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STREAMPLAY STUDIO LIMITED Capital/Financing Update 2006
65841_rns_2006-06-25_3e764a92-aeeb-4396-8bba-8d0ec0a6e59a.pdf
Capital/Financing Update
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Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia ABN 31 004 766 376 Tel: +61 8 9389 8611 Fax: +61 8 9389 8612 [email protected] www.gippslanditd.com
26 June 2006
SHASHOBA GOLD DRILLING RESULTS
First pass drilling at Shashoba in Wadi Allagi returns significant gold intersections
- Hole SRC006 32m at 2.2g/t gold including 16m at 4.4g/t gold
- Hole SRC007 48m @ 1.93g/t gold
- 50m wide mineralised zone delineated
- Historical workings identified over strike length of 2.2km
Gippsland Limited ("Gippsland" or "the Company") (ASX & AIM: GIP) today announces the results (Appendix A) of the first 32 holes of a 1.636m reverse circulation (RC) drilling programme completed during May 2006 at the Shashoba gold prospect at Wadi Allagi, Egypt.
The Shashoba drilling programme was designed to test historical gold workings and some anomalies delineated during a previous geochemical survey completed by the Company. The historical workings are located along the margins of a 250m wide, northerly trending shear zone.
The best results were recorded from the south side of a hill adjacent to historical workings located on the eastern side of the shear zone. Hole SRC006 intersected 32m at 2.2a/t Au from 16m. The intersection included 16m at 4.4g/t from 16m. Hole SRC007 drilled 30m to the southwest intersected a 48m wide zone of mineralisation at 1.93g/t from 12m. Hole SRC008, located 25m southwest of hole SRC007, intersected 4m at 1.33g/t Au. The three holes intersected a zone of mineralisation (>0.5gt Au) approximately 50m wide which has yet to be tested to the north.
A line of widely spaced shallow holes located 75m to the southeast of holes SRC006 & 7 tested an area of colluvium overlying a hard silcrete layer. The best intersections included 8m at 1.06g/t from 4m in SRC017 and 12m at 0.46g/t from 4m in hole SRC018. These intersections are particularly significant as they confirm the presence of mineralisation to the south of the historical workings in an area devoid of any previous workings. The drilling results correspond with a geochemical anomaly identified during a previous regolith survey by the Company that extends for a further 300m to the south.
Hole SRC012 drilled 100m to the north of holes SRC006 & 7 intersected 24m at 0.26g/t Au. The results represent footwall mineralisation as the hole did not extend to sufficient depth to intersect the old workings.
Hole SRC014 tested some isolated old workings 500m to the northeast and intersected 20m at 0.94g/t from 8m with a best intersection of 4m at 3.07g/t Au.
Geological mapping has located historical workings over a distance of 1.9km to the north which combined with the 300m geochemical anomaly to the south gives a total strike length of 2.2km of potentially mineralised shear.
Gippsland Executive Chairman Jack Telford stated "The preliminary drilling results from Shashoba are most encouraging particularly as they are of a first pass reconnaissance nature. Additional drilling is planned to test a number of high priority targets identified as a result of the recent drilling While the evaluation of Shashoba is at an early stage, the area clearly has programme. considerable potential as we are looking at a gold mineralised zone having a strike length of 2.2km which is open at each end".
The Shashoba prospect is located and 6km to the south-east of the Seiga prospect where the Company has delineated significant gold mineralisation over a strike length of 800m (see announcement dated 19 June 2006).
RJ (Jack) Telford Executive Chairman
For further information please contact:
Jack Telford Gippsland Limited www.gippslandltd.com Tel: +61 8 93898611 [email protected]
Laurence Read / Leesa Peters Conduit PR Tel: +44 20 7429 6600 [email protected] [email protected]
Les Polden / Luke Cairns Hoodless Brennan Plc Tel: +44 20 7538 1166 [email protected] [email protected]
In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited, the geological Note: information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John Chisholm, a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Chisholm who is an Executive Director of Gippsland Limited with over 25 years experience in the mineral industry including the evaluation of exploration data, mineral resources and ore reserves, has consented to the issue of the information in this report in the form and context in which it appears.
Appendix A
The 4m composite samples were analysed by Genalysis Laboratory Services in Perth by Atomic Absorption Spectrometer (AAS). Samples containing greater than 1g/t Au were re-analysed by Fire Assay (FA).
| Table 1: Shashoba prospect - collar specifications for holes containing significant gold values | |||||||
|---|---|---|---|---|---|---|---|
| Hole | Easting | Northing | Azimuth | Dip | Depth (m) | ||
| SRC006 | 621899 | 2491399 | 50 | -51 | 60 | ||
| SRC007 | 621876 | 2491383 | 50 | -54 | 60 | ||
| SRC008 | 621862 | 2491373 | 50 | -55 | 48 | ||
| SRC012 | 621857 | 2491470 | 60 | $-60$ | 81 | ||
| SRC014 | 621965 | 2491907 | 300 | $-55$ | 60 | ||
| SRC017 | 621862 | 2491292 | 245 | -57 | 21 | ||
| SRC018 | 621891 | 2491304 | 240 | $-60$ | 21 |
Table 2: Assay results for portions of drill holes containing significant or best results
| Hole | From (m) | To (m) | Au (AAS) | Au (FA) | Au (FA) rpt |
|---|---|---|---|---|---|
| SRC006 | 0 | 4 | 0.21 | ||
| SRC006 | 4 | 8 | 0.01 | ||
| SRC006 | 8 | 12 | 0.16 | ||
| SRC006 | 12 | 16 | 0.05 | ||
| SRC006 | 16 | 20 | 6.65 | 4.81 | 8.45 |
| SRC006 | 20 | 24 | 0.71 | ||
| SRC006 | 24 | 28 | 0.53 | ||
| SRC006 | 28 | 32 | 4.03 | 6.33 | 5.63 |
| SRC006 | 32 | 36 | 1.26 | 1.87 | |
| SRC006 | 36 | 40 | 0.25 | ||
| SRC006 | 40 | 44 | 0.98 | ||
| SRC006 | 44 | 48 | 0.66 | ||
| SRC006 | 48 | 52 | bld | ||
| SRC006 | 52 | 56 | bld | ||
| SRC006 | 56 | 60 | 0.01 | ||
| SRC007 | $\overline{0}$ | 4 | 0.41 | ||
| SRC007 | 4 | 8 | 0.09 | ||
| SRC007 | 8 | 12 | 0.06 | ||
| SRC007 | 12 | 16 | 1.20 | 1.19 | |
| SRC007 | 16 | 20 | 0.04 | ||
| SRC007 | 20 | 24 | 0.31 | ||
| SRC007 | 24 | 28 | 2.97 | 3.14 | |
| SRC007 | 28 | 32 | 0.21 | ||
| SRC007 | 32 | 36 | 0.47 | ||
| SRC007 | 36 | 40 | 1.50 | 1.02 | |
| SRC007 | 40 | 44 | 0.02 | ||
| SRC007 | 44 | 48 | 0.02 | ||
| SRC007 | 48 | 52 | 0.05 | ||
| SRC007 | 52 | 56 | bld | ||
| SRC007 | 56 | 60 | 14.80 | 16.63 | |
| SRC008 | 32 | 36 | 0.02 | ||
| SRC008 | 36 | 40 | 0.49 | ||
| SRC008 | 40 | 44 | 1.26 | 1.33 | |
| SRC008 | 44 | 48 | 0.28 |
| Fable 2 Continued. Results for portions of drift holes containing significant of best results | |||||
|---|---|---|---|---|---|
| Hole | From $(m)$ | To(m) | Au (AAS) | Au (FA) | Au (FA) rpt |
| SRC012 | 0 | 4 | 0.52 | ||
| SRC012 | 4 | 8 | 0.19 | ||
| SRC012 | 8 | 12 | 0.43 | ||
| SRC012 | 12 | 16 | 0.03 | ||
| SRC012 | 16 | 20 | 0.12 | ||
| SRC012 | 20 | 24 | 0.24 | ||
| SRC012 | 24 | 28 | 0.01 | ||
| SRC012 | 28 | 32 | 0.01 | ||
| SRC014 | $\boldsymbol{0}$ | 4 | 0.98 | 0.53 | 0.39 |
| SRC014 | 4 | 8 | 0.06 | ||
| SRC014 | 8 | 12 | 0.76 | 0.92 | |
| SRC014 | 12 | 16 | 4.51 | 2.71 | 3.44 |
| SRC014 | 16 | 20 | 0.05 | ||
| SRC014 | 20 | 24 | 0.13 | ||
| SRC014 | 24 | 28 | 0.56 | ||
| SRC014 | 28 | 32 | 0.04 | ||
| SRC014 | 32 | 36 | 0.01 | ||
| SRC014 | 36 | 40 | 0.05 | ||
| SRC014 | 40 | 44 | 0.80 | ||
| SRC014 | 44 | 48 | 0.14 | ||
| SRC017 | $\pmb{0}$ | 4 | 0.07 | ||
| SRC017 | 4 | 8 | 0.31 | ||
| SRC017 | 8 | 12 | 1.38 | 1.81 | |
| SRC017 | 12 | 16 | 0.03 | ||
| SRC017 | 16 | 21 | 0.02 | ||
| SRC018 | $\mathbf 1$ | $\overline{4}$ | 0.08 | ||
| SRC018 | 4 | 8 | 1.61 | 0.40 | 0.52 |
| SRC018 | 8 | 12 | 0.27 | ||
| SRC018 | 12 | 16 | 0.30 | ||
| SRC018 | 16 | 21 | 0.27 |
| Table 2 continued: Results for portions of drill holes containing significant or best results | ||||||||
|---|---|---|---|---|---|---|---|---|
| ----------------------------------------------------------------------------------------------- | -- | -- | -- | -- | -- | -- | -- | -- |
bld = below detectable limited