SARACEN MINERALS
vom 13.04.10
Wallbrook drilling results point to expansion
• Potential mid-year resource addition
• Likely Wallbrook open pit expansion
• Highlights include
* 7m @ 9.5g/t in hole EBRC109
* 14m @ 4.1g/t in hole EBRC091
* 5m @ 17.1g/t in hole RBRC029
* 24m @ 2.0g/t in hole RBRC022
Saracen has received assay results from recent drilling at Wallbrook in the Porphyry
district, 30kms from the Carosue Dam processing plant, which point to resources and
reserves upgrades.
Drilling at the Eleven Bells and Redbook prospects at Wallbrook was focused on
resource extensions outside the current proposed open pit.
Saracen Executive Chairman, Mr Guido Staltari, said the assay results from both
Eleven Bells and Redbrook point to shallow mineralisation extensions. Importantly
both the Eleven Bells and Redbrook mineralisation remain open at depth.
“These recent assay results show the potential for pit expansion opportunities. Most
encouraging is that the assays highlight the potential for higher grade material.
“The latest Wallbrook drilling results indicate that the Wallbrook mineralised system
could be considerably larger than previously envisaged, with significant target zones
remaining to be drill-tested. Some of the high grade intersections, for example 5m @
17.1g/t n hole RBRC029, are particularly encouraging.”
The Company is expediting exploration on these prospects in order to define the
potential resource addition and pit optimisation.
The current probable gold reserves at Wallbrook stand at 1.5 Mt @ 1.5g/t for
75,000 ounces and account for approximately 8% of the Company’s 875,000 ounce
ore reserve inventory (see ore reserves statement below).
Intersections greater than 10g*m are shown in the tables below.
Eleven Bells
Intersections below the current Eleven Bells pit design in EBRC091 of 13m @ 3.42 g/t
Au from 97m depth and 14m @ 4.05 g/t Au from 114m depth were followed up with
additional drilling.
Hole EBRC111, situated on the same section and 30m to the SW returned 11m @ 2.54
g/t Au from 105m depth and 21m @ 2.86 g/t Au from 133m depth. Other significant
intersections included 14m @ 2.00 g/t Au from 31m depth in EBRC105 and 7m @ 9.54
g/t Au from 102m in EBRC109
The Eleven Bells resource model will be updated and re-optimized
Redbrook
Recent drilling at Redbrook has given several long intersections of moderate grades
outcropping at surface. Some holes remain to be drilled in the program, but it is
already apparent that the existing resource model and pit design will be significantly
upgraded. Particularly encouraging are the results from holes RBRC029 (24m @
2.0g/t from 2m) and RBRC029 (5m @17.1g/t from 27m)
For further information please contact:
Guido Staltari Collins Street Media
Managing Director Simon Jemison (03) 9224-5319
Tel (03) 9670 0040 Ian Howarth 0407-822319
guido@saracen.com.au
