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AUKING MINING LIMITED — Capital/Financing Update 2009
Aug 17, 2009
64355_rns_2009-08-17_a8347a64-51ff-4797-9b54-a51c2325acb9.pdf
Capital/Financing Update
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ASX/Media Announcement
18[th] August 2009
RESULTS FROM THE GEM DISCOVERY – DEFINITION OF A NEW STYLE OF INTRUSIVE RELATED COPPER-GOLD MINERALISATION
Key Points
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Further encouraging results have been received from the newly discovered Gem Project following a diamond drilling program. The target is a new style of copper-gold mineralisation hosted by intrusives within the Naraku Granite.
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Results include:
GD-006 - 5m @ 0.77% copper and 0.05 g/t gold from 96.50m Including 3m @ 1.22% copper, 0.07g/t gold from 98.5m
GD-018 - 22m @ 0.46% copper and 0.60 g/t gold from 43m Including 3m @ 1.46% copper, 0.23g/t gold from 44.5m Including 2.5m @ 1.81% copper, 4.73g/t gold from 62.5m
Mineralised zones consist of a series of sub-parallel, low angle quartz – chalcopyrite – pyrite – magnetite vein sets localised within shears. A new style of disseminated copper mineralisation was also discovered within intrusive dykes parallel to the main mineralised trend.
- Additional ground TEM (time domain electromagnetic) geophysical surveying is planned after a successful two line orientation study in early August. Combined with drilling information, results will be used to plan further extensional drilling.
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China Yunnan Copper Australia Limited (ASX:CYU) today announced further encouraging results from its follow up exploration diamond drilling programme at the Gem Prospect on its Cloncurry North Project ( Figure 1 ).
The follow up drill programme consisted of ten RC drillholes for 1,641m and three diamond core holes for 417.55m ( Figure 2 ) was completed in July 2009 ( Table 1 ). Previous ASX announced drill results were for the RC portion of the programme with final results now returned for the three diamond holes. CYU now plans to extend the boundaries of the mineralisation undercover for the first time after drilling was confined initially to outcropping areas.
To facilitate this a fixed loop TEM survey will investigate the open mineralisation particularly to the north west and at depth.
| TYPE | HOLE ID | EAST* | NORTH* | RL (m) | Dip (°) | AZM (Grid) | DEPTH (m) |
|---|---|---|---|---|---|---|---|
| RC RC RC RC RC DD RC RC RC RC RC RC RC RC RC RC DD DD |
GR-001 GR-002 GR-003 GR-004 GR-005 GD-006 GR-007 GR-008 GR-009 GR-010 GR-011 GR-012 GR-013 GR-014 GR-015 GR-016 GD-017 GD-018 |
419403 419544 419425 419368 419387 419389 419464 419423 419404 419462 419447 419427 419438 419439 419366 419417 419446 419427 |
7758801 7758581 7758551 7758445 7758423 7758531 7758559 7758597 7758586 7758522 7758511 7758501 7758460 7758802 7758802 7758255 7758562 7758550 |
193 193 188 189 192 194 192 192 191 191 189 190 190 193 190 191 194 193 |
-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 |
090 130 060 060 060 060 060 060 060 060 060 060 060 090 090 360 240 060 |
150.00 120.00 100.00 150.00 150.00 198.50 148.00 196.00 202.00 148.00 148.00 202.00 154.00 100.00 202.00 141.00 105.00 114.05 |
Table 1: Gem Prospect RC and diamond drill collar location. * Easting and Northing UTM MGA Zone 54 – GDA94. RC (Reverse Circulation percussion drilling), DD (diamond drill or core drilling).
CYU drilled three HQ3/NQ diamond holes along one section line focusing on the previously reported result from GR-003 of a near surface copper-gold intersection of 38m @ 1.25 % copper and 0.20 g/t gold from 33m down hole depth. All diamond holes were orientated and regularly surveyed to provide geotechnical information.
GD-006 was drilled stepping back 40m south west along section from GR-003 to test the down dip extension and geometry of the zone. GD-006 returned a mineralised zone of 5m @ 0.77% copper, 0.05 g/t gold from 96.5m down hole depth including a high grade zone of 3m @ 1.22% copper, 0.07g/t gold from 98.5m down hole depth.
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GD-017 was stepped 20m forward along section from GR-003 and drilled back toward GR-003 on a bearing of 240⁰ to test the occurrence of shallow north easterly dipping mineralised tensional veins that were identified during the drilling of GD-006. GD-017 returned a low grade mineralised zone of 6m @ 0.30% copper, 0.04 g/t gold from 61m down hole depth.
GD-018 was collared two metres east of GR-003 and was drilled as a twin to GR-003 to identify the mineralised structures and host unit. GD-018 returned a significant mineralised zone of 22m @ 0.46% copper, 0.60g/t gold from 43m down hole depth including higher grade zones of 3m @ 1.46% copper, 0.23g/t gold from 44.5m down hole depth and 2.5m @ 1.81% copper, 4.73g/t gold from 62.5m down hole depth.
| HOLE TYPE | HOLE ID | From | To | Interval | Cu(%) | Au(g/t) | Zn(%) |
|---|---|---|---|---|---|---|---|
| GR-001 | 42.00 | 43.00 | 1.00 | 0.13 | <0.01 | ||
| GR-001 | 55.00 | 76.00 | 21.00 | 0.12 | 0.05 | ||
| including | 55.00 | 57.00 | 2.00 | 0.19 | 0.08 | ||
| RC | 61.00 | 66.00 | 5.00 | 0.16 | 0.05 | ||
| 68.00 | 69.00 | 1.00 | 0.12 | **0.02 ** | |||
| 73.00 | 76.00 | 3.00 | 0.20 | 0.10 | |||
| RC | GR-002 | No Significant Results | |||||
| GR-003 | 0.00 | 1.00 | 1.00 | 0.01 | 0.39 | ||
| RC | GR-003 | 33.00 | 71.00 | 38.00 | 1.25 | 0.20 | |
| including | 45.00 | 67.00 | 22.00 | 1.96 | 0.29 | ||
| RC | **GR-004 ** | 59.00 | 60.00 | 1.00 | 0.12 | 0.02 | |
| **GR-004 ** | 80.00 | 81.00 | 1.00 | 0.47 | 0.27 | ||
| GR-004 | 141.00 | 142.00 | 1.00 | 0.18 | 0.02 | ||
| RC | GR-005 | 39.00 | 40.00 | 1.00 | 0.11 | <0.01 | |
| GD-006 | 42.00 | 43.00 | 1.00 | 0.17 | 0.03 | ||
| GD-006 | 47.75 | 48.25 | 0.50 | 0.32 | <0.01 | ||
| GD-006 | 61.50 | 62.50 | 1.00 | 0.44 | 0.13 | ||
| GD-006 | 96.50 | 101.50 | 5.00 | 0.77 | 0.05 | ||
| Diamond | including | 98.50 | 101.50 | 3.00 | 1.22 | **0.07 ** | |
| including | 100.75 | 101.50 | 0.75 | 4.27 | 0.03 | ||
| GD-006 | 159.00 | 160.00 | 1.00 | 0.16 | 0.01 | ||
| GD-006 | 171.00 | 172.00 | 1.00 | 0.13 | <0.01 | ||
| RC | GR-007 | 44.00 | 45.00 | 1.00 | 0.18 | 0.01 | |
| GR-007 | 50.00 | 51.00 | 1.00 | 0.21 | 0.01 | ||
| GR-008 | 20.00 | 22.00 | 2.00 | 0.34 | 0.06 | ||
| GR-008 | 27.00 | 33.00 | 6.00 | 0.46 | 0.05 | ||
| including | 30.00 | 32.00 | 2.00 | 0.49 | **0.07 ** | 1.06 | |
| RC | GR-008 | 72.00 | 73.00 | 1.00 | 0.16 | 0.16 | |
| GR-008 | 86.00 | 87.00 | 1.00 | 0.19 | 0.09 | ||
| GR-008 | 138.00 | 139.00 | 1.00 | 0.21 | <0.01 | ||
| GR-008 | 150.00 | 151.00 | 1.00 | 0.12 | 0.05 | ||
| GR-008 | 179.00 | 180.00 | 1.00 | 0.14 | 0.05 |
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| HOLE TYPE | HOLE ID | From | To | Interval | Cu(%) | Au(g/t) | Zn(%) |
|---|---|---|---|---|---|---|---|
| GR-009 | 1.00 | 5.00 | 4.00 | 1.16 | 0.12 | ||
| including | 1.00 | 3.00 | 2.00 | 2.07 | 0.21 | ||
| RC | GR-009 | 30.00 | 31.00 | 1.00 | 0.12 | 0.01 | |
| GR-009 | 35.00 | 36.00 | 1.00 | 0.28 | 0.05 | ||
| GR-009 | 100.00 | 108.00 | 8.00 | 0.28 | 0.12 | ||
| including | 105.00 | 106.00 | 1.00 | **1.54 ** | 0.56 | ||
| GR-009 | 145.00 | 146.00 | 1.00 | 0.20 | 0.06 | ||
| GR-009 | 149.00 | 150.00 | 1.00 | 0.35 | 0.29 | ||
| RC | GR-010 | 15.00 | 17.00 | 2.00 | 0.45 | <0.01 | |
| GR-010 | 28.00 | 29.00 | 1.00 | 0.14 | 0.01 | ||
| GR-010 | 36.00 | 38.00 | 2.00 | 0.39 | 0.03 | ||
| GR-010 | 48.00 | 53.00 | 5.00 | 0.18 | **0.07 ** | ||
| GR-010 | 67.00 | 68.00 | 1.00 | 0.11 | 0.04 | ||
| GR-011 | 5.00 | 7.00 | 2.00 | 0.15 | 0.01 | ||
| RC | GR-011 | 16.00 | 24.00 | 8.00 | 0.16 | 0.13 | |
| including | 18.00 | 19.00 | 1.00 | 0.30 | 0.69 | ||
| GR-012 | 25.00 | 26.00 | 1.00 | 0.35 | 0.01 | ||
| GR-012 | 30.00 | 31.00 | 1.00 | 0.14 | 0.06 | ||
| GR-012 | 51.00 | 54.00 | 3.00 | 2.36 | 0.40 | ||
| RC | including | 51.00 | 53.00 | 2.00 | 3.42 | **0.57 ** | |
| GR-012 | 58.00 | 60.00 | 2.00 | 0.18 | 0.05 | ||
| GR-012 | 64.00 | 67.00 | 3.00 | 0.27 | 0.02 | ||
| GR-012 | 91.00 | 92.00 | 1.00 | 0.13 | 0.11 | ||
| GR-013 | 0.00 | 7.00 | 7.00 | 0.36 | **0.07 ** | ||
| GR-013 | 11.00 | 12.00 | 1.00 | 0.43 | 0.24 | ||
| GR-013 | 26.00 | 42.00 | 16.00 | 0.38 | 0.69 | ||
| RC | including | 31.00 | 32.00 | 1.00 | 2.53 | 0.24 | |
| including | 37.00 | 38.00 | 1.00 | 1.60 | 9.98 | ||
| GR-013 | 58.00 | 59.00 | 1.00 | 0.15 | 0.03 | ||
| RC | GR-014 | 24.00 | 26.00 | 2.00 | 0.18 | 0.01 | |
| GR-014 | 29.00 | 30.00 | 1.00 | 0.40 | <0.01 | ||
| GR-014 | 34.00 | 35.00 | 1.00 | 0.21 | <0.01 | ||
| GR-015 | 168.00 | 170.00 | 2.00 | **1.04 ** | 0.36 | ||
| including | 168.00 | 169.00 | 1.00 | 1.97 | 0.69 | ||
| RC | GR-015 | 183.00 | 191.00 | 8.00 | 0.89 | 0.25 | |
| including | 185.00 | 191.00 | 6.00 | 1.10 | 0.28 | ||
| including | 188.00 | 190.00 | 2.00 | 2.35 | 0.62 | ||
| RC | GR-016 | No Significant Results | |||||
| GD-017 | 27.00 | 28.00 | 1.00 | 0.11 | 0.07 | ||
| GD-017 | 61.00 | 67.00 | 6.00 | 0.30 | **0.04 ** | ||
| Diamond | including | 63.00 | 63.50 | 0.50 | **2.57 ** | 0.53 | |
| GD-017 | 70.00 | 70.50 | 0.50 | 0.91 | <0.01 |
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| HOLE TYPE | HOLE ID | From | To | Interval | Cu(%) | Au(g/t) | Zn(%) |
|---|---|---|---|---|---|---|---|
| GD-018 | 36.50 | 37.50 | 1.00 | 0.7 | 0.16 | ||
| GD-018 | 43.00 | 65.00 | 22.00 | 0.46 | 0.60 | ||
| including | 43.00 | 49.00 | 6.00 | 0.85 | 0.19 | ||
| including | 44.50 | 47.50 | 3.00 | 1.46 | 0.23 | ||
| Diamond | including | 62.50 | 65.00 | 2.50 | **1.81 ** | 4.73 | |
| GD-018 | 74.00 | 76.00 | 2.00 | 0.25 | 1.26 | ||
| GD-018 | 86.00 | 87.00 | 1.00 | 0.12 | 0.10 | ||
| GD-018 | 94.00 | 95.00 | 1.00 | 0.14 | 0.05 |
Table 2: Gem Prospect significant drill results (length weighted averages) at a 0.10% copper lower cut.
Geological and geotechnical evaluation of the diamond core drill holes has furthered CYU’s understanding of the mineralised system at the Gem Prospect. The mineralised zone consists of a main north west trending, moderately to steeply dipping, recrystallised shear zone that contains a series of stacked tensional shallow north easterly dipping quartz – chalcopyrite – pyrite – magnetite +/– pyrrhotite vein sets. Importantly a large north east trending mineralised aplite dyke containing moderate disseminated chalcopyrite mineralisation has been defined . Disseminated copper mineralisation directly related to intrusives has significant economic implications, examples are not known of a similar style in the Mt Isa region. Preliminary interpretation has also identified a series of unmineralised medium grained granite dykes that appear to be stoping out the mineralisation in parts. Most of the prospect is covered by alluvium with minimal outcrop observed. GD-017 was drilled down dip and along the contact of one of these unmineralised dykes ( Figure 3 ).
In late July 2009 an orientation time-domain electromagnetic (TEM) ground geophysical survey was undertaken. The survey comprised two lines of 500m length using a 100m moving loop configuration. Results from this survey, returned two anomalies. Quantitative analysis of these anomalies was made difficult due to the presence of a noisy overburden signal masking these conductors. A larger scale 1.2km by 700m TEM ground geophysical survey utilising a fixed loop configuration is planned to be undertaken that should overcome the masking effect. Results from this survey, in conjunction with drill section and plan geological interpretation, will assist in planning a third round of drilling at Gem. Future drilling will determine the extent of this new, shallow copper gold mineralised system.
About CYU
CYU is an Australian company formed to explore for and develop minerals in Australia and overseas. Cornerstone investor, Yunnan Copper Industry (Group) Co Ltd, is one of China’s largest copper producers. CYU is targeting high quality copper, gold and uranium projects with eleven wholly owned Exploration Permit for Minerals (EPM’s) in the Mt Isa Inlier, Ravenswood-Pentland Province and the Clermont Inlier in Queensland.
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For further information please contact;
Mr Jason Beckton Kevin Kartun Managing Director Account Director CYU Financial & Corporate Relations 0438 888 612 (02) 8264 1003
or visit the website, www.cycal.com.au
Competent Person’s Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Richard Hatcher, who is a Member of the Australian Institute of Geologists and is a Senior Geologist of China Yunnan Copper Australia Ltd. Mr Hatcher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results and Mineral Resources. ". Mr Hatcher consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
See Figures 1 to 3 below.
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Figure 1. CYU project locations - Mt Isa and Cloncurry.
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Figure 2. Gem interpretive prospect scale map.
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Figure 3. Simplified Section 7758500mN – Gem Prospect
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