Chinalco Yunnan Copper Resources Limited (CYU:ASX) and Goldsearch Limited (GSE:ASX) would like to provide an update on drill operations at the Elaine prospect, that forms part of the Mary Kathleen Joint Venture Project, Mt Isa, Queensland. CYU has a 70% interest in the joint venture and GSE 30%.
Drilling of vertical diamond drillhole, MKED036, has been completed with the hole reaching 896.98m in depth. Assay results for the first 506m have been received, with significant copper mineralisation highlighted by 49m @ 0.80% copper and 0.06g/t gold from 231m including 22m @ 1.24% copper and 0.10g/t gold from 232m. This intersection is contained in a broad sulphide (pyrrhotite + chalcopyrite +/- pyrite) mineralised zone of 167m @ 0.50% copper and 0.05g/t gold from 231m that is being used for metallurgical testwork. Assays are pending for the remainder of the hole.
MKED036 was designed primarily for metallurgical testwork to obtain samples to measure copper and gold recovery rates within the previously announced 27.7Mt Elaine copper- gold inferred resource. The assays confirm the significant sulphide mineralisation zone identified and targeted for testwork sampling. The samples are being prepared for dispatch to ALS Metallurgy lab (Adelaide) this week with results expected to be returned within Q1 2013.
In addition MKED036 has been extended to test the continuity and depth extent of >1.2km geophysical anomalies defined by a recently completed surface EH4 geophysical orientation line over the prospective Mary Kathleen Shear Zone. Good correlation and continuity between the EH4 anomalies and sulphide mineralisation has been demonstrated. MKED036 was drilled 120m to the northeast of the EH4 survey line (Figures 2 and 3). In this campaign, a total of 1,066.10m has been drilled in two holes, MKED035 (169.12m) and MKED036 (896.98m).
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