Phuoc Son Drilling Delivers High Grade Intercepts
NEWS RELEASE
Drilling At Phuoc Son Continues To Deliver High Grade Intercepts
Auckland, New Zealand
– 6 November 2000 - Zedex has announced further assay
results from its drilling program at the Phuoc Son gold
project in central Vietnam.
Additional assay results from drill hole DSDH-48, located in the Bai Go sector of the Dak Sa zone, and from DSDH-39, in the Bai Dat sector, have now been received from Genalysis Laboratory Pty. Ltd. of Perth, Western Australia. Highlights from the results are:
• continued analysis of the lower part of DSDH-48 has revealed a fourth high grade vein containing a 1.0 metre intercept at 49.31 g/t Au (1.44 oz/ton)
• analysis of selected core from DSDH-39 gives results of 37.60 g/t Au (1.10 oz ton) over a 1.95 metre intercept; this includes a 1.20 metre intercept of 48.98 g/t Au (1.43 oz/ton)
Table I
DSDH-48 and DSDH-39 Selected Drill Results
Drill hole # Depth of
Intercept Length of Intercept Assays
Au
Ag Pb Zn
From (m) To
(m) Metres Feet g/t oz / short
ton g/t oz / short ton % %
BAI GO SECTOR
DSDH –
48 86.70 124.00 11.80
* 38.72 15.46 0.45 5.34 0.16 0.36 0.11
Including: 86.70 95.50 8.80 28.87 14.29 0.42 6.59 0.19 0.46 0.01
101.35 102.35 1.00 3.28 1.04 0.03 - - 0.04 -
105.00 106.00 1.00 3.28 6.28 0.18 - - 0.01 -
123.00 124.00 1.00 3.28 49.31 1.44 5.00 0.15 0.12 0.02
BAI
DAT SECTOR
DSDH –
39 105.25 107.20 1.95 6.40 37.60 1.10 60.69 1.77 5.77 6.05
Including: 105.25 106.00 0.75 2.46 19.39 0.57 41.00 1.20 2.91 7.07
106.00 107.20 1.20 3.94 48.98 1.43 73.00 2.13 7.56 5.42
* in four intercepts
Vertical drill hole, DSDH-48, located about 1 kilometre north of the Bai Dat high-grade mineralised zone, was completed to a depth of 163.00 metres. Analysis of the drill core confirms the existence of significant gold mineralisation within a total intercept of 11.80 metres (38.72 feet) in 4 separate intercepts, as shown in Table I. The mineralisation is associated with a thick zone of sheeted quartz veining, which was intersected over 37.30 metres (122.39 feet), from 86.70 metres to 124.00 metres depth.
Drill hole DSDH-39 (declined –60 degrees SE) is located in the south-eastern portion of the high-grade shoot within the Bai Dat sector of the Dak Sa shear zone. The hole was drilled to investigate a feeder zone, which was inferred to lie beneath the main vein. Although the feeder zone was not intersected in this hole, the presence of milled quartz fragments within massive sulphides of the DSDH-39 main vein intersection indicates that such a feeder zone probably does exist nearby.
Bai Go High-Grade
Shoot
The high-grade shoot at Bai Go has now been
intersected by 11 drill holes over a strike length of
approximately 200 metres and down-dip about 250 metres from
outcrop (i.e., to the current limit of drilling). The
average intercept width in these 11 drill holes is 4.69
metres (15.38 feet), with a weighted average grade of 13.88
g/t Au (0.40 oz/ton), 27.13 g/t Ag (0.79 oz/ton), 2.28% Pb
and 0.16% Zn. The strike extent of this shoot now exceeds
that of the Bai Dat shoot. On-going drilling at Bai Go
continues to intersect similar grade to the Bai Dat
mineralisation, but over greater average thickness.
Bai
Dat High-Grade Shoot
Drilling at Bai Dat has delineated a
high-grade shoot within a mineralised vein system, which has
been tested along strike for approximately 180 metres and
about 260 metres down-dip. The shoot has to date been
intersected by 17 drill holes. The average intercept width
in these 17 drill holes is 3.79 metres (12.43 feet) with a
weighted average grade of 22.05 g/t Au (0.64 oz/ton), 22.04
g/t Ag (0.64 oz/ton), 1.5% lead and 1.03% zinc.
Summary of
Exploration Results
Geological mapping within the Phuoc
Son licence area has so far revealed fertile target zones
along a strike length of 12 kilometres, coincident with
three major mineralised shear structures. To date, 6,819
metres of drilling in 52 drill holes have tested less than
one strike kilometre, at the southern end of one of these
structures (the Dak Sa shear). Within this one-kilometre
strike length, high-grade gold mineralisation has been
intersected in multiple vein systems, up to 32 metres thick.
Although drilling is currently suspended during the monsoon
rain season, further high-grade mineralisation is
confidently expected to be intersected during ongoing
drilling to determine the extent of the Bai Go high-grade
zone, and investigate an extended (2.25 km) section of the
Dak Sa structure. Drilling will subsequently be extended
yet further to the north along the Dak Sa structure, and
onto the southern end of the next parallel structure to the
west (the K7 shear zone).
In preparation for the new drilling season (commencing January 2001), reconnaissance sampling of artisan workings has begun in two areas known as Bai Gio (1 kilometre north of Bai Go) and Bo (2 kilometres north of Bai Gio). Initial reports from the field indicate that well mineralised samples have been recovered from channel sampling within these underground mine workings, indicating additional shoots of high-grade mineralisation further along the Dak Sa zone. Samples have been sent to Genalysis for assay. Results are expected to be released shortly.
About Zedex
Zedex Limited (formerly Iddison
Holdings) was incorporated in February 1999 to acquire the
Vietnamese assets previously owned by IT Capital Limited.
Zedex’s major focus is gold exploration in the Phuoc Son
gold, silver and base metal project. The company holds a
strategic two-fold interest in the joint-venture company,
New Vietnam Mining Corporation (NVM), which owns the
Exploration Licences under which mineral tenure is held.
Zedex holds a 10.18% direct interest in NVM and Zedex is the
largest shareholder, with a 23.66% interest, in Canadian
listed company, Olympus Pacific Mineral Inc. Olympus holds
a controlling 57.18% interest in NVM and is also the project
operator. The other joint venture partner in NVM is Ivanhoe
Mines Limited, which adds its 32.64% interest in NVM to its
other substantial worldwide mining interests.
ENDS
For
further information, please contact:
Paul Seton, Zedex
Limited, +64 9 379 8787, paul@zedex.co.nz
Allan Botica,
Botica Conroy & Associates, +64 21 400 500,
allanb@bca.co.nz