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DGR GLOBAL LIMITED — Capital/Financing Update 2011
Jun 22, 2011
64771_rns_2011-06-22_aeea92e6-3364-4814-89db-6377800fbce1.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
23 June 2011
High Silver Grades up to 0.9% at Archer Resources’ Rossmore Silver Prospect
Highlights
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High grade silver up to 0.9% (9061 ppm), plus base metals at historic workings.
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Strong Silver‐Copper geochemical soil anomaly 400m to the NE of workings, and open.
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No modern exploration work – historical drilling to 38 metres maximum depth.
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New tenement application submitted to the east, to secure additional prospective ground.
High silver and base metal grades have been returned from recent geochemical rock chip and soil sampling programs at Archer Resources Limited’s Rossmore Silver Prospect, Pinnacles Project (EPM 18808) ~50km NE of Newcrest’s Cracow Gold Mine, Queensland, Australia (see Figure 1 ).
In addition to the high grade Silver & base metal mineralisation verified at the historic Rossmore workings, a strong geochemical Silver‐Copper soil anomaly occurs 400m to the NE (open to NE), suggesting potential for additional high‐grade mineralisation in the surrounding area (see Figure 2 ).
The rock chip samples taken from mullock dumps at the historic Rossmore Silver workings returned grades up to 9061 ppm Silver, 7.69% Copper, 11.75% Lead, 1.22% Zinc, 0.11 g/t Gold and >1% Antimony. Rock chip laboratory assays are summarised in Table 1 .
Archer Resources CEO Dr Matthew White commented: “The high silver grades approaching 1% are outstanding, and to have other base metals at high levels is a bonus. Economic silver grades from world‐ class silver mines are typically around 150 ppm (e.g. Navidad, Mexico), and the rock samples taken by Archer Resources from Rossmore are more than 50 times that amount in some cases. The geochemical soil anomaly that is open 400m to the NE indicates that more mineralisation is likely in the area, which presents us with a great exploration opportunity to follow up.”
The Rossmore Silver Prospect comprises a line of historic shallow pits, shafts and costeans hosted within Permian‐Triassic diorite and metasediments. The mineralisation contains abundant ore minerals such as galena, azurite and malachite (visible in Figure 3 ), and is interpreted by previous explorers to be hosted in a ~1m wide shallow east‐dipping fault zone. Some explorers suggested that there could be stacking of several veins and fractures, and that the mineralisation could be part of a larger porphyry‐related carbonate base‐metal system. Only minor shallow drilling to 38m maximum depth has occurred in the past (7 holes for total combined length of just 189m) and this has not adequately tested for extensions or porphyry‐related mineralisation at depth.
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Archer Resources’ recent soil sampling program at the Rossmore Silver Prospect shows elevated Silver and Copper around the workings as expected. More importantly, there is another significant soil anomaly approximately 400m to the NE of the workings which remains open to the north and east ( Figure 2 ).
Many of the soil samples in this particular area yielded over 10 ppm Silver. One soil sample ~400m the NE of the workings returned 3870 ppm Silver, 3.62% Copper and 1.255% Lead. Elevated levels of Gold, Antimony and Bismuth are also present.
Archer Resources intends to follow up these early results with additional soil lines to the north and east in the next 1‐2 months. Other exploration programs including geophysical surveys and drilling will be considered after Archer Resources’ planned IPO later in 2011, to test for sub‐surface mineralisation.
These highly encouraging results increase the prospectivity of the whole Pinnacles tenement area (311km[2] ), for high grade silver and base metals ore systems. In response to these positive results, Archer Resources has applied for an additional tenement to the east of EPM 18808, in order to secure a greater land position around this exciting prospect.
About Archer Resources
Archer Resources is a 67% owned subsidiary of D’Aguilar Gold and holds several intrusive porphyry‐ related Cu‐Au‐Ag‐Mo projects in Queensland. The company has raised $2 million in seed capital in early 2011 and plans to undertake a $6 million IPO and ASX listing later in 2011. Work on the Archer Resources prospectus has commenced and the Company is on track for a Q3‐Q4 2011 ASX listing.
Sampling and Laboratory Analyses
Rock Chip samples include a collection of small rock fragments taken from historic mine dumps (mullock) and weigh around 1‐2 kg. Soil samples were taken on a grid at 50m to 100m spacing. Approximately 0.5kg of soil was collected at 5‐10cm depth, after removing the top organic‐rich horizon then sieving to ‐ 6mm. All samples were sent to ALS Laboratory in Brisbane and assayed using a range of analytical methods, (as shown in Table 1 ). Independent check samples (company reference materials) with certified values of gold, silver and base metals were included in the sample batch for quality control purposes. Analytical results for these check samples indicate acceptable accuracy for the purpose of reporting exploration results.
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On behalf of the Board KM Schlobohm Company Secretary
Competent Persons Statement
The information herein that relates to Exploration Results is based on information compiled by Dr Matthew J. White, B. App. Sci (Hons), PhD (Geology), who is a member of the Australian Institute of Geoscientists. Dr White is employed as Chief Executive Officer of Archer Resources Limited, a subsidiary of D’Aguilar Gold Limited.
Dr White has more than five years’ experience which is relevant to the style of mineralisation and type of deposit being reported and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2004 Edition of the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore reserves’ (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.
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Table 1: Rock chip assay results.
| ME‐ MS61 |
Ag‐ OG62 |
Ag‐ OG62h |
Ag‐ CON01 |
ME‐ MS61 |
Cu‐ OG62 |
ME‐ MS61 |
Pb‐ OG62 |
ME‐ MS61 |
Zn‐ OG62 |
Au‐ AA23 |
ME‐MS61 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Silver Ag |
Silver Ag |
Silver Ag |
Silver Ag |
Copper Cu |
Copper Cu |
Lead Pb |
Lead Pb |
Zinc Zn |
Zinc Zn |
Gold Au |
Antimony Sb |
|
| SAMPLE | ppm | ppm | ppm | ppm | ppm | % | ppm | % | ppm | % | ppm | ppm |
| DR4846 | >100 | >1500 | 3330 | >10000 | 3.8 | >10000 | 11.75 | 893 | 0.065 | >10000 | ||
| DR4847 | >100 | 662 | 5130 | 4890 | 394 | 0.02 | 3150 | |||||
| DR4848 | 8.28 | 318 | 239 | 298 | 0.005 | 83 | ||||||
| DR4849 | >100 | >1500 | >10000 | 9061.4 | >10000 | 7.69 | >10000 | 2.79 | >10000 | 1.22 | 0.108 | >10000 |
| DR4850 | 47.9 | 418 | 650 | 342 | 0.006 | 268 | ||||||
| MAX | 9061.4 | 7.69 | 11.75 | 1.22 | 0.108 | >10000 |
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Figure 1: Archer Resources Limited tenement location map showing Pinnacles Project EPM 18808.
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Figure 2: Rossmore Silver Prospect Ag soil sample results highlighting the anomaly open to the NE.
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Figure 3: Silver‐Copper‐Lead rich rock chip sample from the Rossmore Silver Prospect workings. Major minerals include galena, malachite, azurite and siderite.
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About D’Aguilar Gold
D’Aguilar Gold Limited is focused on generating exploration and development companies in a wide array of minerals.
Projects are conceived directly through the skills and experience of D’Aguilar’s accomplished team of exploration geoscientists (with an enviable track record), not by the costly purchase of properties. Each project or exploration strategy is held in a separate subsidiary.
Focused and specialist management is then engaged in the subsidiary, with project specific finance raised in the subsidiary – faster and less dilutive to D’Aguilar. As the subsidiary project develops and starts to derisk the subsidiary is separately capitalised (seed raisings followed by an IPO).
Investors can choose to invest specifically in a particular project/commodity, or by investing in D’Aguilar, invest in the resource company generating business which retains a significant carried interest in each project.
D’Aguilar projects tend to be very large, targeting new provinces with the potential to make world‐class discoveries. The exploration concepts are often novel. While increased metal prices and advances in technology can turn former sub‐economic deposits into viable projects, D’Aguilar subsidiary projects frequently emerge from detailed reassessment and reinterpretation of large databases – looking at things from a new angle and with a different focus using state of the art techniques. The D’Aguilar Directors and Managers have in the past applied new exploration models to extensive tenement areas which have led to identification of new mineral provinces and the discovery of nationally significant resources. Similar efforts are now being dedicated to D’Aguilar.
D’Aguilar currently holds 52 million shares (33%) in Mt Isa Metals Limited (ASX: MET) currently exploring for gold in Burkina Faso, 35.2 million shares (12.4%) in Solomon Gold plc (LSE: SOLG) currently exploring for gold and copper in the Solomons and Queensland, 58.85 million shares (53%) in AusNiCo Limited (ASX: ANW) exploring for nickel sulphides, cobalt, gold and silver in south east Queensland, and 27 million shares (29%) in Navaho Gold Limited (ASX: NVG) exploring for Carlin style gold in Nevada (USA) and Queensland.
D’Aguilar is also progressing the corporate development of Archer Resources Limited which is focussing on the discovery and development of previously overlooked copper‐molybdenum‐gold‐silver porphyry systems in Queensland. Having appointed Dr Matt White as CEO, and finalised its $2 million seed raising, Archer Resources is also preparing for an IPO and ASX listing later in 2011.
D’Aguilar is also progressing the corporate and project development of Armour Energy Limited which has just completed a $14 million seed raising. Armour Energy is dedicated to the discovery and development of world class gas resources in an extensive new province in Northern Australia. The area currently under application covers 118,814km[2] of the McArthur, South Nicholson and Georgina Basins. An IPO is planned for 2011.
D’Aguilar Gold currently has 324,202,760 shares on issue.
Email: [email protected]
Electronic copies and more information are available on the Company website: www.daguilar.com.au
For further information contact:
Mr Nicholas Mather Managing Director D’Aguilar Gold Ltd Ph: 07 3303 0680
Karl Schlobohm
Company Secretary, D’Aguilar Gold Ltd Ph: 07 3303 0680
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