Asian Mineral Resources Drilling Approved
News Release From Asian Mineral Resources
Asian Mineral Resources advises that the proposed diamond drilling program in the Ta Khoa concession in Vietnam has been approved.
The program is being funded under our option agreement with Falconbridge. Building of access roads will commence within the next week and drilling is planned to start in the first week of November.
The planned program is to consist of sixteen holes on the four grids, each of which will test a geophysical target.
One of these holes will test the Kingsnake Target where a UTEM conductor some 600m long coincides with a narrow massive sulphide zone adjacent to an altered peridotite. The sulphides have assayed 4.1% Ni and 1.5% Cu in a grab sample from a 1m wide massive sulphide zone at surface. Samples from shears in the peridotite have yielded up to 17.3g platinum per tonne and 1.9g palladium per tonne.
The program may be subject to variation depending on results. First results are unlikely to be available for release before early December.
Asian Minerals (symbol AMV) is currently trading in the NZ secondary market and has about 350 shareholders in NZ with the balance in Australia, Canada and the United States.
The Company has been actively exploring nickel-copper prospects in North Vietnam for seven years but has had a short life as a completely independent entity, splitting from listed Spectrum Resources in 1999..
In the recent past the Company has defined a modest resource of nickel sulphide mineralisation at the Ban Phuc prospect but the drilling programme announced here is designed to test a number new targets defined by a major geophysical programme completed last season. This work is entirely funded by Falconbridge of Canada, the world's No.3 nickel producer. Falconbridge are earning an interest in the Ta Khoa concession. They can earn a 51% interest in the property by spending $US5.5 million on exploration by 1 May, 2003.
The recent discovery of significant
platinum/palladium mineralisation associated with several of
the more prominent anomalies has enhanced the
prospectiveness of the concession.
Copies of the latest Annual Report are available on request. Further information on the Company is available on our web site at www.asianminres.com or contact the Company Administrator Peter Roberts on (09) 5341182, Fax (09) 5371796 or 025 -2944946