goes along.
Rgds,mode
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Matrix Metals Limited is delighted to announce the results from the Company's drilling program at the White Range Project completed during December 2002. The drilling was conducted at the Greenmount Deposit, which is a key component of the White Range Project resource inventory.
HIGHLIGHTS
The drilling program achieved the following:
* Extension of high grade mineralisation to the north and at depth, with the deposit remaining open in all directions. Highest grade drill intercepts recorded include:
* 2m @ 9.07 % Cu * 7m @ 4.69 % Cu * 6m @ 4.28 % Cu * 25m @ 2.49 % Cu * 5m @ 6.10 % Cu
* Depth of the oxide zones extended from 90 to 150 metres.
* An upgrade to the Greenmount resource to be reported once re-estimation is complete.
The Greenmount deposit currently comprises a significant portion of the total resource of approximately 12,000,000 tonnes that makes up the White Range Project. The drilling program has increased the leachable resource tonnage, increased the confidence level of the resource model, confirmed the continuity of mineralisation in the resource area and extended high grade mineralisation to the north and at depth. Further assessment of the results is expected to elevate the mineral resource categorisation of the deposit.
The Greenmount deposit now extends to a known strike length of 1100 metres and remains open in all directions.
DETAILS OF THE RESULTS
The principal objectives of the reverse circulation (RC) drilling program were to confirm the continuity of mineralisation in the resource area and to elevate the size and mineral resource category of the deposit. The program has clearly achieved the defined objectives, with high grade copper mineralisation intersected throughout the entire resource zone.
The program, comprising 21 holes totalling 1702 metres, reported the following significant intersections:
GRCM 70 15m @ 2.49 % Cu from 61m 12m @ 1.39 % Cu from 87m GRCM 74 18m @ 2.61 % Cu from 62m GRCM 75 7m @ 4.69 % Cu from 71m GRCM 76 22m @ 1.82 % Cu from 22m GRCM 77 9m @ 1.46 % Cu from 15m GRCM 82 32m @ 1.16 % Cu from 4m 7m @ 2.13 % Cu from 15m GRCM 84 5m @ 2.28 % Cu from 3m GRCM 89 25m @ 2.49 % Cu from 69m Including 6m @ 4.28 % Cu from 70m Including 2m @ 9.07 % Cu from 88m GRCM 90 21m @ 1.26 % Cu from 12m 20m @ 2.57 % Cu from 46m
The current White Range Project comprises a total resource inventory of 12,600,000 tonnes @ 1.2% copper. A re-estimation of the existing resource based on the new drill results is expected to result in an increase to the leachable resource inventory.
Features of the Greenmount deposit in general, and in particular the achievements relative to this drilling program are as follows:
* The maximum depth of leachable copper mineralisation comprising oxide and transitional zones has increased from 90m to 150m as a result of the drilling campaign. This depth increase has significantly increased the size potential of the leachable copper resource. The drilling program is expected to elevate the size and mineral resource categorisation of the deposit, with the infill intercepts strengthening the continuity of mineralisation.
* The Greenmount deposit occurs in a variably altered and strongly sheared envelope in Marimo Slate near the contact between the Marimo Slate and underlying Corella Formation. The mineralised zone dips east at between 80 deg and 45 deg and attains a width of up to 50m.
Matrix's exploration team and its consultants are now working towards re-estimating the size of the leachable resource upgrade resulting from the drilling program. The result will be reported when the re-estimation is completed.
In regard to the next phase of field work, design of the next phase of drilling at the Greenmount deposit, and at other deposits comprising the White Range Project, will be completed upon full evaluation of the recent results.
A
MRX Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
