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  • Cleveland Mining Has 60m Intercept At Premier Gold Mine That Shows Potential Scale  0 comments
    May 6, 2013 9:35 PM

    Cleveland Mining (ASX:CDG) has made a very strong start to Premier North diamond drilling program in Chile, intersecting material bearing strong similarity to gold bearing ore zones at its Premier gold mine as well as AngloAshanti's 5 million ounce Serra Grande mine.

    The intercept of about 60 metres of carbonaceous graphitic schist material at the first hole drilled in the Premier North diamond drilling program not only boosts confidence in the down dip mineralisation potential but also highlights the scope to scale up gold resources at Premier project.

    Assay from the drill hole are pending.

    The hole PGPDH 00166 was designed to test the down-dip potential of the Premier orebody by projecting its extension 3.5 kilometres to the north, based on historical drill logs.

    David Mendelawitz, Cleveland Mining's managing director said, "The intersection is exciting because it provides greater clarity on the potential scale of the Premier project.

    "The intersection is far thicker than outcropping Premier ore and appears to have very similar characteristics to Serra Grande ore, strengthening the view that there is potential for a significant resource at Premier."

    The drill hole intersected the same rock type, structures and sulphides associated with the orebodies at both Premier and Serra Grande.

    AngloAshanti's Serra Grande mine was one of the world's most profitable gold mines per ounce for over 20 years. It has already produced 3.5 million ounces, with mining currently being done at 800 metre underground.

    Going forward, Cleveland Mining plans infill drill holes between the Premier orebody and the new hole at Premier North to follow up on the latest intersection.

    In addition to drilling the first hole in the Northern program, the company has also drilled 19 additional holes around the existing ore body as part of its program to extend the ore-body.

    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.

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