Update on Progress
20 April 2016
NQ Minerals PLC (ISDX:NQMI)
(“NQ Minerals” or the “Company”)
UPDATE ON PROGRESS
NQ Minerals PLC (ISDX: NQMI), an Australia-based exploration and mining company, which listed on the ISDX Growth Market in July 2015, is pleased to provide an update on the progress of its projects.
Ukalunda Project – Drilling Highlights
A 24 holes reverse circulation drilling program totaling 2,661 m was completed at the White’s Hope, Rosenthal, Walhalla and Carrington prospects during January and February 2016. This completed Phase 1 of a more extensive proposed drilling program. A total of 1473 samples were submitted for assay.
The stand-out results were at White’s Hope and Carrington. At White’s Hope potentially ore grade gold was intersected in WHC003 with 11 metres of 1.4 g/t Gold (Au), including a 3m down hole length of 3.6 g/t Au and 2m at 5 g/t Au. Previously unknown zinc mineralization was also discovered including one metre intervals of 11.8% and 4.1% Zn. The results suggested that the ore zone may plunge to the NW from the southeastern pit. The gold mineralization in this area is a new discovery.
Carrington Drill Chips
Clearances / approvals for the drilling at Pyramid and Birthday Gift are now in place to drill known high grade mineralisation and bring those deposits to a current JORC standard. At Pyramid drilling will test silver rich galena veins with gold credits which were mined at the end of the nineteenth century. Previous drilling on the Birthday Gift breccia pipe intersected 8m down hole length of 3.2% Zn, 1.1% Pb, 2 oz/t Ag in MMC036 and non-JORC compliant estimates of 4 million tonnes @ 1.6% Zn with variable Ag values up to 230 g/t Ag were reported.
At Carrington a large base metal – silver bearing pyritic alteration system was encountered adjacent to the Bulgonunna Volcanics. Promising grade bismuth-copper intersections were also made on the Holy Dollar lodes. The best hole CRC018 intersected widespread copper mineralization, including 2m of 2.3% Cu from 158-160m, and 6m @ 2.4% Pb, 3.1 oz/t Ag from 49-55m. CRC011 intersected 2.1% Bi from 141-142m.
In more detail the findings relative to the respective areas and the metals of economic interest include:
The table below highlights mineralized intersections (down-hole length at weighted average assay grade) in the recent drilling program. Full details of the drilling results are to be listed on the NQ Minerals website at www.nqminerals.com
Computer 3D modeling of the drilling results is in progress and has been augmented by 3D magnetic inversion modeling of the 200m line spacing aeromagnetic data to 1 km depth. The preliminary results highlight the large east-west vertical fault structure west from Carrington which separates the Bulgonunna Volcanics from the magnetic target in the monzodiorite to the south.
Further geological, geochemical and geophysical work planned on the site includes:
- Continuation of the drilling program at White’s Hope, Pyramid, Birthday Gift, Polka Dot, and Carrington.
- Drilling of more closely spaced holes at Walhalla to check the potential for a steeply plunging high grade gold ore shoot.
- Exploration to establish the geometry and potential of the newly discovered gold mineralization at White’s Hope and the copper – bismuth – silver – gold mineralization at Holy Dollar.
- Work to establish the dimensions of the large alteration system at Carrington and its likely WNW extensions along the 3 km of strike of the associated magnetic anomaly through Daisy North, Renegade and Calvary Hill.
Ukalunda Project – Additional EPM applied for.
EPM 26204 has been applied for adjoining Ukalunda EPM 18019. Open file reports show drill intersections of 3 m of 11 g/t gold at Salopia and 3 m 1.7 g/t gold at Earlscliffe. A 1987 costean sample at Earlscliffe also returned 61.2 g/t (2 oz) gold over an estimated true width of 1 to 1.5m. Other prospects on the application area include silver, base metals and epithermal gold.
Ukalunda Project – MLa100040 Metallurgical Testwork
A test run on samples of Sunbeam mineralisation was completed in the USA using new low chemical usage technology to compare with the grades achieved previously in flotation tests conducted by ALS Laboratories. Results are expected to be available for publication in the next few weeks.
Commenting, Non-Executive Chairman Brian Stockbridge, said:
“The Board and Management of NQ Minerals are encouraged by the positive results from the recent drilling and the further targets which have become apparent as a result. The unexpected gold mineralization at White’s Hope and the potential for 3 km of mineralised strike length at Carrington are highly encouraging and are to be drilled in further programs. The Board are also pleased to advise that the Ukalunda Project has been expanded with application for an adjacent EPM which covers known gold and other mineralisation. Further details of this, along with details of the promising Square Post project will be summarized in a future news update.”
About NQ Minerals plc:
NQ Minerals is an Australian‐based exploration and mining company, focusing on projects where past exploration work has established the presence of mineral occurrences. The Company’s management team has decades of experience in the exploration and production of gold, silver and a variety of base metals.
NQ Minerals plc
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