PGM Ventures Corporation: Further Extensions To The Sorowar Oxide Gold Resource From Latest RC Drilling Results-Simberi Gold Project.TORONTO -- (Simberi Mining Joint Venture ("SMJV") - Nord Pacific Ltd. 50%/Simberi Gold Corporation 50%) PGM Ventures Corporation (TSX-V: PPG) - PGM Ventures Corporation ("PGM") is pleased to announce that its 43% wholly owned subsidiary has put out the following news release: Simberi Gold Corporation ("Simberi") is pleased to announce that the latest results from a step-out and infill reverse circulation ("RC") drill program at the Sorowar gold deposit have continued to identify wide thicknesses of surface and near surface oxide mineralization. The results have further extended the dimensions of the known zone of mineralization at Sorowar and include: - 60m at 1.83g/t Au from surface (including 13m at 2.53g/t from surface and 22m at 3.08g/t from 16m) - 90m at 1.81g/t Au from surface (including 27m at 3.32g/t from 24m and 13m at 4.31g/t from 60m) - 80m at 1.29g/t Au from surface (including 34m at 2.56g/t from surface) - 80m at 1.23g/t Au from surface (including 3m at 3.01g/t from 11m and 23m at 3.77g/t from 57m) - 70m at 1.10g/t Au from surface (including 19m at 1.35g/t from surface and 40m at 1.19g/t from 29m) - 61m at 1.11g/t Au from surface (including 31m at 2.12g/t from surface) - 60m at 1.06g/t Au from surface (including 29m at 2.01g/t from 14m) - 100m at 1.01g/t Au from surface (including 22m at 2.47g/t from 15m) Results from the previously announced first 11 drillholes in this program included: - 100m at 4.06g/t Au from surface (including 39m at 9.81g/t from 38m) - 100m at 2.10g/t Au from surface (including 79m at 2.47g/t from 12m) - 120m at 1.73g/t Au from surface (including 44m at 3.84g/t from 76m) - 101m at 1.04g/t Au from surface (including 31m at 2.84g/t from surface and 39m at 1.14g/t from 38m) RC drilling commenced in July and 50 holes for 4,243 metres were completed. All analytical work is now finalised and the most significant results from the programme are tabulated below:
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Drill- North- East- Dip/ Interval Inter- Mineralisation
hole ing ing Azimuth (m) section Type
(mN) (mE) (degrees) (m @
local local local g/t Au)
grid grid grid
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RC881 1,721 301 vertical 0-101(eoh) 101@1.40 oxide 0-92m
(i) sulphide 92-101m
including 0-31 31@2.84 oxide
38-77 39@1.14 oxide
with
minor
sulphide
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RC882 1,449 147 -60 degrees/
(i) 090 degrees 0-50(eoh) 50@0.69 oxide
including 8-17 9@2.01 oxide
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RC883 1,428 181 -60 degrees/
(i) 090 degrees 0-50(eoh) 50@0.64 oxide 0-13m
sulphide 13-50m
including 0-17 17@1.35 oxide 0-13m
sulphide 13-17m
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RC884 1,389 175 -60 degrees/ 130@0.78 oxide 0-90m
(i) 090 degrees 0-130(eoh) sulphide 90-130m
including 5-50 45@1.69 oxide
including 60-66 6@2.62 oxide
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RC885 1,334 273 -60 degrees/ 100@0.47 oxide 0-91m
(i) 090 degrees 0-100(eoh) sulphide 91-100m
including 35-52 17@2.50 oxide
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RC886 1,195 204 -60 degrees/ 0-120(eoh) 120@1.73 oxide
(i) 090 degrees with
minor
sulphide
including 76-120 44@3.84 oxide
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RC887 1,233 205 -60 degrees/ 100@2.10 oxide 0-77m
(i) 090 degrees 0-100(eoh) sulphide 77-100m
including 12-91 79@2.47 oxide 12-77m
sulphide 77-91m
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RC888 1,269 176 -60 degrees/ 100@4.06 oxide 0-24m
(i) 090 degrees 0-100(eoh) sulphide 24-31m
oxide 31-100m
including 38-77 39@9.81 oxide
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RC889 1,313 148 -60 degrees/ 60@0.59 oxide 0-15m
(i) 090 degrees 0-60(eoh) sulphide 15-20m
oxide 20-60m
including 9-14 5@1.64 oxide
including 29-42 13@1.21 oxide
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RC890 1,348 141 -60 degrees/ 100@0.34 oxide 0-10m
(i) 180 degrees 0-100(eoh) trans-
sulphide 10-25m
oxide 25-80m
trans-
sulphide 85-100m
including 66-69 3@1.56 oxide
75-82 7@1.45 oxide 75-80m
trans-
itional 80-82m
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RC891 1,472 204 -70 degrees/ 130@0.47 oxide 0-129m
(i) 090 degrees 0-130(eoh) sulphide 129-
130m
including 63-65 2@1.69 oxide
71-77 6@1.78 oxide
108-113 5@1.43 oxide
128-130 eoh 2@7.80 oxide-
sulphide
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RC892 1,367 301 -60 degrees/ 80@0.43 oxide 0-46m
(i) 090 degrees 0-80(eoh) sulphide 46-80m
including 2-13 11@1.25 oxide
16-31 15@1.07 oxide
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RC893 1,332 280 -60 degrees/ 100@0.33 oxide 0-100m
(i) 045 degrees 0-130(eoh)
including 21-27 6@4.10 oxide
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RC894 1,220 365 -60 degrees/ 60@1.06 oxide 0-13m
(i) 090 degrees 0-60(eoh) sulphide 13-18m
oxide 18-43m
sulphide 43-60m
including 14-43 29@2.01 sulphide 13-14m
oxide 14-43m
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RC901 1,374 203 -60 degrees/ 80@0.78 oxide 0-24m
(i) 090 degrees 0-80(eoh) sulphide-
trans 24-29m
oxide 29-42m
sulphide 42-48
oxide 48-55m
sulphide-
trans 55-62
oxide 62-80
including 0-10 10@2.52 oxide
30-38 8@1.90 oxide
50-51 1@1.06 oxide
63-65 2@3.44 oxide
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RC902 1,609 231 -60 degrees/ 80@1.29 oxide 0-75m
(i) 090 degrees 0-80(eoh) trans-
sulphide 75-80m
including 0-34 34@2.56 oxide
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RC903 1,731 425 -60 degrees/ 100@0.56 oxide 0-100m
(i) 090 degrees 0-100(eoh)
including 0-11 11@1.37 oxide
18-25 7@1.35 oxide
52-64 12@1.24 oxide
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RC907 1,693 465 -60 degrees/ 80@0.84 oxide 0-80m
(i) 090 degrees 0-80(eoh)
including 10-11 1@1.61 oxide
16-21 5@1.61 oxide
39-67 28@1.76 oxide
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RC908 1,681 507 -70 degrees/ 90@1.81 oxide 0-72m
(i) 090 degrees 0-90(eoh) trans-
sulphide 72-90
including 3-4 1@1.09 oxide
10-15 5@1.09 oxide
24-51 27@3.32 oxide
60-73 13@4.31 oxide 60-72
trans-
itional 72-73
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RC909 1,679 501 -60 degrees/ 90@0.24 oxide 0-77m
270 degrees 0-90(eoh) sulphide 77-90m
including 12-14 2@1.02 oxide
23-32 9@1.00 oxide
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RC910 1,654 501 -60 degrees/ 100@1.01 oxide 0-100m
090 degrees 0-100(eoh)
including 8-9 1@3.29 oxide
15-37 22@2.47 oxide
40-57 17@0.99 oxide
65-85 20@0.96 oxide
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RC911 1,611 446 -60 degrees/ 70@1.10 oxide 0-70m
270 degrees 0-70(eoh)
including 0-19 19@1.35 oxide
29-69 40@1.19 oxide
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RC913 1,549 389 -60 degrees/ 80@0.46 oxide 0-7m
090 degrees 0-80(eoh) trans-
sulphide 7-19m
oxide 19-38m
sulphide-
trans 38-80m
including 1-7 6@4.50 oxide
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RC914 1,567 435 -60 degrees/ 60@1.83 oxide 0-40m
270 degrees 0-60(eoh) trans-
sulphide 40-60m
Including 0-13 13@2.53 oxide
16-38 22@3.08 oxide
41-42 1@1.17 trans-
itional
57-60 3@1.44 sulphide
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RC915 1,627 485 -70 degrees/ 90@0.51 oxide 0-56m
270 degrees 0-90(eoh) trans-
itional 56-64m
oxide 64-90m
including 0-3 3@1.05 oxide
16-19 3@1.99 oxide
73-75 2@1.11 oxide
82-90 8@1.20 oxide
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RC920 1,429 569 -60 degrees/ 80@1.23 oxide 0-23m
090 degrees 0-80(eoh) trans-
sulphide 23-53m
oxide 53-60m
trans-
itional 60-68m
oxide 68-80m
including 11-14 3@3.01 oxide
57-80 23@3.77 oxide 57-60m
trans-
itional 60-68m
oxide 68-80m
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RC923 1,453 665 -70 degrees/ 61@1.11 oxide 0-21m
270 degrees 0-61(eoh) trans-
sulphide 21-61m
including 0-31 31@2.12 oxide 0-21m
trans-
itional 21-27m
sulphide 27-31m
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RC925 1,512 462 -60 degrees/ 100@0.74 oxide 0-1m
315 degrees 0-100(eoh) sulphide 1-9m
trans-
itional 9-87m
sulphide 87-100m
including 10-37 27@1.69 trans-
itional
69-70 1@3.30 trans-
itional
83-87 4@2.01 trans-
itional
91-94 3@2.22 sulphide
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RC926 1,431 146 -60 degrees/ 80@0.61 oxide 0-75m
090 degrees 0-80(eoh) trans-
sulphide 75-80m
including 26-58 32@1.10 oxide
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RC927 1,391 147 -60 degrees/ 80@0.67 oxide 0-16m
090 degrees 0-80(eoh) trans-
sulphide 16-22m
oxide 22-40m
trans-
itional 40-44m
oxide 44-80m
including 32-36 4@1.42 oxide
39-40 1@1.47 oxide
60-80 20@1.55 oxide
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RC928 1,254 162 -60 degrees/ 120@0.60 oxide 0-14m
090 degrees 0-120(eoh) trans-
sulphide 14-32m
oxide 32-45m
sulphide 45-48m
oxide 48-110m
trans- 110-
itional 119m
oxide 119-
120m
including 60-102 42@1.15 oxide
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NB: (i) denotes results previously reported
Reporting of Results The first line for each drillhole tabulated above is the average gold grade for the entire drillhole with no cutoffs applied. Subsequent intervals reported within drillholes are calculated using a base cutoff of 0.5g/t Au and may include intervals with mineralised material less than 0.5g/t Au but for no more than two sequential metres. Discussion Of Results (refer to plan attached) Previous drilling at the Sorowar deposit concentrated on testing mineralisation within pit limits designed as part of a feasibility study into the development of the Simberi Oxide Gold Project by Lycopodium Pty Ltd in August 2003. Accordingly the current 50 hole drilling programme was designed to: - Further interrogate the extent and area of influence of interpreted high-grade feeder systems within the Sorowar deposit. Three (3) previous holes within the pit design were twinned and the assay results returned were as expected. - Better identify pit limits by exploring for extensions along strike and on the flanks of the known oxide gold resource. Thirty six (36) holes were drilled entirely outside of the proposed pit limits and 11 holes were drilled partially within the pit. Three (3) main areas were targeted to test for extensions to mineralisation in this programme: - The area adjacent to the current pit design at the southern end of the deposit. - The area adjacent to the current pit design to the north east of the deposit. - The area to the east of the current pit design, known as the Sorowar East prospect. Southern Area In the southern portion of the deposit, drillholes RC882 to RC887, RC892 and RC901 intersected extensive surface and near surface oxide mineralisation indicating that considerable shallow oxide mineralisation exists both to the west and east of the proposed Sorowar pit. This shallow mineralisation is highlighted in RC887 which returned 100m at 2.10 g/t Au from surface including 79m at 2.47 g/t Au from 12 metres depth. Future pit re-optimisation studies incorporating these robust drilling results are expected to result in extensions to the final pit limits. Subsequent lateral expansion of the southern portion of the pit will also likely result in deepening of the pit to capture mineralisation at depth as intersected in holes RC884 to RC888, RC893, RC894, RC901 and RC926 to RC928. This potential is highlighted in RC888 which intersected 100m at 4.06 g/t Au from surface including 39m at 9.81 g/t Au from 38 metres depth in a predominantly oxidised envelope over the entire drillhole width. Holes drilled adjacent to the western edge of the pit including RC882, RC888, RC889, RC926, RC927 and RC928 all demonstrate that mineralisation to the west has not been closed off or fully defined. Holes adjacent to the eastern edge of the pit including RC892 and RC894 also demonstrate non closure of mineralisation to the east. North-eastern Area In the north-eastern area of the deposit, holes RC909, RC910, RC911, RC913 and RC914 demonstrate that the pit limits will likely be extended further east to access broad zones of shallow oxide gold mineralisation. This potential is demonstrated in RC910 which intersected 100m at 1.01 g/t Au from surface including 22m at 2.47 g/t Au from 15 metres depth in an oxidised envelope over the entire drillhole width. Re-optimisation studies will also seek to determine whether an easterly pit extension will enable the pit to access deeper mineralisation as demonstrated in holes RC907 and RC908. For example, RC908 intersected 90m at 1.81 g/t Au from surface including oxide mineralisation of 27m at 3.32 g/t Au from 24 metres depth and 13m at 4.31 g/t Au from 60 metres in depth. Sorowar East The Sorowar East area is represented by a 100 metre by 100 metre zone located approximately 250 metres east of the proposed Sorowar pit. Previous drilling identified surface oxide mineralisation as demonstrated in RC483 which intersected 32m @ 5.87 g/t Au from surface, RC485 which intersected 11m @ 3.46 g/t Au from surface and RC378 which intersected 21m @ 2.82 g/t Au from 7 metres depth. Current drillholes RC920 and RC923 returned strongly mineralised intercepts typified by RC920 which intersected 80m at 1.23 g/t Au from surface including 23m at 3.77 g/t Au from 57 metres depth, while other drillholes located to the west and north of the prospect returned broad zones of anomalous mineralisation with results generally less than 0.5 g/t Au. The initial interpretation of these equivocal results indicates that more work is required to determine the nature of the controls and orientation of mineralisation in this area. Accordingly, additional mapping and drilling work will be scheduled to further explore for continuity of mineralisation between the proposed pit and the Sorowar East area. In summary, the Company considers the recent drilling programme to have substantially expanded the resource potential of the Sorowar deposit thus underpinning increased gold production. Further infill and step out drilling to continue exploring for lateral and depth extensions to this deposit is being scheduled. Analytical Procedures For each single metre of drilling, a sample is collected and treated at the SMJV's Simberi Island sample preparation facility prior to being airfreighted to ALS Chemex Laboratories in Townsville Townsville, city (1991 pop. 101,398), NE Queensland, Australia, on Cleveland Bay. It is a major port. Wool, hides, meat, copper, and sugar are the chief exports. Copper and sugar refining, meat and fish packing and freezing, and cement making are other industries. Within easy reach of the Great Barrier Reef, it is an important tourist center. Townsville was founded in 1864. James Cook Univ. (1970) is located there. for analysis. Sample treatment procedures are: - Simberi Island The entire one metre drill sample ( 20kg) is dried, crushed through a jaw crusher and hammer milled to approximately 500 microns in size. The sample is mixed and split down to 1kg in weight then 400gms of the sample is collected, packaged and airfreighted to Townsville. - Townsville The sample is pulverised to less than75 microns at ALS Chemex Laboratories prior to assaying for gold by fire assay (50gm) with AAS finish and for Ag, As, Cu, Fe, Mn, Pb, S, Sb and Zn by aqua regia digest and ICP-AES finish. During August 2004 a representative from ALS Chemex carried out a site audit on the Simberi Island sample preparation facility and reported that all procedures conform to ALS Chemex quality procedures and industry standards. Quality control in the analytical process is monitored by inserting a duplicate sample for assaying for every 20 samples submitted and a standard sample comprising Sorowar ore for every 50 samples submitted to ALS Chemex. Simberi Mining Joint Venture The Sorowar gold deposit is located on Simberi Island, approximately 80 km to the northwest of Lihir Island in the New Ireland Archipelago of eastern Papua New Guinea. Sorowar is subject to the Simberi Mining Joint Venture, a 50%/50% joint venture between Simberi Gold Corporation and Nord Pacific Limited ("Nord"). Pursuant to a merger arrangement with Allied Gold Limited ("Allied") which was completed on 20 September 2004, Nord is a wholly-owned subsidiary of Allied. The SMJV holds a mining lease over the central and eastern portion of Simberi Island, the northernmost island of the Tabar Island Group and so far, the SMJV has identified gold resources totalling 1.49 million ounces within the mining lease comprising: - Oxide Resources Measured, indicated and inferred (free milling-type - 0.5 g/t Au cutoff) 19.7 million tonnes at 1.17g/t Au (740,000 ounces) - Sulphide Resources Inferred (refractory-type - 1.0 g/t Au cutoff) 9.3 million tonnes at 2.5 g/t Au (750,000 ounces). The information in this Stock Exchange Announcement that relates to mineral resources is based on information compiled by Minstat Pty Ltd whose principal is Mr M J Binns who is a fellow/member of the Australasian Institute of Mining and Metallurgy. Mr Binns has sufficient experience which is relevant to the style of mineralisation and 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 Binns consents to the inclusion in this Announcement of the material based on this information in the form and context in which it appears. All information in this report pertaining to exploration results, together with any related assessments and interpretations, has been approved for release by Mr. R. Hastings, MSc, BSc., M.Aus.I.M.M., a qualified geologist and full-time employee of Allied Gold Ltd.. Mr Hastings has sufficient experience which is relevant to the style of mineralisation and 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". This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted. NOTE: There is a map available on CCNMatthews' website at: http://www2.cdn-news.com/database/fax/2000/PGM1013.pdf The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained. PGM Ventures Corporation (TSX VENTURE:PPG) |
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