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AUKING MINING LIMITED — Capital/Financing Update 2010
Mar 10, 2010
64355_rns_2010-03-10_7a3db363-6ca0-4be7-b5ee-c4619f152c24.pdf
Capital/Financing Update
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ASX/Media Announcement
11[th] March 2010
GEM COPPER GOLD PROSPECT – INTERIM RESULTS INDICATE SHALLOW MINERALISATION CONTINUITY
Key Points
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Results have been received from the RC drill out currently underway at the Gem Copper Gold Prospect. Results confirm mineralised (>0.5% Copper) intervals at shallow levels over 400 metres strike length.
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Ten holes reported, remaining eleven to be completed on central and southern portions in late March to define strike length of mineralised zones to 500 metres with depth continuity from surface to 100 metres.
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Results include:
GR024 - 12m @ 1.08% copper and 0.58 g/t gold from 16m
GR029 - 12m @ 0.51% copper and 0.68 g/t gold from 58m including 4m @ 1.18% copper and 0.08g/t gold from 58m including 1m @ 1.60% copper and 5.62g/t gold from 68m GR030 - 9m @ 1.66% copper and 0.46 g/t gold from 15m
China Yunnan Copper Australia Limited (ASX:CYU) today announced further encouraging results from its drilling programme at the Gem Copper Gold Prospect in the Cloncurry district.
Following the success and information generated from previous drilling campaigns, CYU commenced a 21 hole RC drill programme totalling 2,600m in late January 2010 designed to define a maiden inferred JORC resource. The drilling programme has experienced a number of delays due to the heavy wet season and to date ten (10) holes have been completed for a total of 1,134m ( Table 1 ).
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Table 1: Gem Drillhole Locations
| Hole ID | *East ** | North* | RL(m) | Azi(⁰) | Dip (⁰) | Depth (m) |
|---|---|---|---|---|---|---|
| GR023 | 419,458 | 7,758,890 | 190 | 90 | -55 | 82.00 |
| GR024 | 419,452 | 7,758,850 | 192 | 90 | -55 | 106.00 |
| GR025 | 419,405 | 7,758,890 | 190 | 90 | -55 | 148.00 |
| GR026 | 419,387 | 7,758,840 | 190 | 90 | -55 | 190.00 |
| GR027 | 419,443 | 7,758,570 | 193 | 90 | -56 | 70.00 |
| GR028 | 419,441 | 7,758,490 | 190 | 90 | -58 | 52.00 |
| GR029 | 419,415 | 7,758,490 | 190 | 90 | -57 | 100.00 |
| GR030 | 419,415 | 7,758,490 | 190 | 90 | -74 | 130.00 |
| **GR031 ** | 419,405 | 7,758,570 | 192 | 90 | -60 | 88.00 |
| **GR032 ** | 419,356 | 7,758,570 | 192 | 90 | -60 | 168.00 |
| 1,134.00 |
*** Easting and Northing UTM MGA Zone 54 – GDA94.**
Significant intersections from previously reported GR001 to GR022 are referred to in Table 2 as well as results returned for the ten (GR023 to GR032) RC holes ( Table 2 ) drilled in the current campaign.
In summary previous best results are 38m @ 1.25% copper and 0.20 g/t gold from 33m , GR003; 8m @ 0.89% copper and 0.25g/t gold from 183m, GR015 and 6m @ 1.57% copper and 0.19g/t gold from 53m, GR021. From the recent drilling a significant near surface intersection was returned in the north of the prospect of 12m @ 1.08% copper, 0.58 g/t gold from 16m down hole depth, GR024 including two high grade zone of 5m @ 1.03% copper, 1.18g/t gold from 16m down hole depth and 4m @ 1.72% copper, 0.25 g/t gold from 23m down hole depth. In the south of the prospect significant near surface intersections were returned of 12m @ 0.51% copper, 0.68 g/t gold from 58m down hole depth, GR029, and 9m @ 1.66% copper, 0.46g/t gold from 15m down hole depth, GR030.
Table 2: Significant Drill Intersections – nominal 0.1% Cu cutoff (previously reported Italics )
| Hole Id | From | To | Width | Cu(%) | Au(g/t) | Comment |
|---|---|---|---|---|---|---|
| GR001 | 42.00 | 43.00 | 1.00 | 0.13 | _<0.01 _ | |
| GR001 | 55.00 | 76.00 | 21.00 | 0.12 | 0.05 | |
| including | 55.00 60.00 61.00 68.00 73.00 |
57.00 61.00 66.00 69.00 76.00 |
2.00 1.00 5.00 1.00 3.00 |
0.19 0.08 0.16 0.12 0.20 |
0.08 0.14 0.05 0.02 0.10 |
0.10g/t Au cut-off |
| GR002 | No Significant Intersections | |||||
| GR003 | 0.00 | 1.00 | 1.00 | 0.10 | 0.39 | 0.10g/t Au cut-off |
| GR003 | 33.00 | 71.00 | 38.00 | 1.25 | 0.20 | |
| including | 45.00 | 67.00 | 22.00 | 1.96 | 0.29 | 1% Cu cut-off |
| GR003 | 85.00 | 86.00 | 1.00 | 0.01 | 0.10 | 0.10g/t Au cut-off |
| GR004 | 59.00 | 60.00 | 1.00 | 0.12 | _0.02 _ | |
| GR004 | 80.00 | 81.00 | 1.00 | 0.47 | 0.27 | |
| GR004 | 141.00 | 142.00 | 1.00 | 0.18 | 0.02 | |
| GR005 | 39.00 | 40.00 | 1.00 | 0.11 | _<0.01 _ | |
| GR005 | 120.00 | 121.00 | 1.00 | 0.01 | 0.10 | 0.10g/t Au cut-off |
| GD006 | 42.00 | 43.00 | 1.00 | 0.17 | 0.03 | |
| GD006 | 47.75 | 48.25 | 0.50 | _0.32 _ | _<0.01 _ | |
| GD006 | 61.50 | 62.50 | 1.00 | 0.44 | 0.13 | |
| GD006 | 87.00 | 88.00 | 1.00 | _0.01 _ | 0.13 | 0.10g/t Au cut-off |
| GD006 | 96.50 | 101.50 | 5.00 | 0.62 | 0.05 | |
| including | 98.50 | 101.50 | 3.00 | 1.23 | 0.07 | 1% Cu cut-off |
| 100.75 | 101.50 | 0.75 | 4.27 | 0.03 |
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| Hole Id | From | To | Width | Cu(%) | Au(g/t) | Comment |
|---|---|---|---|---|---|---|
| GD006 | 159.00 | 160.00 | 1.00 | 0.16 | _0.01 _ | |
| GD006 | 171.00 | 172.00 | 1.00 | 0.13 | <0.01 | |
| GR007 | 44.00 | 45.00 | 1.00 | 0.18 | _0.01 _ | |
| GR007 | 50.00 | 51.00 | 1.00 | 0.21 | 0.01 | |
| GR008 | 20.00 | 22.00 | 2.00 | _0.34 _ | 0.06 | |
| GR008 | 27.00 | 33.00 | 6.00 | 0.46 | 0.05 | |
| including | 30.00 | 32.00 | 2.00 | 0.49 | 0.07 | 2m@ 1.06% Zn |
| GR008 | 72.00 | 73.00 | 1.00 | 0.16 | 0.16 | |
| GR008 | 86.00 | 87.00 | 1.00 | 0.19 | 0.09 | |
| GR008 | 138.00 | 139.00 | 1.00 | 0.21 | _<0.01 _ | |
| GR008 | 150.00 | 151.00 | 1.00 | 0.12 | 0.05 | |
| GR008 | 179.00 | 180.00 | 1.00 | 0.14 | 0.05 | |
| GR009 | 1.00 | 5.00 | 4.00 | 1.16 | 0.12 | |
| including | 1.00 | 3.00 | 2.00 | 2.07 | 0.21 | |
| GR009 | 30.00 | 31.00 | 1.00 | 0.12 | _0.01 _ | |
| GR009 | 35.00 | 36.00 | 1.00 | 0.28 | 0.05 | |
| GR009 | 100.00 | 108.00 | 8.00 | 0.28 | 0.12 | |
| including | 105.00 | 106.00 | 1.00 | 1.54 | 0.56 | |
| GR009 | 117.00 | 118.00 | 1.00 | 0.06 | 0.24 | 0.10g/t Au cut-off |
| GR009 | 145.00 | 146.00 | 1.00 | 0.20 | 0.06 | |
| GR009 | 149.00 | 150.00 | 1.00 | 0.35 | 0.29 | |
| GR010 | 15.00 | 17.00 | 2.00 | 0.45 | _<0.01 _ | |
| GR010 | 28.00 | 29.00 | 1.00 | 0.14 | _0.01 _ | |
| GR010 | 36.00 | 38.00 | 2.00 | 0.39 | 0.03 | |
| GR010 | 48.00 | 53.00 | 5.00 | 0.18 | 0.07 | |
| GR010 | 67.00 | 68.00 | 1.00 | 0.11 | 0.04 | |
| GR011 | 5.00 | 7.00 | 2.00 | 0.15 | _0.01 _ | |
| GR011 | 16.00 | 24.00 | 8.00 | 0.16 | 0.13 | |
| including | 18.00 | 19.00 | 1.00 | 0.30 | 0.69 | |
| GR012 | 25.00 | 26.00 | 1.00 | 0.35 | _0.01 _ | |
| GR012 | 30.00 | 31.00 | 1.00 | 0.14 | 0.06 | |
| GR012 | 51.00 | 54.00 | 3.00 | 2.36 | 0.40 | |
| including | 51.00 | 53.00 | 2.00 | 3.42 | 0.57 | 1% Cu cut-off |
| GR012 | 58.00 | 60.00 | 2.00 | 0.18 | 0.05 | |
| GR012 | 64.00 | 67.00 | 3.00 | 0.27 | _0.02 _ | |
| GR012 | 91.00 | 92.00 | 1.00 | 0.13 | 0.11 | |
| GR012 | 147.00 | 148.00 | 1.00 | 0.01 | 0.14 | 0.10g/t Au cut-off |
| GR013 | 0.00 | 7.00 | 7.00 | 0.36 | 0.07 | |
| GR013 | 11.00 | 12.00 | 1.00 | 0.43 | 0.24 | |
| GR013 | 26.00 | 42.00 | 16.00 | 0.38 | 0.69 | |
| including | 31.00 | 32.00 | 1.00 | 2.53 | 0.24 | |
| 37.00 | 38.00 | 1.00 | 1.60 | 9.98 | ||
| GR013 | 58.00 | 59.00 | 1.00 | 0.15 | 0.03 | |
| GR014 | 24.00 | 26.00 | 2.00 | 0.18 | _0.01 _ | |
| GR014 | 29.00 | 30.00 | 1.00 | 0.40 | _<0.01 _ | |
| GR014 | 34.00 | 35.00 | 1.00 | 0.21 | <0.01 | |
| GR015 | 168.00 | 170.00 | 2.00 | 1.04 | 0.36 | |
| including | 168.00 | 169.00 | 1.00 | 1.97 | 0.69 | |
| GR015 | 183.00 | 191.00 | 8.00 | 0.89 | 0.25 | |
| including | 185.00 | 191.00 | 6.00 | 1.10 | 0.28 | 0.5% Cu cut-off |
| 188.00 | 190.00 | 2.00 | 2.35 | 0.62 | 1% Cu cut-off | |
| GR016 | No Significant Results | |||||
| GD017 | 27.00 | 28.00 | 1.00 | 0.11 | _0.07 _ | |
| GD017 | 61.00 | 67.00 | 6.00 | 0.36 | 0.06 | |
| including | 63.00 | 63.50 | 0.50 | 2.57 | 0.53 | |
| GD017 | 70.00 | 70.50 | 0.50 | 0.91 | <0.01 | |
| GD018 | 36.50 | 37.50 | 1.00 | 0.70 | 0.16 | |
| GD018 | 43.00 | 65.00 | 22.00 | 0.46 | 0.60 |
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| Hole Id | From | To | Width | Cu(%) | Au(g/t) | Comment |
|---|---|---|---|---|---|---|
| including | 43.00 | 49.00 | 6.00 | 0.76 | 0.17 | |
| 44.50 | 47.50 | 3.00 | 1.29 | 0.22 | 1% Cu cut-off | |
| 56.00 | 57.00 | 1.00 | 0.23 | 0.22 | ||
| 62.50 | 65.00 | 2.50 | 1.54 | 3.96 | 1% Cu cut-off | |
| 62.50 | 63.50 | 1.00 | 3.96 | 0.27 | ||
| 64.00 | 65.00 | 1.00 | 0.73 | 11.50 | ||
| GD018 | 74.00 | 76.00 | 2.00 | 0.25 | 1.26 | |
| GD018 | 86.00 | 87.00 | 1.00 | 0.12 | 0.10 | |
| GD018 | 94.00 | 95.00 | 1.00 | 0.14 | 0.05 | |
| GR019 | 46.00 | 47.00 | 1.00 | 0.27 | 0.03 | |
| GR019 | 51.00 | 53.00 | 2.00 | 0.27 | 0.09 | |
| GR019 | 58.00 | 64.00 | 6.00 | 0.33 | 0.16 | |
| GR019 | 76.00 | 77.00 | 1.00 | 0.41 | 0.04 | |
| GR020 | No Significant Intersections | |||||
| GR021 | 44.00 | 45.00 | 1.00 | 0.48 | 0.06 | |
| GR021 | 55.00 | 58.00 | 3.00 | 3.08 | 0.35 | |
| GR021 | 103.00 | 104.00 | 1.00 | 0.19 | _0.01 _ | |
| GR021 | 115.00 | 116.00 | 1.00 | 0.19 | _0.04 _ | |
| GR021 | 124.00 | 131.00 | 7.00 | 0.34 | 0.17 | Open at Depth |
| GR022 | No Significant Intersections | |||||
| GR023 | 25.00 | 27.00 | 2.00 | 0.21 | <0.01 | |
| GR024 | 16.00 | 28.00 | 12.00 | 1.08 | 0.58 | |
| including | 16.00 | 21.00 | 5.00 | 1.03 | 1.18 | 0.5% Cu cut-off |
| 23.00 | 27.00 | 4.00 | 1.72 | 0.25 | 0.5% Cu cut-off | |
| GR024 | 30.00 | 31.00 | 1.00 | 0.10 | 0.07 | |
| GR025 | 88.00 | 90.00 | 2.00 | 0.65 | **1.61 ** | |
| GR025 | 102.00 | 103.00 | 1.00 | 0.14 | 0.04 | |
| GR025 | 105.00 | 106.00 | 1.00 | 0.12 | 0.03 | |
| GR025 | 108.00 | 109.00 | 1.00 | 0.06 | 0.11 | 0.10g/tAu cut-off |
| GR025 | 111.00 | 112.00 | 1.00 | 0.13 | **0.97 ** | |
| GR025 | 131.00 | 133.00 | 2.00 | 0.11 | 0.06 | |
| GR026 | 100.00 | 101.00 | 1.00 | 0.14 | 0.01 | |
| GR027 | 6.00 | 10.00 | 4.00 | 0.25 | <0.01 | |
| GR027 | 18.00 | 19.00 | 1.00 | 0.19 | 0.01 | |
| GR027 | 22.00 | 23.00 | 1.00 | <0.01 | 0.10 | 0.10g/tAu cut-off |
| GR027 | 32.00 | 33.00 | 1.00 | 0.72 | 0.01 | |
| GR027 | 43.00 | 44.00 | 1.00 | 0.11 | <0.01 | |
| GR027 | 51.00 | 53.00 | 2.00 | 0.17 | <0.01 | |
| GR027 | 60.00 | 64.00 | 4.00 | 0.17 | <0.01 | |
| GR028 | 1.00 | 4.00 | 3.00 | 0.16 | 0.11 | |
| GR028 | 11.00 | 12.00 | 1.00 | 0.36 | 0.01 | |
| GR028 | 21.00 | 22.00 | 1.00 | 0.21 | 0.01 | |
| GR028 | 40.00 | 41.00 | 1.00 | 0.11 | 0.09 | |
| GR029 | 9.00 | 12.00 | 3.00 | 0.15 | 0.04 | |
| GR029 | 36.00 | 38.00 | 2.00 | 0.74 | 1.89 | |
| including | 36.00 | 37.00 | 1.00 | 1.36 | 3.76 | 1% Cu cut-off |
| GR029 | 46.00 | 47.00 | 1.00 | 0.13 | 0.07 | |
| GR029 | 53.00 | 55.00 | 2.00 | 0.39 | 0.77 | |
| including | 53.00 | 54.00 | 1.00 | **0.54 ** | 1.49 | 0.5% Cu cut-off |
| GR029 | 58.00 | 70.00 | 12.00 | 0.51 | 0.68 | |
| including | 58.00 | 62.00 | 4.00 | 1.18 | 0.08 | 1% Cu cut-off |
| 68.00 | 69.00 | 1.00 | 1.60 | **5.62 ** | 1% Cu cut-off | |
| GR029 | 86.00 | 88.00 | 2.00 | 1.86 | 0.08 | |
| including | 86.00 | 87.00 | 1.00 | 3.41 | 0.13 | 1% Cu cut-off |
| GR030 | 15.00 | 24.00 | 9.00 | 1.66 | 0.46 | |
| including | 15.00 | 19.00 | 4.00 | 3.20 | **0.94 ** | 1% Cu cut-off |
| GR030 | 34.00 | 36.00 | 2.00 | 0.19 | 0.07 | |
| GR030 | 43.00 | 46.00 | 3.00 | 0.21 | 0.07 |
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| Hole Id | From | To | Width | Cu(%) | Au(g/t) | Comment |
|---|---|---|---|---|---|---|
| GR030 | 44.00 | 47.00 | 3.00 | 0.16 | 0.13 | 0.10g/tAu cut-off |
| GR030 | 84.00 | 88.00 | 4.00 | 0.88 | 0.14 | |
| including | 85.00 | 86.00 | 1.00 | 2.48 | 0.40 | 1% Cu cut-off |
| GR030 | 105.00 | 106.00 | 1.00 | 0.13 | <0.01 | |
| GR030 | 108.00 | 109.00 | 1.00 | 0.12 | 0.03 | |
| GR030 | 114.00 | 115.00 | 1.00 | 0.10 | <0.01 | |
| GR031 | No Significant Results | |||||
| **GR032 ** | 52.00 | 53.00 | 1.00 | <0.01 | 0.13 | |
| GR032 | 69.00 | 70.00 | 1.00 | 0.04 | 0.13 |
Drilling results to date support the current in-house 3D geological model with the mineralisation zones occurring either side of a sub-vertical post-mineralisation dyke which follows the same structural paths of mineralisation. Although this post mineral dyke seemingly stopes out mineralisation in parts, it will be used as a major indicator in locating mineralisation at Gem. A conventional relogging exercise and interpretation of the main mineralised zone and accompanying dykes has been created using plans and sections corrected in 3D in 20 metre slices.
The prospect drilling program is approximately half complete (1,134m out of 2,600m planned) with the undrilled central portion of the prospect as depicted by letters P, Q etc ( Figure 1 ) to recommence later this week. In total 41 holes will allow a length continuity of 500 metres and depth continuity from surface to 100 metres to be defined between the currently drilled northern and southern portions ( Figure 1 ). On receipt of subsequent laboratory results, an inferred estimate will be completed in April/May.
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 (YCI), is one of China’s largest copper producers. YCI’s largest shareholder is Chinalco.
CYU has goals of resource definition and development for its three target commodities Copper, Gold and Uranium and to achieve this is targeting high quality copper, gold and uranium projects in Queensland, Chile and China.
CYU is also;
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Compiling information for a maiden resource estimate for Elaine Dorothy U REE.
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Currently diamond drilling the Pentland Gold Project with ActivEX limited.
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In a purchase agreement for the Humito Copper Porphyry project in Chile.
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Farming into to the Mary Kathleen Project in Mt Isa with Goldsearch Limited.
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In a Memorandum of understanding for project generation in Yunnan Province, China with cornerstone investor YCI.
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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 is based on information compiled by Richard Hatcher, who is a Member of the Australian Institute of Geologists and is Exploration Manager 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 Figure 1 to 5 below.
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Figure 1. Gem – Current Drillhole Location Map. To be drilled are holes C, F, G, H in the south and J, L, 0, M, N, P, and Q in the central portion.
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Figure 2: Gem – Section 7,758,840mN. Additional examples of blind mineralisation are expected to be defined as per the grade and width of GR024 at shallow levels.
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Figure 3: Gem – Section 7,758,560mN. Section is 280 metres south of Figure 2 (Section 8,840mN) with drilling in the intervening central portion underway.
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Figure 4: Gem – Section 7,758,480mN, 80 metres south of Figure 3, Section 8560mN. Sections from Figures 2, 3 and 4 cover approximately 400 metres strike length with further drilling to define the central portion and southern extension (Figure 1) underway.
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Figure 5. CYU project locations - Mt Isa and Cloncurry.
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