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STREAMPLAY STUDIO LIMITED Capital/Financing Update 2006
65841_rns_2006-02-22_678758ee-0add-4f40-a31f-55f618d73883.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: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: [email protected] www.gippslandltd.com
23 February 2006
ASX-LSE Announcement
Media Release
Gold Projects Exploration Commences
- 1,000 metres mechanical trenching
- $\blacksquare$ 14,000m air-core and RC drilling programme
- 3 month drilling programme expected to confirm the extension at depth of the highly encouraging surface gold results.
- Expansion of drilling programme
Gippsland Limited ("Gippsland" or "the Company") (ASX & AIM: GIP) announces that a detailed trenching programme commenced today in the Company's highly prospective Wadi Allagi tenements located to the south-east of Aswan in Egypt.
The 1,000 metre mechanical trenching programme will focus initially on the Seiga gold deposit where recent rock chip sampling returned 20.3m at 7.40g/t Au including 4.3m at 14.31 a/t Au and 4m at 10.52 a/t Au within a 50.5m wide zone of mineralisation having an average grade of 5.5g/t Au. Rockchip sampling and shallow trenching at Seiga has also identified a 250m long zone of gold mineralisation within a 1.2km long shear zone.
The two week trenching programme will be immediately followed by a 14,000m drilling programme to be undertaken by Perth based contractors Wallis Drilling. The new Mantis multipurpose rig to be employed at Wadi Allagi is scheduled to arrive in Egypt on 3 March 2006. Systematic drilling will be conducted along the untested portions of the 1.2km Seiga shear zone.
The rig will also be used to drill test other highly prospective gold and copper-nickel prospects in the Wadi Allagi region including eleven historical gold mines and workings plus some targets identified by recent geochemical exploration. One such high priority drilling target is the nearby Um Shashoba prospect where sampling of wall rocks adiacent to ancient workings gave a best result of 11.9m at 2.22g/t Au including 2m at 4.19g/t Au. At Haimur the drilling will test geochemical anomalies where recent follow-up trenching intersected 5m at 44.45g/t Au. There is no record of previous drilling at any of the gold prospect areas.
Commenting today Jack Telford, Executive Chairman, of Gippsland said: "The Wadi Allagi gold exploration results achieved to date Gippsland are very very encouraging. The exploration that commenced today is expected to greatly expand our knowledge of the area, justifying the introduction of a second drill rig which the Company is currently endeavouring to access."
RJ (Jack) Telford Executive Chairman
For further information:
| Jack Telford | Leesa Peters / Laurence Read |
|---|---|
| Gippsland Limited | Conduit PR |
| www.gippslandltd.com | Tel: +44 (0)20 7429 6666 |
| Tel: +61 (0)8 93898611 | [email protected] |
| [email protected] | [email protected] |
Les Polden HB-corporate Tel: +44 (0)20 7510 8576 [email protected]
Note: In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited, the geological 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.