deposit as a classical porphyry gold system.
gold from surface.
intercept of 41m at 0.7g/t gold from 62m down hole.
as well as testing nearby prospects analogous to Biely Vrch.
Maricunga belt of northern Chile.
bulk-mineable deposits.
approximately 0.5 to 0.7 million ounces. Further work is required to define a
JORC-compliant Mineral Resource.
been recognised as having potential to host porphyry gold mineralisation.
Assay results have now been received for five (DVE5 to DVE9) of the six
drillholes completed at Biely Vrch during 2007. This program was designed to
follow-up the Company's first four drillholes at Biely Vrch which all
intercepted gold mineralisation over their entire length.
Drilling results have confirmed the presence of gold mineralisation underlying
the first target at Biely Vrch, a 300m by 500m soil geochemical anomaly. Gold
mineralisation is contained in a broadly pipe-shaped quartz-veinlet stockwork
zone associated with an andesitic porphyry intrusion.
Drillhole DVE8 extended known mineralisation (to 250m east-west in total) with
an intercept of 154m at 1.3g/t gold from surface. Drillhole DVE9 extended known
mineralisation (to 350m north-south in total) with an intercept of 41m at 0.7g/t
gold from 62m down hole.
Commenting on the results, Managing Director Harry Anagnostaras-Adams said:
"Mineralisation at Biely Vrch continues to be extended and is open in several
directions. This drilling provides encouragement for the ultimate delineation of
a significant Mineral Resource.
"The recognition of Biely Vrch as a porphyry gold system is exciting as this
style of deposit typically occurs in clusters. Our geologists are now applying
the porphyry gold model to our large Slovakian tenements and defining drill
targets on several prospects relatively quickly.
"Drilling continues at Biely Vrch and initial drilling of nearby prospects is
also planned."
Enquiries:
EMED Mining RFC Corporate Finance Fox-Davies Capital Parkgreen
Communications
Harry Anagnostaras-Adams Stuart Laing Daniel Fox-Davies Clare Irvine
+357 9945 7843 +618 9480 2500 +44 20 7936 5220 +44 20 7851 7480
www.emed-mining.comwww.emed.tvBiely Vrch Deposit Model
During May 2007, Dr. Richard Sillitoe, a leading global expert on the geology
and mineralisation of porphyry systems, visited Biely Vrch and other Company
prospects in Slovakia. Dr. Sillitoe advised that:
"The Biely Vrch prospect conforms precisely to the porphyry gold model,
exemplified by several deposits, including Lobo, Marte and Refugio, in the
Maricunga gold belt, high Andes of northern Chile. As such, the prospect is the
gold-only end member of the porphyry copper-molybdenum-gold spectrum. Viewed
worldwide, porphyry gold deposits are not common and have not been recognised
previously in the Carpathians, although at least two prospects are known in
Turkey. There, the Kisladag deposit, currently under development, is also of
porphyry type, but assignable to the somewhat different alkaline rock-hosted
gold-molybdenum category."
The Chilean deposits are hosted in andesitic rocks similar to those at Biely
Vrch. Some further information on these deposits is provided towards the end of
this announcement.
Porphyry gold deposits differ to the more common porphyry copper-gold deposits,
and typically:
* are low-grade (0.7g/t to 1.8g/t gold), multi-million ounce deposits;
* are large ( > 100 million tonnes), bulk-mineable deposits;
* are metallurgically simple and gold is recoverable via conventional
heap leaching;
* occur in clusters of several similar deposits; and
* contain very minor amounts of copper and molybdenum.
Regional Exploration Near Biely Vrch
The recognition of Biely Vrch as a porphyry gold deposit has provided valuable
insights which assist EMED Mining's plans for exploration of its Slovakian
licences. Several prospects have already been recognised as having potential to
host porphyry gold mineralisation.
At the Kralova Prospect, the Company is planning initial drilling of an untested
geochemical anomaly analogous to the soil geochemical anomaly which led to
positioning the Biely Vrch discovery drillhole. The size of the soil anomaly at
Kralova is 400m by 500m within the > 100 ppb gold contour.
At the Banisko Prospect, quartz veinlets in altered andesitic rocks indicate the
potential proximity of a porphyry gold centre. Drill targets will be defined via
geological mapping and geochemical surveys of these prospects.
A regional stream geochemical survey and follow-up geological mapping is
expected to define further areas within the Company licences that are
prospective for gold porphyry deposits.
Interpretation of Biely Vrch Drilling Results
At Biely Vrch, it is interpreted that hydrothermal fluids introduced gold into
an andesitic porphyry intrusion in a quartz-veinlet stockwork as part of a
potassic alteration assemblage. This was subsequently overprinted by argillic
(clay + pyrite) alteration. This later phase of alteration does not carry
significant gold and its pyrite is most likely the cause of the strong IP
anomaly to the west of the gold mineralisation at Biely Vrch.
Based on the limited drilling to date and the porphyry gold deposit model, the
dimensions of a vertical pipe-shaped structure of currently known gold
mineralisation within the stockwork zone at Biely Vrch are approximately:
* 250m east-west (DVE1, DVE4 and DVE5 and DVE8);
* 100m north-south (DVE1 to DVE3); and
* 460m vertical (DVE5).
The estimated average grade of this mineralised zone is approximately 1.0g/t
gold based on the intercepts from four drillholes within this block (DVE1, DVE3,
DVE4 and DVE5). Average grades in each of the four holes range from 0.5 g/t gold
in DVE3 to 1.3 g/t gold in DVE1.
Based on these parameters, the Company estimates that this zone of
mineralisation is roughly estimated to contain 15 to 23 million tonnes at an
average grade of 1.0g/t gold, containing approximately 0.5 to 0.7 million
ounces. Potential to extend this mineralised zone to the north and south is yet
to be tested. This estimate is conceptual in nature and it remains uncertain if
further exploration will result in the determination of a Mineral Resource as
defined in the JORC Code.
The extent of known mineralisation provides substantial encouragement for the
ultimate delineation of a significant Mineral Resource at Biely Vrch in a
deposit style that would be amenable to bulk tonnage mining methods.
Over the remainder of 2007, EMED Mining plans to undertake the work required to
estimate an initial JORC-Compliant Mineral Resource at the Biely Vrch Prospect.
This work would include further drilling to confirm the continuity of the
mineralisation throughout the targeted zone.
Click on the link below to view a diagram titled "Biely Vrch Section 8950 North":
emed-mining.com/site/dmdocuments/MMPL30_July07.pdfSee PDF for image.
Good potential remains to define extensions to the mineralisation and priority
drilling targets include:
* the southern portion of the soil anomaly where an anomalous area
measuring 300m by 300m contains only one drillhole (DVE2); and
* further to the north where DVE9 has shown, by visual observation, that
the mineralisation has been down faulted and covered by unmineralised
post-alteration volcanic flows.
In response to these positive early-stage results, the Company has:
* increased the drilling budget for 2007 from 5,000 metres to 7,000
metres; and
* purchased a drill rig to improve operational efficiencies.
Biely Vrch Prospect Drilling: Technical Summary
Six drillholes have been completed during 2007 for a total of 2,580m and assay
results have been received for DVE5 to DVE9. All drillholes have a declination
of 50degrees to 70degrees.
Drilling results have confirmed that gold mineralisation underlies the targeted
300m by 500m soil geochemical anomaly. Gold mineralisation is associated with a
potassic alteration assemblage and contained in a quartz-veinlet stockwork.
Click on the link below to view a diagram titled "Biely Vrch Prospect (Detva
Licence, Slovakia)" which summarises drill hole locations and results:
emed-mining.com/site/dmdocuments/MMPL29_July07.pdfSee PDF for image.
Drillhole DVE8 intercepted 154m at 1.3g/t gold from surface, which extended
known mineralisation along this east-west section to 250m.
Drillhole DVE9 intercepted 41m at 0.7g/t gold from 62m downhole and extended
known mineralisation a total north-south distance of 350m. Both DVE8 and DVE9
were sited towards the northern end of the soil geochemical anomaly.
Drillholes DVE6, DVE7 and DVE10 were sited to test an IP geophysical anomaly to
the west of the soil geochemical anomaly. DVE6 and DVE7 both intercepted only
weakly anomalous gold near surface and sufficient pyrite at depth to explain the
IP anomaly. Assays are awaited from DVE10, but are not anticipated to be
significant. Interpretation of the rock types intercepted in these drillholes
combined with the application of the porphyry gold deposit model, has downgraded
the prospectivity of the area to the west of the soil geochemical anomaly.
Table - Significant Drilling Intercepts at Biely Vrch
Hole Number Declination Total From To Downhole Grade
Depth (m) (m) Intercept (g/t gold)
(m) (m)
DVE1 60degrees East 108 0 108 108 1.3
including 86 108 22 1.9
DVE2 60degrees East 103 0 103 103 0.2
DVE3 60degrees East 220 0 220 220 0.5
DVE4 60degrees West 252 0 252 252 1.2
including 155 252 97 1.8
DVE5 55degrees West 559 228 559 331 1.1
DVE8 70degrees West 258 0 154 154 1.3
DVE9 70degrees West 350 62 103 41 0.7
Competent Person
References in this announcement to exploration results and potential have been
approved for release by Mr Ron Cunneen, B.Sc. (Honours). Mr Cunneen is Head of
Exploration for EMED Mining and has more than 20 years' relevant experience in
the field of activity concerned. He is a member of The Australian Institute of
Geoscientists ("AIG") and has consented to the inclusion of the material in the
form and context in which it appears.
Sampling and Assaying Procedures
All drilling on the Biely Vrch Prospect has been done with PQ, HQ and NQ size
core samples. Core recovery has averaged 95% throughout the mineralised zone.
All core has been logged and separated into 1.0m lengths. PQ size core has been
quartered, while HQ and NQ sized core have then been cut in half by a diamond
saw. The split core has then been sent for assay.
Sample preparation has been done by ALS - Chemex in Romania and assayed for gold
by 30gm fire assay (method Au-AA25). Both standards and blanks have been used in
the sample batches sent by EMED to ALS - Chemex in line with EMED company
quality control procedures.
Laboratory sample preparation, assaying procedures and chain of custody are
appropriately controlled. The Company maintains an archive of half-core samples
and a photographic record of all cores for future reference.
Glossary of technical terms
Andesite Igneous rock with 52% to 66% silica
Argillic Alteration Argillic alteration is that which introduces any one of a wide variety of clay
minerals, including kaolinite, smectite and illite
Breccia/Brecciated A clastic rock composed of particles more than 2 millimetres in diameter
and marked by the angularity of its component grains and rock
fragments
Exploration Target An estimate of grade and tonnage for an identified mineralised zone that is
conceptual in nature with insufficient drilling and other exploration work
making it uncertain as to whether a determination of a Mineral Resource as
defined in the JORC Code will eventually be possible
JORC Code The "Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (2004)" prepared by the Joint Ore Reserves Committee of The
Australasian Institute of Mining and Metallurgy, Australian Institute of
Geoscientists and Minerals Council of Australia
Mineral Resource The estimated quantity and grade of mineralisation that is of potential merit.
A resource estimate does not require specific mining, metallurgical,
environmental, price or cost data, but the nature and continuity of
mineralisation must be understood to a specific degree of knowledge
Pyrite The most widespread iron sulphide mineral
Silicification The process whereby silica is introduced into a non siliceous rock either
by the filling of pore spaces or by replacement of existing minerals
Stockwork A network of veinlets, usually quartz
Further Details on Some Notable Porphyry Gold Deposits
The current Mineral Resources of the major porphyry gold deposits in the
Maricunga gold belt in Chile and the Kisladag deposit in Turkey are summarised
in the table below.
Country Deposit Owner Mt Grade Moz
Chile Lobo / Marte Teck / Anglo 107 1.7 5.9
Chile Refugio Kinross 350 0.72 8.1
Chile Volcan Andina 108 1.00 3.4
Turkey Kisladag Eldorado 235 1.04 7.9
Source: Websites of the relevant owners.
Also of note due to their proximity are the Colnic and Rovina porphyry
copper-gold deposits owned by Carpathian Gold Inc., located approximately 400 km
southeast of Biely Vrch in Romania. The Mineral Resources for these deposits are
reported to total 228 million tonnes at 0.42g/t gold and 0.20% copper,
containing 3.1 million ounces of gold and 0.5 million tonnes of copper.
This information on other porphyry deposits is provided for contextual purposes
only and should not be taken as implying that the Company will identify a
deposit of similar proportions.
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on AIM in May 2005 following a placing of
its shares. In the two years since then the share price has increased from 8p to
the current 16p and market capitalisation has increased from approximately
#4million to approximately
#20 million. The Company is based in Cyprus and has a
strong commitment to responsible development of metal production operations in
Europe, with an initial focus on copper and gold.
The Company has moved rapidly reflecting the experience of its specialist team
and the clarity of its strategy.
The Group's region of interest are the tectonic belts spanning across Europe and
over to Iran. The strategy is to evaluate exploration and development
opportunities in several jurisdictions throughout this quality mineral belt and
to promote sustainable development practices through implementation of European
Union and other leading-edge international standards. EMED Mining recently
co-hosted with the Green Party of Cyprus an international conference on
Responsible Mining and Environmental Management. The Company has, from the
outset, strictly implemented its Environmental & Community Policy which
includes:
* Integrating environmental management into our business, planning and
reporting processes.
* Promoting a strong environmental ethic throughout the company and the
community.
* Complying with, as a minimum, all applicable local and European Union
laws and regulations.
* Communicating with community stakeholders in a responsible and
transparent manner.
EMED Mining has now established a strong position in the following selected
zones:
* Spain/Cyprus The mines at Rio Tinto are probably amongst the best
known in the world. They are, with the possible exception of those in Cyprus,
the oldest capable of still being worked. It is now EMED Mining's goal to
restart production in both of these well-endowed mining districts. Both Spain
and Cyprus are progressive members of the European Union and EMED Mining has
been made to feel welcome in both host countries. The styles of mineral
deposits and of production techniques are similar.
* Slovakia/Romania exploration areas are centred on a cluster of
volcanic centres in Slovakia and Romania. Low-detection geochemical methods
are being applied to these areas for the first time together with open pit
bulk mining concepts. The targeted mineralisation styles are high-grade
epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold.
The company has announced a gold discovery at Biely Vrch in Slovakia which is
a major priority for 2007.
* Georgia/Central Asia exploration areas form a cluster of gold
prospects centred in Georgia. EMED Mining's main prospects are within the
Upper Racha Licence, the country's largest minerals licence with many
untested prospects. The Company has confirmed Russian Resources of 1.0
million ounces gold at the Zopkhito Prospect and discovered high grade
mineralisation at surface at other prospects. (please see full details in
Annual Report 2006 announcement from 19 February 2007).
* Turkey/Bulgaria exploration areas were vended into 34%-owned KEFI
Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns
carefully selected licence areas in Turkey, as well as an extensive
proprietary database of regional and specific exploration data providing a
pipeline of further projects to evaluate. The KEFI Minerals team has
mobilized into the field to explore the company's tenements and to expand the
portfolio of licenses as opportunities warrant. See
www.kefi-minerals.com.For further information on the Company's activities, visit
www.emed-mining.comor
www.emed.tv.Paste the following link into your web browser to download the PDF document
related to this announcement:
www.rns-pdf.londonstockexchange.com/rns/8623z_-2007-7-8.pdf -Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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