Encouraging First Results From Kurnalpi Drilling
Highlights
- Assay results from first traverse of holes on southern end of Brilliant deposit completed
- Drilling confirmed the presence of mineralised structure at southern extremity of Brilliant deposit
- The objective of drilling is production of initial Reserves by December 2011, and first production by late 2012
- Fully funded 60,000m drilling program for LKK on track for December completion.
Carrick Gold Limited (ASX:CRK) is pleased to release first results from drilling at the Company's Brilliiant deposit at Kurnalpi, which is one of three project areas making up the flagship LKK Project.
Kurnalpi comprises six deposits: Brilliant, Sparkle, Tinsel, Dazzle Discovery Hill and Half Way Hill. Brilliant is the largest of these, and will be the focus of the first round of drilling, comprising around 12,000m. This drilling builds on the total of 157,000m of drilling that has been conducted at Kurnalpi, previously over the 2.5Km mineralised strike.
Drilling commenced on the southern end of known mineralisation in June and will systematically progress northward. Full results are tabulated in Table 1, but key highlights from the first traverse include:
8m @ 2.68g/t (incl 1m @ 9.03g/t and 1m @ 5.49g/t)
15m @ 1.5g/t (incl 1m @5.92g/t)
The presence of the drill rig has also enabled Carrick to collect downhole survey results from some previous drilling which assists in validating QA/QC for the upcoming Resource estimate.
CEO John McKinstry commented " These early results are what we expected. They confirm the existing interpretations, and further increase our confidence in the potential of the Brilliant deposit. Rather than drilling for results, we chose to start at one end and systematically drill the orebody. There will be a steady flow of results from the drilling, which will build the confidence level of the Resources for the upcoming Reserve estimates."
The Company has committed to delivering a revised Mineral Resource estimate for the Brilliant Deposit (Kurnalpi) in August 2011. Resources for the other three deposits at Kurnalpi will be lower priority as the focus will then shift to the Company's Lindsays deposit . Revised estimates for Lindsays are expected by mid September 2011, and for Kalpini in early October 2011.
The current drilling program is designed to take the Resource from being predominantly in the Inferred category to the Indicated category. The addition of mine design and optimisation criteria will then allow an estimate of a Probable Reserve for each deposit. A Probable Reserve is the tonnage and grade that can be mined from the deposit.
Local contractor, Raglan Drilling, is conducting the drilling and is expected to continue with Carrick until the end of the program. Raglan Drilling have provided crews to double shift, enabling drilling to continue around the clock. The next approved Program of Work has also been received which will ensure continuity on the drilling program.
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