🕐20.01.10 - 02:08 Uhr
Meridian Grows Resource Inventory at Lennard Shelf Project in WA by 32% to 10.8M
t (6.9%Zn & 3.8%Pb)
Meridian Minerals Limited
ASX Announcement
20 January 2010
Meridian Grows Mineral Resource Inventory on the Lennard Shelf Project in
WA by 32% from 8.2Mt to 10.8Mt
Key points:
- A large mineral resource of 2.62Mt @ 5.4% Zn, 1.2% Pb and 33.6g/t Ag,
above
a combined 3% zinc plus lead cutoff, has been defined at the Palijippa
prospect and classified as Inferred under the JORC code (2004);
- With the addition of the Palijippa mineral resource total mineral
resources
on the Lennard Shelf Project have increased by 32% to 10.8Mt @ 6.9% Zn
and
3.8% Pb;
- Higher grade mineralisation at Palijippa comprising 0.86Mt @ 7.9% Zn,
2.2%
Pb and 67g/t Ag, occurring above a combined 7% zinc plus lead cutoff, has
the potential to be increased by further drilling;
- A strong possibility exists for the discovery of additional mineral
resources, between existing drill holes and along the strike and dip
extensions of the known Palijippa mineralisation;
- Lead and Zinc prices increased more than 50% in the last 6 months;
- Drilling underway at the Kapok West prospect is ahead of schedule and
first
results are expected to be announced within two weeks.
Australian resources company Meridian Minerals Limited (Meridian or
Company) (ASX: MII) has significantly increased the prospectivity of the
Lennard Shelf Project ("Lennard Shelf") located in the Kimberly region of
Western Australia.
The mineral resource inventory of Lennard Shelf has
increased 32% to 10.8Mt (6.9% Zn and 3.8% Pb) as a result of an independent
review of historical drilling data at the Palijippa prospect by Xstract
Mining Consultants Pty Ltd ("Xstract").
Xstract estimated a mineral resource at the Palijippa prospect of 2.62Mt @
5.4% Zn, 1.2% Pb and 33.6g/t Ag, above a combined 3% zinc plus lead cutoff
which is reported as Inferred in accordance with the JORC Code (2004)
(Figure One).
Meridian Minerals Managing Director, Jeremy Read, said that adding another
2.62Mt tonnes to the Lennard Shelf mineral resource inventory, in close
proximity (approximately 1.5km) to the main focus of work at the
Kapok/Kapok West mineral resources, was very beneficial for the project.
"We have been able to significantly increase our overall mineral resource
inventory on the project and importantly Palijippa contains 0.86Mt with a
combined zinc and lead grade exceeding 10%," Mr Read said.
"The higher grade zone at Palijippa has the potential to be increased
through further drilling as it is currently open along strike and down dip.
Growing the Palijippa higher grade zone has the potential to add
significant value to any mining operation on the Lennard Shelf."
A drilling program to test the strike and down-dip extensions at Palijippa
is currently being developed and is expected to be scheduled into the
exploration program already underway elsewhere at Lennard Shelf.
The current exploration on the Lennard Shelf project consists of
extensional drilling at the Kapok West resource, with initial results from
this drilling activity expected to be released to the market in the coming
7-14 days, with further results to be released to the market every 4-6
weeks from this date.
The delineation of this significant new mineral resource at Palijippa, the
potential to increase further the projects global mineral resource
inventory, together with increased corporate interest in the zinc sector,
and zinc and lead prices approximately 100% above the levels when Meridian
acquired the project, will assist the Company in developing the Lennard
Shelf project.
In 2009 Meridian determined from studies undertaken by Western Metals
Limited in July 2003, that the Kapok Mine (Kapok Central), Kapok East,
Kapok West, Kutarta, Cadjebut Splay, Fossil Downs and Napier Range
resources within the Lennard Shelf project area were previously classified
in accordance with JORC (1999).
The Palijippa mineral resource was not
included in the Western Metals mineral resource classification due to the
fact that insufficient drilling had been completed at Palijippa to allow a
mineral resource to be defined.
Teck Australia Pty Ltd ("Teck") in 2004 and
2005 continued to explore the Palijippa deposit with further drilling but
did not complete a resource estimate in accordance with the JORC Code
(2004).
To view the full announcement please click on the link:
http://esp.gewru.com/em/message/email/view.php?id=562983&u=15636
Mr Jeremy Read
Managing Director
Meridian Minerals Limited
Tel: 07 3844 6444
Mob: 0409 484 322
Mr David Tasker
Professional Public Relations
Tel: 08 9388 0944
Mob: 0433 112 936
Em:
The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Mr Jeremy
Read, who is a member of The Australasian Institute of Mining and
Metallurgy.
Mr Read is a full-time employee of Meridian Minerals Limited.
He has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to quality as a Competent Person as defined in the
2004 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
Mr Read consents to the
inclusion in this announcement of the matters based upon his information in
the form and context in which it appears.
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