Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Stratum Metals' First Hole Intercepts Thick Sulphides At East Menzies  0 comments
    Apr 21, 2013 7:43 PM

    Stratum Metals (ASX: SXT) has intercepted 75 metres of sulphides close to surface in the first hole drilled to test three electromagnetic conductors at its East Menzies Goldfields Project in Western Australia.

    This is a very encouraging start and assay results and downhole EM data will be keenly awaited as it searches for the source.

    The thick sulphide zone was encountered from 41 metres down hole and included 21 metres of stringer and disseminated sulphides and a further 54 metres of finely disseminated sulphides.

    Importantly, given the results now received from geological logging it appears the conductor modelled from the Moving Loop TEM data has been intersected, which will be confirmed by a down hole EM survey to be completed in the coming week.

    The reverse circulation hole targeting mining licence conductor GV-C3 was drilled to a depth of 120 metres and was completed yesterday.

    The stringer and disseminated sulphides were at concentrations ranging from 5% to 20% based on visual estimation.

    Following this zone are persistent disseminated fine sulphides at concentrations of about 1% from 66 metres to the end of the hole.

    Previous interpretation by Southern Geoscience Consultants interpreted the GV-C3 conductor as a strong TEM anomaly with a 490 metre strike length that is relatively shallow with a moderate to shallow dip to the west.

    The conductor is open and only partially defined due to the previously limited initial survey coverage.

    The recent Fugro HELITEM program has now been successfully completed with results and interpretation pending to assess for extensions to the existing conductors and for future conductors within Stratum's East Menzies Goldfields Project area.

    Drilling continues

    The drill rig has now started the hole targeting conductor GV-C2 and from there will move to test conductor GV-C1.

    Upon completion of these three holes, samples will be dispatched to the laboratory for analysis.

    The results of this laboratory analysis will allow Stratum to determine the potential economic significance of the intersection of sulphides in the first drill hole and any potential intersections from the remaining holes.

    The HELITEM final data combined with assays and down hole electromagnetics will give Stratum significant information to zone in on the source.

    High grade gold

    Earlier this week, Stratum revealed it had discovered gold grades of up to 9.59 grams per tonne (g/t) in shaft spoil samples taken from the East Menzies Goldfields Project.

    Over 100 old shafts/workings are registered by the Western Australian Department of Mines and Petroleum on the East Menzies project area. These old shafts extend over 11 kilometres of strike and historically produced over 30,000 ounces of gold.

    Surrounding the area of initial spoil sampling a large number of shafts are scattered across an area of 2.5 kilometres by 2.5 kilometres.

    Historic mining in this area produced at grades from 14.8g/t (Maranoa) to 53.6g/t (Sunday Gift).

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.