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Aphrodite Gold works towards revised JORC Resource at gold project in Kalgoorlie

Aphrodite Gold (ASX: AQQ) is planning to revise the Resource for its Aphrodite Gold Project near Kalgoorlie in Western Australia following the results of a 2011 drilling program.

Assays from the final four reverse circulation holes of 2011 have returned significant intersections from the Phi Lode, including:

- 13 metres at 3.09 grams per tonne (g/t) gold from 174 metres;
- 14 metres at 1.68g/t gold from 158 metres; and
- 3 metres at 3.73g/t gold from 63 metres.

Assaying was conducted on one metre sample intervals. All four holes intersected multiple zones of gold mineralisation.

Drilling at the Phi Lode in 2011 comprised 52 holes for 7,756 metres, while a total of 87 holes for 15,835 metres was drilled across both the Alpha and Phi Lodes.

The drilling extended to a maximum depth of about 220 metres.

Assays from the Alpha Lode released in October 2011 returned the highest grade and longest gold intersections to date from the Aphrodite project.

This included a stunning result of 77 metres at 4.07g/t gold from 139 metres.

Aphrodite is currently finalising its drilling data base, with additional check assaying by a second independent laboratory in progress.

The Aphrodite Project currently hosts a total Resource of 10.06 million tonnes at 3.19g/t gold for 1.03 million ounces.

This is comprised of an Indicated 3.67 million tonnes at 3.83g/t gold for 451,000 ounces and an Inferred 6.39 million tonnes at 2.83g/t gold for 582,000 ounces.

A revised resource estimate is planned for the end of the March quarter in 2012.

This will incorporate all 2011 drill results in addition to results from the company’s 2010 drilling program and those of previous tenement owners.

Scoping Study

In October 2011, Aphrodite undertook a Scoping Study to follow up on positive metallurgical test work that gave greater than 90% gold recoveries from the Alpha Lode.

This study will examine the staged development of the deposit, with initial open pit mining followed by underground development of higher grade resources.

It will also examine the possibility of utilising infrastructure close to the deposit, including processing plants.

One of the major benefits already of the Aphrodite deposit is the strategic location 75 kilometres north of Kalgoorlie and in proximity to regional gold mills in need of feedstock ore.

The road ahead

A feasibility study at the Aphrodite Gold Project is due to begin this quarter, with a decision to proceed to mining planned for the September or December quarters this year.

Aphrodite Gold is aiming to begin gold production at the project in the second half of 2013.