The Inferred Resources total 86,519 t at 4.41 g/t Au for 12,259 oz Au are from the Credo Well and Credo Well North West deposits. Within the Resources there are open cut resources of 79,137 t at 4.2 g/t Au for 10,684 oz Au within two preliminary pit optimisation shells, demonstrating the economic potential of these resources. Outside of the pits, resources have been restricted to zones with a 5 g/t Au cut off.
The completed program included 12 reverse circulation holes for 1,032m targeting extensions to mineralisation at Credo Well and Credo Well North. In addition to this, a 56-hole Aircore program was also completed with a total of 2,620m of aircore drilling. The aircore drilling intersected anomalous gold (>100ppb Au) at Fidelitas West and Area 10 with key geological information taken from all prospects.
High grade gold corridor confirmed between Credo NW and Credo Well with potential to extend to the southeast
At Credo Well, drilling was oriented to test the intersecting zone between the Credo Well Shear and the Credo Well Antiform, a regional fold system. These results have improved our understanding of the controls of the system and most encouraging is the intersection of a high-grade zone outside of the main Credo Well Shear structure. Hole DCRRC0187 intersected 5m @ 6.7 g/t Au (including 1m @ 18.35 g/t Au). This zone falls within a gold corridor thought to be controlled by the regional folding. This corridor can be traced between Credo Well North and Credo Well in a northwest-southeast trend, this zone will be further tested.
Maiden JORC 2012 Resources
Credo Well North West resource has been estimated on broad spaced drilling but shows good geological continuity. The Inferred Resources total 59,135 t at 3.95 g/t Au for 7,502 oz Au, a majority of which falls within an optimised open pit with 54,976 t at 3.75 g/t for 6,616 oz Au. The deposit is open at depth and has good grade within the central zone. Planned Infill and extension drilling will be designed to enhance this resource.
Credo Well has had a significant amount of RC drilling and the Inferred Resource is 27,776 t at 5.33 g/t Au for 4,757 oz Au, a majority of which falls within an optimised open pit with 24,161 t at 5.24 g/t for 4,068 oz Au. This resource has used a top cut of 30 g/t which results in a conservative estimate of the resource as the style of mineralisation is one that contains some very high grade zones (40-68 g/t Au). Uncut resources from the open cut optimisation was 5,945 oz Au some 1,877 oz Au greater than the final estimate. The use of a top cut avoids giving too high a bias to these zones, but may underestimate grade overall in a system with some very high grade zones. Future follow up drilling will target the extension of the high grade mineralised zone intersected in DCRRC187.
The Credo Well deposit was mined in the late 1800's and has been a major focus of work throughout the exploration history of the area. Newspaper reports from this period of spectacular specimen stone coming from the mine. The Credo Well North West deposit has been expanded by this phase of drilling from a single line of drilling to be able to produce this inferred resource. Previous workings in the area have been accounted for within the resource model by estimating the level of depletion based on the drilling in this area.
This resource has been built after 7 of 12 RC holes returned intercepts greater than 1g/t Au with DCRRC0187 returning 5m @ 6.7 g/t Au including 1m @ 18.35 g/t Au from a new high-grade mineralisation zone at Credo Well. Two of the holes were abandoned due to intersecting old workings, hole DRRC0188 after intersecting 1m @ 5.12 g/t and DRRC0196 did not return any significant assays prior to being abandoned. The historical mining reported spectacular grades from workings up to 100m below surface and the mining voids are likely to indicate high grade zones of the gold system. Other holes intersected elevated gold to >0.5 g/t Au, confirming the position of mineralised structures.
Credo Well RC Drilling
The drilling intersected gabbro sills throughout which provides challenges when identifying structures. Gold is present in quartz veining with a sulphide and chlorite epidote alteration surrounding the veins.
The next phase of work will concentrate on the high-grade corridor and testing down dip on the new zone from hole DCRRC0187 to extend resources.
Credo Well North RC Drilling
Previous drilling along a single north south line had delineated a strong mineralised trend dipping approximately 40o to the south. A pattern of 6 holes was designed to test this zone on a broad 40m by 40m zone which defined a mineralised surface/shear with 3 of the 6 holes hitting >1 g/t Au intercepts (other holes showed elevated gold in the target structure), delineating an area with excellent potential for economic resources. The more strongly mineralised zone follows a north westerly trend which, when continued through to Credo Well, coincides with the high grade in this prospect also. The mineralisation is potentially on the folded limb of the regional Antiform. The drilling to date has shown a zone with consistent gold over an 80m strike and similar dip.
Aircore Drilling
The aircore program was designed to test new and existing mineralisation zones and returned elevated gold (>100ppb) in 6 holes confirming broad gold halos are associated with previously determined supergene mineralisation. These anomalous zones, along with key geological information confirming Dampier's geological model, which will allow the next phase of targeting for mineralisation at Fidelitas West,
The exciting results have clearly demonstrated the presence of gold structures lying within a northwest trending high grade corridor, which has a potential for a number of parallel or en-echelon mineralised zones subject to further exploration. The combination of RC and Aircore drilling has generated sufficient data for us to estimate further significant new exploration targets in addition to the current defined resources. The focus of ongoing drilling will be aimed at establishing significant, high-quality resources at Credo that will be included as part our next resource upgrade. This excellent result demonstrates our continued commitment to build an exceptional resource portfolio through costeffective and measured exploration, adding significant incremental value to our existing gold assets.
There is good scope for further success at the
I would like to thank our shareholders for their long-standing support and confidence in the management team, and their dedication to the Company's success. This early success demonstrates the significant potential of Dampier's asset portfolio and its committed team which forms the base for future growth. We are well positioned towards achieving our objective of rapidly building a sizeable and highquality gold resource in the Kalgoorlie / Menzies region of
Contact:
Tel: (08) 9420 8208
Email: info@torianresources.com.au
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