Drilling identifies possible extensions to mineralization at the Tropicana Gold Project
|
| Acrobat Version |
|
| Wednesday, March 17, 2010 |
|
Recent drilling at the Tropicana Gold Project (TGP), 330 kilometres east north-east of Kalgoorlie in Western Australia, has identified possible extensions to both open pit and potential underground mineralization.
AngloGold Ashanti Australia Ltd (AGAA) is Manager of the TGP with a 70% interest, and Independence Group NL holds the remaining 30%. The TGP is part of the Tropicana Joint Venture (Figure 1), which covers more than 13,000 square kilometres along the ancient collision zone between the Yilgarn Craton and the Albany-Fraser Province.
A feasibility study based on the 5.01 million ounce Tropicana-Havana open pit resource is currently underway and is targeted for completion during the second half of this year.
Wide-spaced exploration drilling at the Boston Shaker Zone, approximately 500 metres north-east of the Tropicana resource (Figure 2), has intersected mineralization of a similar style to the Tropicana- Havana system.
The Boston Shaker mineralization currently extends over a strike length in excess of 500m and remains open to the north and down dip. Further RC and diamond drilling is being carried out to determine the northern and down-dip extents of the mineralization.
Significant gold intersections to date from the Boston Shaker Zone (Table 1 & Figures 3 to 6) include: 14 metres at 3.49 g/t Au from 176m (TFD181), 14m at 3.53 g/t Au from 81m (TFRC3290), 5m at 3.87 g/t Au from 48m & 17m at 3.03 g/t Au from 58m (TFRC3293), 12m at 4.86 g/t Au from 93m & 16m at 3.48 g/t Au from 119m (TFRC3294); and 12m at 4.13 g/t Au from 138m(TPRC064D).
To the south of Tropicana, on-going diamond drilling targeting the down-plunge extensions of the Havana Zone has also returned further significant results (Figure 7). Significant gold intersections at Havana Deeps (Table 2) include 23m at 3.39 g/t Au from 327m (TPD405), 13m at 2.77 g/t Au from 431m (TPD402) and 19m at 3.48g/t Au from 536m (TPD400).
AGAA Senior Vice President Australia, Michael Erickson said the joint venture partners were encouraged by results from the Boston Shaker and Havana Deeps drilling.
"Current interpretation suggests that the Boston Shaker intercepts may represent the faulted extension of the mineralization north of the Boston-Shaker Shear, which previously was thought to limit the northern extents of the mineralized system.
"Clearly we need to do more drilling to fully understand the implications of these results, but it is positive to find further evidence that the mineralization extends beyond the Boston Shaker Shear and remains open.
"Whilst it is still early in the Havana Deeps drilling programme, results to date show potential for adding value to the current open pit project, via an underground mining addition."
| Queries |
| |
Tel: |
Mobile |
E-mail: |
| Andrea Maxey(Media & Investors) |
+61 (0) 8 9425 4603 |
+61 (0) 400 072 199 |
amaxey@anglogoldashanti.com.au |
Disclaimer
Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti's strategy to reduce its gold hedging position including the extent and effects of the reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources, and expenditure and the outcome and consequences of any pending litigation proceedings, contain certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2008, which was distributed to shareholders on 27 March 2009 and the company's annual report on Form 20-F, filed with the Securities and Exchange Commission in the United States on May 5, 2009 as amended on May 6, 2009. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.
The information in this report that relates to Exploration Results is based on information compiled by Mark Doyle, who is a full-time employee of AngloGold Ashanti Limited, and a member of the AIG. Mark Doyle has sufficient experience relative to the type and style of mineral deposit under consideration and to the activity which has been undertaken, to qualify as a Competent Person (or Recognised Mining Professional) as defined in the 2004 Edition of the JORC Code. Mark Doyle consents to the release of these Exploration Results based on the information in the form and context in which it appears. | |
|
|
|