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KINGSROSE MINING LIMITED — Capital/Financing Update 2012
Feb 21, 2012
65202_rns_2012-02-21_5207dc1a-6f63-4905-8933-ed900b00b83d.pdf
Capital/Financing Update
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Kingsrose
Mining Limited
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**ASX
ANNOUNCEMENT**
22 February 2012
**High
grade hits expand Talang Santo for Kingsrose Mining**
_**Trial
mining on track to start in June Quarter**_
The Board of Kingsrose Mining Limited (ASX:KRM) is pleased to advise that recent drilling at its Talang Santo Prospect continues to expand the dimensions of the deposit.
The latest three holes have all returned high-‐grade gold and silver intercepts at the extremities of the ore system.
This has extended the strike of the vein to over 600m with excellent results at both extremities confirming the structure is still open, particularly on the Mawi Vein.
Talang Santo has now been drilled to approximately 350m vertical depth with the deepest hole, DDH 283, returning a solid quartz vein and further evidence that the silver to gold ratio is increasing with depth.
**Details
of the Results are:**
-
Ø DDH 277 has returned 1.80m @ 16.29 g/t gold and 12.8 g/t silver from 321.5m down hole or approximately 250m vertical depth (including 0.80m @ 36.23 g/t gold and 28.0 g/t silver). This hole shows the ore system opening at depth to and along strike to the west.
-
Ø DDH 280 has returned 3.19m @ 7.07g/t gold and 18.1 g/t silver from 352.2m down hole or approximately 300m vertical depth. This is the most easterly hole drilled on the Mawi vein so far and this hole has increased the continuity of the vein to over 600m with both extremity intercepts being of excellent grade.
-
Ø DDH 283 has returned 5.35m @ 5.33 g/t gold and 31.1 g/t silver from 456.85 m or approximately 350m vertical depth (including a sub-‐interval of 0.35m @ 46.55 g/t gold and 273.5 g/t silver from 460.85m). This is the deepest hole drilled so far into the vein system and reveals a well-‐developed quartz vein with higher silver to gold ratio and is beginning to show epithermal textures that lead our geologists to believe that the system is getting better with depth.
The above holes are outside the maiden mineral resource estimate that was announced by the Company on December 7, 2011 when an inferred resource estimate was reported containing 879,000 tonnes at 5.89g/t gold and 14.63 g/t silver.
Kingsrose Mining Limited ABN 49 112 389 910
Suite 9, Level 2, 12-‐14 Thelma Street West Perth Western Australia 6005
T: +61 8 9486 1149 F: +61 8 9486 1151 E: [email protected]
Kingsrose
Mining Limited
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Kingsrose also advises that trial mine development on the Mawi vein is progressing on schedule with surface infrastructure in place, the underlay shaft having reached a depth of approximately 36m and the upper adit having advanced 194m.
The company remains on track for first production late in the June 2012 quarter. Ore will be trucked to the Company’s Way Linggo plant, 17km away.
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Santo Mine adit portal
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Santo Mine shaft winder
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Talang Santo Long Section including proposed mine development levels and latest drill intercepts
Kingsrose Mining Limited ABN 49 112 389 910
Suite 9, Level 2, 12-‐14 Thelma Street West Perth Western Australia 6005
T: +61 8 9486 1149 F: +61 8 9486 1151 E: [email protected]
Kingsrose
Mining Limited
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**Table
of significant (>1.0m @
2.0 g/t Au) intercepts from Talang Santo -‐ Mawi Vein**
| Hole No. | N | E | RL | Dip /Azimuth | Intercept Weighted Average | DepthFrom | TrueWidth |
|---|---|---|---|---|---|---|---|
| 0.30m @ 8.68g/t Au and 35.0 g/tAg | 262.6 | 0.19 | |||||
| 0.25m @ 1.96g/t Au and 3.55g/t Ag | 302.7 | 0.23 | |||||
| 1.40m @ 1.06 g/t Au, 1.4 g/t Ag | 317.3 | 0.82 | |||||
| 1.80m @ 16.29 g/t Au and 28.0g/t Ag | 321.5 | 1.36 | |||||
| DDH-277 | 19275 | 15053 | 1342 | -65/263 | (including 0.80 @ 36.23 g/t Au, 28.0g/t Ag) | 322.2 | |
| 0.95m @ 8.13 g/t Au, 5.34 g/t Ag | 330.45 | 0.58 | |||||
| ([email protected]/t Au,15.1g/t Ag) | 331.1 | ||||||
| 2.25m @ 1.22 g/t Au, 3.7 g/t Ag | 384.35 | 0.7 | |||||
| 0.75m @ 3.17 g/t Au, 12.5 g/t Ag | 388.1 | 0.6 | |||||
| 0.39m @ 6.27 g/t Au and 13.5 g/t Ag | 350.1 | 0.34 | |||||
| 3.19m @ 7.07 g/t Au, 18.1 g/t Ag) | 352.2 | 2.76 | |||||
| DDH-280 | 15377 | 18888 | 1363 | -60/221 | (including 0.25m @ 7.98 g/t Au, 14.4 g/t Ag) | 352.2 | |
| (including 0.50m @ 8.30 g/t Au, 15.2 g/t Ag) | 352.45 | ||||||
| (including 0.65m @ 14.5 g/t Au, 58.0 g/t Ag) | 354.4 | ||||||
| 5.35 m @ 5.33g/t Au and 31.1 g/t Ag | 456.85 | 4.35 | |||||
| DDH-283 | 15432 | 19059 | 1364 | -60/227 | (including 0.55m @ 10.96 g/t Au, 73.3 g/t Ag) | 460.3 | |
| (including 0.35 @ 46.55 g/t Au, 273.5 g/t Ag) | 460.85 |
_**Competent
Person Statement**_
The information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr. Peter G. Cook, BSc Applied Geol, MSc (Min Econ), who is a Member of the Australasian Institute of Mining and Metallurgy, and a Director of Kingsrose Mining Limited. Mr. Cook has sufficient experience, which is relevant to the styles of mineralisation and types of deposits 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, Mineral Resources and Ore Reserves (“JORC Code”). Mr. Cook consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
For further information, please contact:
CHRIS START MANAGING DIRECTOR +61 8 9486 1149 [email protected]
Kingsrose Mining Limited ABN 49 112 389 910
Suite 9, Level 2, 12-‐14 Thelma Street West Perth Western Australia 6005
T: +61 8 9486 1149 F: +61 8 9486 1151 E: [email protected]