MacPhersons Resources Preparing Maiden Boorara JORC Resource

Jul. 14, 2013 9:48 PM ET

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MacPhersons Resources (ASX: MRP) is preparing a maiden JORC Resource for its Boorara gold project in Western Australia after receiving further interim diamond drilling results at that validate and expand historical models.

Notably, this indicates that more than 4,000 historical holes can be used to produce the JORC resource estimate.

Recent new results include:
- 1 metre at 8.61 grams per tonne gold from 13.5 metres;
- 5.5 metres at 2.3g/t gold from 29.5 metres including 0.8 metres at 6.09g/t gold from 30.45 metres; and
- 12 metres at 2.12g/t gold from 49.5 metres including 2.1 metres at 7.03g/t gold from 58.3 metres.

These follow a high grade intersection of up to 3.3 ounces or 101 grams per tonne of gold over 1 metre in preliminary diamond drilling.

"Diamond drilling has successfully confirmed the Boorara Gold deposit and the preparations are now underway to issue a Maiden JORC MRE," managing director Morrie Goodz said.

"The Boorara Gold open pits will provide additional mill feed to the Nimbus Silver-Gold-Zinc project and will extend proposed mining and processing operations."

Diamond drilling located 800 metres to 1,700 metres southwest of the Company's 100%-owned Nimbus processing plant had intersected both higher grade gold-bearing quartz vein and stockwork mineralisation and large halos of background containing 0.3g/t to 1g/t gold.

MacPhersons have already commenced pit optimisation studies with favourable indications that up to four separate open pits may be feasible and pit design works have commenced with a view to be completed in early August.

The company had previously noted that its drilling validates historical data supporting open pitable mineralisation outcrops on surface.

The company had $9 million in cash at the end of March 2013.

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