new three kilometre line of mineralisation at leop

New Three Kilometre Line of
Mineralisation at the Leopard Prospect
Matrix Metals Limited is pleased to announce the discovery of a significant
new zone of oxide copper/gold mineralisation at the White Range Project
along a north-south structural zone located one kilometre east of the
Greenmount deposit. (see figures 1 & 2). This area, where copper/gold
mineralisation has now been outlined over a strike length of over three
kilometres, has been named the LEOPARD LINE
The drilling program completed in March 2005 at the previously untested
Leopard Prospect, together with results from other prospects both to the
north and south of Leopard, confirm a semi continuos zone of oxide copper
mineralisation which at this stage has only been tested by wide spaced first
pass drilling (see figure 3). The Leopard Line of mineralisation covers the
copper prospects known as Leonie, Leopard, Painted Peak, Petes and
Brightspark.
Significant intersections from the various prospects along the Leopard Line
are presented below:
Copper Intersections along the New Leopard Line
Prospect Interval (metres) % Cu
Leopard 14 0.81
Petes 13 1.53
Painted Peak 6 1.00
Brightspark 8 0.65
The Leopard drilling program that commenced in mid February 2005 is a
key component of the White Range Project Feasibility Study Additional
Work Program targeting an increase in the oxide copper resource inventory
of the Project.
The close proximity of the new Leopard Line discovery to the Greenmount
deposit (see Figure 2), with Greenmount being the single largest deposit in
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the White Range Project, confirms the potential to rapidly increase the
current White Range Project resource inventory. Drilling also continues at
other nearby deposits and prospects including McCabe and Vulcan which
are also considered to be key contributors to the resource growth strategy.
Leopard Drilling Program Details
The Leopard area was targeted for drilling after a review of previous
mapping and data compilation indicated a prospective north/south trending
structure which coincided with a strong surface result of 1200ppm Cu
returned from a lag sampling program completed in late 2004. The area is
also close to interpreted cross structures and possible dilation zones.
The Leopard Prospect drill program comprised 10 holes for 951 metres over
a strike length of 300 metres. No previous drilling had been carried out at
this Prospect. .
The best intersections from the program are tabled below:
Leopard Prospect Significant Copper Intersections
Hole No Intersection
From
metre
Interval
metres
% Cu
GMRC122 29 5 0.71
GMRC127 126 3 0.77
mineralisation
at end of hole
GMRC128 78 14 0.81
incl 78 3 1.70
incl 99 1 0.56
mineralisation
at end of hole
GMRC131 42 10 0.30
83 8 0.65
Full details of the drill intersections are presented in Table 1 with drill hole
locations presented in Table 2.
In addition to Matrix’s drilling at Leopard, there have been several previous
limited exploration programmes along the Leopard Line:
• Previous drilling by Homestake had returned up to 6m @ 1.0% Cu
from a two hole program at the Painted Peak prospect located 500m
to the south of Leopard.
• Drilling at the Petes Prospect, located 900 metres SSW of Leopard,
returned up to 13m @ 1.53% Cu and 4m @ 3.86 g/t Au from
previous limited work.
• No drilling has yet been carried out at the Brightspark Prospect
where the presence of visible copper and alluvial gold at the surface
confirms the potential for copper.
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Details of the Leopard Line
The copper mineralisation at Leopard is associated with the contacts of
alteration zones and sulphide rich intrusives into the Marimo shales.
However it is noted that the controlling structures and directions to
mineralisation are not yet fully understood and more drilling is planned to
establish and confirm the geometry and extent of the mineralisation.
It is important to note that most of the previous exploration in the area has
focussed on the Marimo shale/Stavely sandstone contact (e.g Greenmount).
Significantly it has been observed that the mineralisation at Leopard
appears to be associated with intersecting structures and high level
intrusives within the Marimo shales, some distance away from the Stavely
contact.
This has important implications for future exploration as new structural
/geochemical targets may be generated on the basis of these current
developments.
In addition, the best intersection was returned from drill hole GMRC128
which was sited to test a possible cross structure at an angle to the
north/south trend of the main Cu soil anomaly. The success of this drill hole
opens up possibilities for more mineralisation (under shallow cover) to the
east and west of Hole GMRC128.
Significant Gold also Reported at Leopard
In addition to the copper mineralisation, significant gold mineralisation was
intersected at Leopard as per below:
Leopard Prospect Significant Gold Intersections
Hole No Intersection
From
metre
Interval
metres
Au
(g/t)
GMRC122 31 3 0.38
GMRC127 24 7 0.18
and 126 2 0.71
GMRC128 78 14 0.45
incl 78 4 1.05
and 97 to EOH 3 0.15
GMRC130 30 15 0.10
GMRC131 42 10 0.14
and 83 8 0.23
Gold has also been confirmed at the Brightspark Prospect with an
intersection of 4m @ 3.86 g/t Au reported in a historical Homestake hole.
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White Range Resource Drilling Program Continuing
The drill program along the Leopard Line will continue as part of a broader
drill program currently being undertaken at the White Range Project area
that includes also further testing of the McCabe and Vulcan deposits as well
initial drill testing of a number of other newly identified prospects.
McCabe Drilling Update
Further to the intersection from drill hole MRXRD001 of 28m @ 2.93%
Copper reported to ASX on 23 March 2005, final assays from the drill hole
have now been received. The copper intersection was extended down hole
by an additional three metres grading 1.5% Cu. Assaying of material above
the previously reported intersection has now extended the total intersection
in drill hole MRXRD001 to 58 metres @ 1.61 % copper.
Full details of the intersection are presented in the table below.
McCabe Project
MRXRD001 Copper Intersections
Hole No Intersection
From
metre
Interval
metres
% Cu
MRXRD001 211 58 1.61
incl 211 15 0.85
and 235 28 2.93
and 266 3 1.50
The significant extension to the width of mineralisation in drill hole
MRXRD001, now totalling 58 metres, further confirms the significance and
potential of the breccia system copper mineralisation at McCabe.
Significant unplanned deviation of the second drill hole resulted in the target
zone not being intersected.
A further program of a minimum of three holes is now underway including a
re-drill in the vicinity of the second hole.
Yours Faithfully
Andrew Chapman
Managing Director
The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr
Tony Alston. Mr Alston is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of the
Company. Mr Alston has sufficient experience which is relevant to the style of mineralisation and the type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 1999 edition of
the “Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Alston consents to the inclusion in the
report of the matters based on information in the form and context in which it appears.
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Figure 1
Project Location
Leopard Prospect
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Figure 2
Leopard Prospect
Location Relative to the
Greenmount Deposit
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Figure 3
Leopard Prospect
Drillhole Locations, Cu Soil Anomaly
and Structures
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Table 1
LEOPARD PROSPECT
February 2005 Drilling Program
Details of Copper Intersections
Hole No Intersection
From
metre
Interval
metres
% Cu
GMRC120 34 1 0.42
and 53 3 0.34
GMRC121 8 4 0.23
and 22 6 0.25
GMRC122 29 5 0.71
GMRC123 14 2 0.43
and 33 1 0.45
GMRC127 22 8 0.23
and 124 1 0.35
and 126 3 0.77
mineralisation
at end of hole
GMRC128 78 13 0.81
incl 78 3 1.70
and 99 1 0.56
mineralisation
at end of hole
GMRC130 30 15 0.10
GMRC131 42 10 0.14
and 83 8 0.23
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Table 2
LEOPARD PROSPECT
February 2005 Drilling Program
Drillhole Location Details
Hole No
Northing
(AMG)
Easting
(AMG)
Dip
(degrees)
Azimuth
(mag)
Hole
Depth
(m)
GMRC120 7674907 452289 -60 265 100
GMRC121 7674903 452242 -60 265 100
GMRC122 7674713 452256 -60 85 100
GMRC123 7674784 452244 -60 85 100
GMRC124 7674794 452226 -60 85 61
GMRC125 7674788 452199 -60 85 61
GMRC126 7674787 452295 -60 265 100
GMRC127 7674712 452324 -60 265 100
GMRC128 7674989 452251 -60 200 100
GMRC129 767058 452567 -90 vertical 100
GMRC130 7673764 452293 -60 220 90
GMRC131 7673745 452263 -60 40 108
END