FURTHER RECONNAISSANCE DRILLING AT TREASURE ISLAND IDENTIFIES LARGE EXTENSION TO NEW GOLD SYSTEM
– Second gold bearing structure on project now estimated to be 4km long
– Infill drilling program completed; results pending
Focus Minerals Ltd. (ASX:FML) a leading Australian gold producer and explorer, said today that reconnaissance drilling at its Treasure Island Gold Project at Lake Cowan has confirmed that the recently discovered gold bearing system running through the project (see ASX Release dated 24 November 2011) appears to be significantly longer in potential strike length than initial estimates.
The Treasure Island Gold Project on Lake Cowan is located 35km south-south east along strike from the major gold camp of Kambalda St Ives in Western Australia, where over 15 million ounces of gold have been discovered over the last 22 years.
Following the receipt of final assays from a reconnaissance aircore drilling program conducted during the December Quarter, the newly discovered gold bearing system is now believed to extend for over a 4km strike length through the project, up from an initial 1.2km (Figure 1).
Treasure Island principal geologist Dean Goodwin, who discovered the gold mines of Redoubtable, Santa Anna and Intrepid on Lake Lefroy to the north of Treasure Island in the late 90s, said the latest results also showed the emergence of exciting structural complexities of the gold system.
“This drilling program has enabled us to identify the supergene zone hot spots that point to the potential primary ore zones beneath the lake sediment,” said Mr Goodwin. “What we are starting to see as we map these is not only a significant increase in the length of the gold system, but also evidence of a lot of structural complexity which is similar to what you see at St Ives. Complexity is the key to finding substantial gold deposits.”
Mr Goodwin said that since preliminary aircore results were announced to the ASX on 24 November 2011, a further 12 holes had returned composite samples of greater than 50ppb (parts per billion). “This shows a strong signature as to the existence of the gold bearing structures beneath the lake. We’re excited by the potential.”
Infill aircore drilling started in January 2012 on a 80m x 40m spacing and is expected to produce multiple targets, which will then be tested by diamond drilling. Results from this infill program are expected in approximately one month’s time.