Dec 21 2010
Kent Exploration Inc. (TSX VENTURE:KEX) reports that its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd has completed the first holes in its current diamond drill program on the Gnaweeda Gold Project in West Australia with the second hole ongoing.
The Company has permitted sixteen diamond drill holes for a total of approximately 2,500 meters at the Bunarra and St. Anne's prospects.
The first segment of this program is currently underway at the Bunarra Prospect, where the first two holes BN004 and BN005 were planned to determine the plunge of the mineralized zone that was intersected in diamond drill hole BN003, drilled during the March 2010 diamond drill program, as announced in the Company's news releases, KEX2010-14 and KEX2010-22.
BN004 was completed to a depth of 155 meters and was drilled directly downdip from historic hole BBP2 that intersected 7 meters at 1.9 g/t Au (including 1 meter at 10 g/t Au). BN004 intersected approximately 8.6 meters of mineralization, consisting of quartz-tourmaline, pyrite and arseno-pyrite, at a depth of approximately 90 meters down hole. The second hole, BN005, which intersected the same mineralized zone at approximately 120 meters down hole and is currently at a depth of 230 meters, has been temporarily stopped for weather reasons and the Australian Christmas Holiday break. Drilling on BN005 will recommence after the Christmas break. The mineralized zone remains open along strike and at depth.
On completion of core logging and splitting, the split core is to be submitted to ALS Chemex Laboratory in Perth, WA for gold assay.
Archean has identified mineralization to depths of over 200 meters, (660 ft) at Bunarra, with the most significant intersection being drill hole BN003, a 18 meter (59 ft) intersection of 11.74 g/t Au that includes 4 meters (13 ft) at 37.76 g/t Au, (inclusive of a 1 meter intersection (3.3 ft) averaging 110.1 g/t Au), 1 meter (3.3 ft) at 24.2 g/t Au and 3m (10 ft) at 7.09 g/t Au. According to the recent petrographic study, the reported gold is associated with the pyrite/arsenopyrite.
Upon completion of the Bunarra segment of phase 2 drilling, Archean plans to commence drilling six holes at the St. Anne's prospect, which is located approximately 5 km south of the Turnberry prospect. The Company has updated its NI 43-101-Report on the Gnaweeda Gold Project that incorporated the results and conclusions from the March 2010 diamond drill program.
The 17,000 ha (42,000 acre) Gnaweeda Gold Project consists of several gold prospects, including Turnberry in the north, which has an identified gold-bearing zone approximately 2.5 km (1.65 miles) along strike and 750 meters (0.46 miles) in width, St. Anne's, and Bunarra in the south, as well as other known gold-bearing prospects, Chiddle Well and the Far East zone. The property lies approximately 640 km (400 miles) northeast of Perth and 35 km (22 miles) northeast of Meekatharra, and comprises a package of two exploration licenses over a strike length of 28 km (17.5 miles) of the Gnaweeda Greenstone Belt.
The Company has granted 475,000 incentive stock options exercisable at $0.18 cents for a period of five years to directors, officers and consultants. On November 30, 2010, 425,000 previously granted stock options expired.
The Company has closed the $0.15 cent Subscriptions for the Archean Star Resources Inc. subsidiary financing and is proceeding to effect the previously approved Plan of Arrangement whereby Archean Star Resources Inc. will become a separately listed company.
Source: Kent Exploration Inc.