ESOURCE AND INVESTMENT PREPARES FOR DRILLING PROGRAM AT DOOLGUNNA Resource & Investment NL (ASX: RNI) (the Company) is pleased to announce it is about to commence a ground electromagnetic (EM) survey at its flagship Doolgunna Project to identify priority targets to drill for VMS-style copper-gold deposits similar to the neighbouring DeGrussa discovery. RNI Chairman, Miles Kennedy, said the ground EM survey was the penultimate stage in a systematic and aggressive exploration program being carried out by RNI at Doolgunna. The Doolgunna Project is located just 3km from Sandfire Resources’ rich DeGrussa copper-gold discovery (10.67mt at 5.6% Cu, 1.8gpt Au and 15gpt Ag in four deposits – see Sandfire’s ASX announcement 3 September 2010) in the Bryah Basin, about 135km north of Meekatharra in Western Australia. The ground EM survey follows the completion of a detailed geological mapping program, an airborne electromagnetic survey and close-spaced geochemistry at Doolgunna. That exploration work has already generated 15 high-priority targets. Significantly, those high-priority targets include a strong geochemical copper anomaly on the eastern boundary of the Doolgunna Project which is contiguous with the CC02 prospect currently being drilled by Talisman Mining within the “central corridor” of Narracoota Volcanics. Mr Kennedy said the results of the ground EM survey – to be conducted across the entire Doolgunna Project area – were expected by the end of the quarter. Those results would be used to determine priority reverse circulation and diamond drilling targets at Doolgunna, with the aim of identifying VMS (volcanogenic massive sulphide) and gold deposits.
Meanwhile, Mr Kennedy also confirmed that a recently completed 4,000 line km aeromagnetic and radiometric survey flown over the Company’s Three Rivers Project, about 35km north of DeGrussa, had produced a number of “bull’s eye” magnetic targets. He said a loam sampling program would follow to further assess those magnetic targets at Three Rivers, where work continues on a detailed geological mapping program which started two weeks ago. For further information, contact: MILES KENNEDY – CHAIRMAN Resource and Investment NL Tel: +61-8 9489 9200
DasMünz
Doolgunna runners ahead
Ganz in Sandfire Resources - Style.
RDS ist auch nicht zu verachten.
EXPLORATION COMMENCES AT DOOLGUNNA PROJECT Key Points
• UTS to fly detailed aeromagnetic survey over the entire project area.
• Detailed geological mapping and surface sampling to commence in the first week of July 2010.
• Focus on regional-scale evaluation for VMS copper-gold and gold potential plus more detailed evaluation of the promising Salmon Prospect.
• Previous drilling at the Salmon Prospect identified significant gold mineralisation over a 200m strike length. Grades of up to 8.2g/t Au were reported.
Resource and Investment NL (ASX: RNI (RNI) is pleased to announce the imminent commencement of field exploration programs at its recently acquired Doolgunna Project, located in Western Australia’s Bryah Basin. RNI concluded an option to acquire a 100% interest in the Doolgunna tenement E52/2438 on 30 April 2010, securing a strategic position in this emerging mineral field. The tenement lies immediately adjacent to the DeGrussa and Springfield Copper-Gold Projects (see Figure 1). UTS Geophysics will fly a detailed aeromagnetic survey over the Doolgunna tenement with the program scheduled to commence later in June. Detailed geological mapping and surface sampling will also commence over the tenement during July 2010.
While the main focus of RNI’s initial program will be to complete a regional-scale evaluation of the entire Doolgunna Project area for potential VMS copper-gold and gold mineralisation, more detailed
exploration will also be conducted at the outset on the very encouraging Salmon Prospect1
area.
Previous soil sampling and drilling has outlined a zone of noteworthy gold mineralisation within the Salmon Prospect and the Company believes that this area has considerable potential. Scout RAB and follow-up RC drilling over surface geochemical anomalies identified significant gold and associated copper mineralisation over a 200 metre strike length at the Salmon Prospect.
The mineralisation occurs in sub-vertically oriented, sulfide-bearing quartz veins within mafic schists.
The mineralised structure remains open to the west. Gold grades of up to 8.2g/t have been recorded
with significant gold grades reported whenever the gold-bearing horizon was intersected.
Highlights of the drilling program that identified the mineralisation are shown in the table below.
Notes:
• Drill hole collars surveyed – GDA94 Datum.
• Analytical results by Genalysis using B/AAS method for gold and B25/AAS method for copper.
• Intercepts are down-hole metres. No estimate of true thickness is implied.
• NA – Not assayed.
RNI looks forward to the commencement of field exploration activities and to reporting results from
its maiden exploration program in the Doolgunna field.
For further information, contact:
MILES KENNEDY – CHAIRMAN
Resource and Investment NL
