Olympus Pacific Minerals, a diversified gold exploration and production firm, has reported that it has encountered 7.15 g/t gold over 24.50 m in hole JUDDH68A drilled at the company’s Jugan Hill deposit located in the Bau Gold project in East Malaysia.
location and details of the JUDDH-68A intersection
The company is presently drilling deeper holes in the deposit in order to examine the conceptual model that envisages high grades at depth beneath the current near-surface resource. It encountered 7.15 g/t gold over 24.50 m and 10.4 g/t gold over 11.50 m in hole JUDDH-68 and is conducting an additional step-out drill program.
According to John Seton, the Chief Executive Office of Olympus Pacific Minerals, the high-grade gold discovery at 270 m beneath the surface confirms that mineralized gold extends down dip and along strike. This fact together with the continuous success of the company’s step-out drill program increases the belief that Jugan Hill has significant development prospect. The company is confident that the surface deposits found at the Bau goldfield are the near-surface expression of high-grade deep deposit areas. Historic mining of about 3 Moz was carried out in 70-80 m of surface. The present resource is mainly within 120 m of surface.
The company has intercepted relatively high-grade gold mineralization in hole JUDDH-68A at roughly 270 m in vertical direction beneath surface and 80 m down dip from hole JUDDH-53. The present analysis is that this estimates the zone’s actual thickness that stays exposed along strike and down dip.
Olympus has additionally drilled 13 holes. Majority of these holes examined the deposit towards the depth between 200 m and 250 m beneath the surface. This drill program has indicated a high-grade mineralized shoot plunging towards north in the deposit’s core area.
The deposit dips in northwest direction, strikes towards northeast-southwest part. It stays exposed at depth towards northeast. The company will continue the current drill program to explore these expansions and outline the geometry of the ore body. It has planned to announce an additional resource calculation in Q4 of 2012.
Source: http://www.olympuspacific.com/
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