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    GED   AU000000GED6

GOLDEN DEEPS LIMITED

(GED)
Delayed Australian Stock Exchange  -  11:52:02 2023-01-26 pm EST
0.0100 AUD    0.00%
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Golden Deeps Limited Completes 7 Holes of A 9 Diamond Drillhole Program2 Targeting Extensions And/Or Repeats of Its Very High-Grade Khusib Springs Copper-Silver Deposit in the Otavi Mountain Land Copper District of Namibia

10/16/2022 | 05:19pm EST

Golden Deeps Limited announced that it has completed 7 holes of a 9 diamond drillhole program2, targeting extensions and/or repeats of its very high-grade Khusib Springs copper-silver deposit in the Otavi Mountain Land Copper District (OMLCD) of Namibia. The first deeper hole completed, KHDD006, tested for a repeat or offset of the Khusib Springs deposit at depth to the south of a potentially offsetting normal or wrench fault2. The target zone lies below the brecciated T3 dolomite /T2 platy limestone contact at a depth of approximately 350m to 400m below surface.

The drillhole intersected the brecciated T3 dolomite with fine and/or blebby copper-sulphides (tennantite, chalcopyrite) and pyrite from 385m to 442m then a zone containing massive to semi-massive sulphide stringers and disseminated tennantite in the targeted platy-limestone from 442m to 481m (total 96m sulphide zone from 385m). Portable XRF (pXRF) spot readings on drillcore averaged 0.9% Cu, 0.2% Zn across the 97m zone and includes a 56.5m interval with XRF readings ranging from less than detection up to 37% Cu, 3.6% Zn, 5,936 g/t Ag Ag and averages 1.6% Cu, 0.26% Zn. This zone also includes a 16m interval within the targeted T2 platy-limestone from 442m that includes the 35% Cu reading as well as a 26% Cu reading and averages 4.3% Cu, 0.6% Zn.

The broadly copper-sulphide mineralised zone intersected in KHDD006 is approximately true-width and occurs across the brecciated T3 dolomite /T2 limestone contact, which is the same position as the Khusib Springs deposit, predominantly hosted within the T2 platy limestone below the contact. A second deeper hole, KHDD007, drilled 30m to the southwest of KHDD006 intersected intermittently developed sulphide mineralisation from 374m to 535m downhole (161m) including zones of disseminated and/or euhedral crystals of tennantite and chalcopyrite across the T3 dolomite /T2 limestone brecciated contact at around 430m. The hole also intersected a lower zone of "well distributed" medium grained sphalerite (zinc sulphide) from 487m to 500m downhole.

Downhole electromagnetics (DHEM) is in progress for KHDD006 and KHDD007, to determine the extent of in-hole and/or off hole conductors in the vicinity of these holes. Subject to the results of the DHEM and XRF results in KHDD007, a third deeper hole will be carried out totest for massive sulphides and/or extensions to the broad sulphide zone intersected in KHDD006. Shallow drilling in the vicinity of the mined high-grade copper-silver deposit at Khusib Springs (production: 300,000t of ore at a very high grade of 10% Cu and 584g/t Ag1) includes an intersection of veined and brecciated dolomite with semi-massive zone of sphalerite in KHDD001 that produced the following high-grade zinc and silver with copper and lead (Pb) intersections: 11.86m @ 3.25% Zn, 14.7 g/t Ag, 0.13% Cu, 0.17% Pb from 10.34m (downhole) in KHDD001 Including: 5.0m @ 7.45% Zn, 20.9 g/t Ag, 0.08% Cu, 0.24% Pb from 16.0m (downhole).

The intersection in KHDD001 indicates that zinc mineralisation is developed on the periphery of the high- grade copper-silver zone at Khusib Springs. This zone remains open to the southwest at shallow depth and represents a zone of zinc-silver-copper resource potential for further shallow resource definition drilling. Geophysical Program to Detect a Repeat of the Khusib Springs Deposit: At the same time as the new diamond drilling program a large Moving Loop Electromagnetics (MLEM) survey has been carried out to the southwest of the Khusib Springs deposit.

Symons Geophysics in Namibia have conducted an initial program of 25, 100m spaced lines of MLEM in three loops, covering a 2.5km corridor from Khusib Springs heading southwest to the tenement boundary. The first loop carried out (Loop 2), located southwest of the Khusib Springs deposit, detected a relatively large early-time EM conductor, modelled to dip/plunge shallowly to the south. The conductor is interpreted to be located below the T3 dolomite contact and may represent: Tennantite/Tetrahedrite copper-silver sulphide mineralisation.

However, a more conductive body and a steeper dip or plunge would be expected if it is a massive sulphide, or alternatively, A low angled fault/thrust or a conductor that is part of the stratigraphy such as a graphitic horizon. A second conductor has been detected further southwest on Loop 2 (currently being modelled). A diamond drillhole (KHDD008) is in progress, testing the Loop 2 conductor across the T3 dolomite /T2 limestone contact and well into the footwall through the targeted Khusib Springs deposit position.

If sulphides are intersected by this drilling, associated with the conductor, then further drilling will be carried out at depth and the Loop 1 conductor will be tested.


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Financials
Sales 2022 0,00 M 0,00 M 0,00 M
Net income 2022 -1,27 M -0,90 M -0,90 M
Net cash 2022 7,97 M 5,65 M 5,65 M
P/E ratio 2022 -8,75x
Yield 2022 -
Capitalization 11,6 M 8,19 M 8,19 M
EV / Sales 2021 274x
EV / Sales 2022 6 808x
Nbr of Employees -
Free-Float 83,5%
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Managers and Directors
Lawrence Jonathon Dugdale Chief Executive Officer
Michael Muhling Chief Financial Officer & Secretary
Michael Rodriguez Chairman
Michael John Norburn Independent Non-Executive Director
Michael Ernest Scivolo Independent Non-Executive Director
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