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Substantial extension of mineralised strike at Cheowa Copper-Gold Project

Tuesday, October 2nd, 2007

Zambezi Resources Limited announce encouraging progress on its priority Cheowa Copper-Gold Project in southern Zambia.
Infill and extension Reverse Circulation (“RC”) drilling at the CC2 prospect has returned excellent results including 4m at 4.31% copper and 0.99 g/t gold, 6m at 1.87% copper and 0.25 g/t gold, 6m at 1.76% copper and 0.20 g/t gold, 5m at 1.78% copper and 0.23 g/t gold, 4m at 2.14% copper and 2.01 g/t gold, 6m at 1.41% copper and 0.40 g/t gold, and 7m at 1.14% copper and 0.07 g/t gold.
Diamond drilling at the CC2 prospect has also returned excellent results including 4m at 3.00% copper and 0.40 g/t gold, and 7m at 1.70% copper and 0.40 g/t gold.
At the CC2 prospect – where an initial Inferred Mineral Resource estimate prepared in accordance with the 2004 JORC Code of 1.7 million tonnes at 1.5% copper and 0.5g/t gold was reported earlier this year – a total of 80 RC holes for 12,700 metres and 6 diamond holes for 1,050 metres have been completed so far this field season. The drilling is designed to infill and extend the area incorporated in the resource estimate. The results received and reported to date are from 42 of the 80 RC holes and 2 of the 6 diamond holes.
Based on assays received and visual estimates, the strike length of mineralisation at CC2 has been extended to 2,100 metres. CC2 remains open to the west and at depth, with drill testing only to 200m vertical to date. A new phase of diamond drilling to test to 400m vertical and then to 600m vertical has now commenced at CC02 with the arrival of a deeper capacity drilling rig.
A revised resource estimation exercise is now underway for CC2, with results expected in November. Prefeasibility work is underway, with expert consultants now appointed in the following areas: process design; mine design; comminution testwork and design; power, water and transport infrastructure; geotechnical engineering; environmental management; and resource estimation. The pre-feasibility study remains on track for completion in May 2008.
In addition to the mineralised strike at CC2, a further mineralised zone has been identified to the east of CC2, commencing 300m to the east of CC2 and extending an additional 800m along strike to the east at conductors CC3, CC4 and CC6. This zone remains open to the east and at depth. Assays results are awaited.
Scout diamond drilling is also being conducted at the eastern conductors, which occur approximately 7.5 kilometres along strike to the east of CC2. To date, 32 diamond holes have been completed for 5310 metres over 15 conductors. The holes are designed to test both copper anomalism in surface trenches and soils, and the modelled positions of the VTEM conductors. Both pyrrhotite-dominant and chalcopyrite-dominant mineralised intervals have been intersected, with mineralisation observed to date over 600m of strike at conductors CC11, CC12, CC13 and CC15. This mineralisation is open in both directions and at depth, and appears to be structurally complex, with several parallel lodes and offsets attributable to late stage faulting. Results have been received for only 3 holes from CC13 to date, including 6.7m at 0.58% copper and 0.36 g/t gold, and 2.8m at 1.38% copper and 0.16 g/t gold (see Table 2). Further results are expected in early November.
At the Cheowa Project, Glencore International AG (“Glencore”) is earning an initial 51% interest by spending US$10 million, with Zambezi managing the project.
For further information visit: www.zambeziresources.com

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