First results of Black Angel 2007 exploration
24/08/2007
Press Release
Angus & Ross PLC (AGU) (“Angus & Ross” or
the “Company”) is pleased to update its shareholders
with the excellent results, so far, of the exploration at its Black
Angel Zinc / Lead Project in West Greenland..
- Excellent results obtained from the first 12 holes drilled
this year.
- 7,350 metres of diamond drilling in 32 holes completed.
Drilling continuing.
- “Glacier Zone” resource
growing along strike and at depth. Now third largest found
in Black Angel area.
- Results include mineralised sections
up to 66m thick (hole 48) with varying grades of Zinc
(Zn) and Lead (Pb) (See Table below).
- Also many other high-grade intercepts over shorter lengths
- 3.12m @ 16.5% Zn and 6.8% Pb in hole 54, 3.02m @ 14.8% Zn and
4.7% Pb in hole 50.
- Exploration of newly acquired and nearby
Appat and Ukkusissat licence areas suggest large potential resource
THE DRILLING
To date 7,350 metres of diamond drilling
in 32 holes have been completed at the South Lakes Glacier (SLG)
zone. So far the first two
batches of assays from the first 12 holes have been received.
High grade intersections have been found in 6 of the 12 holes reported,
which should add significant tonnage to the 1.8 million tonne resource
from last year already reported.
The 2006 drilling programme resulted in
an independently estimated JORC-compliant resource of nearly 2
million tonnes of zinc-lead mineralisation (see PR
of 6/12/06).
Building on this success, the main objective of the 2007 programme
was to test the expectation that the SLG discovery could be extended
both ‘down dip’ and ‘along strike’.
Results so far from the 2007 programme have supported this assumption.
Indeed in terms of continuous massive sulphide mineralisation, the
SLG Zone is now the third largest ever found in the Black Angel area
and is becoming larger especially along strike to the west.
The structural re-interpretation of another
mineralised zone, named ‘Lakeshore’,
which has never been drilled in earlier programmes, indicates that
it lies in a similar structural and stratigraphic setting to the
main SLG discovery. This mineralised zone, located 1.2 km south of
the SLG, is currently being tested by drilling.
RESULTS
Very high grade and potentially economic
intersections have been found in 6 of the 12 holes reported, which
are adding significant tonnage to the resource reported last year. The
best intercepts include mineralisation spread over an interval
of approximately 66
metres in hole 48, 3.12 metres of 16.5% Zn and 6.8%
Pb in hole 54 and 3.02 metres of 14.8% Zn and 4.7%
Pb in hole 50 (see table below). This mineralisation
occurs in the form of massive sulphides with buckshot texture, semi-
massive sulphides, disseminations and “veinlets”, i.e.
similar in style to the original Angel Zone mineralisation.
The
latest drill intercepts indicate a high potential for continued massive
sulphide mineralisation at depth, in an extensive and poorly explored
area north of the two lakes, between the Glacier in the east and
the Black Angel mine in the west
OTHER AREAS
Recent structural re-interpretation and
exploration of the newly acquired licence areas near Ukkusissat
and on Appat Island have also commenced. The licence (totalling
72 sq km) is located 20km South West from Black Angel and was granted
to Angus & Ross plc in
January 2007. Based on previous drilling results (from 1979), the
Ukkusissat area alone contains of the order of 500kt of Zn/Pb mineralisation.
Further geological mapping and structural re-interpretation indicate
that the mineralised zone is open along strike, suggesting a very
large potential resource. Mineralisation is high grade, very similar
to the Black Angel mine, and in the same geological settings. These
prospects are likely to be drilled next year. The total landholding
of the Company in the Black Angel area is now 259 sq km.
New
resource estimates will be prepared by Wardell Armstrong International,
once all the assays from this year’s
drilling have been received.
THE PEOPLE
The 20-strong team is lead by Frank van
der Stijl, the former Chief Geologist of the Black Angel mine and
a geologist with over 20 years of experience in Greenland. Ukkusissat
and Appat Island exploration is headed by Dr. Guy Della Valle,
a Swiss geologist, who has explored the area since the 1970s and
conducted drilling there in year 1979. Both have been working with
Angus & Ross for the past 3 years.
Significant contribution to the understanding of the structural geology
has been made by Dr Dave Coller, who is supporting the team for the
second year.
THE ASSAYS AND INTERCEPTS
The assays of the best intersections from the first two batches
of samples are shown in a table on page 3 (12 holes out of 32 drilled
so far). Assaying is done by the ALS Chemex laboratory in Pitea in
Sweden (preparation) and in Vancouver.
Selected assays from the 2007 drilling programme at the
Black Angel Glacier Zone Zn/Pb
Hole |
Eastings
UTM 22 |
Northings
UTM W |
From |
Intercept |
Pb |
Zn |
Ag |
|
(m) |
(m) |
(m) |
(m) |
(%) |
(%) |
(g/t) |
Glacier Prospect (32 holes drilled so far,
results pending from 20 holes)
|
07GLA045 |
500698 |
7889904 |
217.65 |
1.35 |
1.8 |
5.5 |
10 |
07GLA046 |
500650 |
7889902 |
192.95 |
0.40 |
5.1 |
9.7 |
12 |
|
|
and |
196.66 |
4.71 |
3.2 |
9.3 |
16 |
07GLA047 |
500546 |
7889942 |
236.20 |
0.36 |
2.1 |
7.0 |
14 |
|
|
and |
238.17 |
0.23 |
2.1 |
5.7 |
16 |
07GLA048 |
500546 |
7889942 |
151.85 |
0.95 |
4.3 |
18.3 |
32 |
|
|
and |
169.25 |
2.30 |
3.6 |
6.6 |
18 |
|
|
and |
174.76 |
2.58 |
3.9 |
7.0 |
19 |
|
|
and |
190.45 |
2.42 |
3.1 |
8.8 |
15 |
|
|
and |
200.95 |
0.91 |
3.2 |
13.8 |
10 |
|
|
and |
211.65 |
2.13 |
2.7 |
5.4 |
16 |
07GLA050 |
500502 |
7889978 |
213.03 |
4.07 |
2.6 |
4.6 |
11 |
|
|
and |
220.59 |
0.59 |
7.0 |
20.7 |
34 |
|
|
and |
228.40 |
3.02 |
4.7 |
14.8 |
25 |
07GLA052 |
500505 |
7889868 |
249.07 |
0.73 |
2.7 |
20.5 |
29 |
07GLA054 |
500800 |
7889867 |
162.70 |
3.12 |
6.8 |
16.5 |
38 |
07GLA055 |
500800 |
7889867 |
184.75 |
0.53 |
1.3 |
4.6 |
12 |
07GLA056 |
500800 |
7889815 |
188.49 |
0.34 |
1.4 |
4.5 |
31 |
Robin Andrews, Chairman of Angus & Ross,
commented: “These
first results of the 2007 drilling programme are particularly exciting. We
are continuing to delineate an increasingly important resource
in the South Lakes Glacier zone, one which may eventually prove
to be a major deposit. The “Lakeshore” mineralised
zone, currently being drilled, is also promising - lying as it
does in the same stratigraphic setting as the South Lakes Glacier. Furthermore,
with a new structural model in mind, the re-assessment of the Ukkusissat
and Appat Island showings confirms their high potential to host
Black Angel type deposits.
- Ends -
Angus & Ross
plc
Robin Andrews (Chairman) +44-1751 430 988
Andrew Zemek
(COO of Angus & Ross, CEO of Black Angel Mining) +44-7850-755 450
Bishopsgate Communicatons
Nick Rome +44-20-7562 3366
Landsbanki Securities(UK) Limited
Fred Walsh +44-20-7426 9000
NB: This release has been approved by the Company’s technical staff who include Dr Tom Elder, Director, who holds a BSc and Doctorate in Geology from Durham University, is a Fellow and former Member of Council of The Institution of Mining and Metallurgy and a Fellow of The Geological Society, in accordance with the recent Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.
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