Report for March 2011 Quarter
HIGHLIGHTS
HARGRAVES PROJECT
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Drilling commenced to test open pit potential at Big Nugget Hill South, a portion of the 234,400 ounce Big Nugget Hill Deposit. Preliminary results are positive with visible gold observed in samples from target zones.
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Drillhole HGAD03 in the Alma Zone, which is located 700m south of the Big Nugget Hill South Zone on a probable extension of the Zone, returned a shallow intersection of 10.5 g/t over 1.7m from 34.2m downhole.
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The first exploratory hole drilled into Frenchmans Structure, which is located about 150m east of the similar Big Nugget Hill Structure, produced encouraging results with several mineralised reefs intersected.
HILL END PROJECT
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At Red Hill, where resources currently stand at 89,200 ounces, drillhole RHD139 intersected 19.3 g/tover2.8m, including 32.3g/t over 1.4mfrom 226.6m downhole in the Red Hill Deeps Zone,a zone at least 300m long and200m deep.
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Reverse Circulation and diamond drilling programs in June/September quarters are planned to test open pit potential and to increase the current resource.
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An on-going Scoping Study is underway into the development of the 246,800 ounce Hawkins Hill – Reward Deposit using low cost bulk mining methods, followed by ore sorting and tailings sorting to dramatically reduce processing costs.
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