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Korab starts work on VMS copper-gold project

Wednesday, March 3rd, 2010

Ashburton Downs VMS copper-gold project covers an area of 380 km2 and is held by Australian Copper P/L (a wholly owned subsidiary of Korab). Previous work indentified extensive VMS-style copper and gold mineralisation. Diamond drilling samples grade up to 1.32 % copper, Rock chip samples grade up to 10.1 % copper and 29 g/t gold, Project includes several historical small-scale but high-grade copper mines, Rock chip values from the main Mt Elephant gossan included 29 g/t gold and 10.1% copper in separate samples. The best results from rock chip sampling of the gossan include:
• 10.1% Cu, 7.4 g/t Ag, 258 ppm Ni, 194 ppm Zn
• 2,040 ppm Cu, 29 g/t Au, 105 ppm Pb, 149 ppm Zn
• 1,200 ppm Cu, 171 ppm Ni, 251 ppm Zn
• 3,450 ppm Cu
• 3300 ppm Cu
• 1,550 ppm Cu
• 1,520 ppm Cu
The highest results from diamond drilling include:
• DDH1 3.7 metres at 1.32% copper from 105 metres depth, drilling intersected ankerite, chalcopyrite and pyrite
• DDH3 2.7 metres at 0.89% copper from 34 meters depth, drilling intersected ankerite, chalcopyrite and pyrite
• DDH2 2.9 metres at 1.32% copper from 82 metres depth, drilling intersected ankerite, chalcopyrite and pyrite
At the Green Elephant and East Elephant prospects located south and south-east of the main Mt. Elephant gossan soil and rock chip sampling have returned results of up to a maximum of 848 ppb gold and 4.58% copper.
Characteristics indicate that the mineralization is of volcanogenic massive sulphide (VMS) type. Australian Copper’s first stage of the exploration program will include airborne geophysical survey to delineate drill targets at depth, the second stage will include drill testing of these targets and further drilling of already defined copper and gold anomalies.

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