Dart Mining encouraged by Unicorn drilling results

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THE DRILL SERGEANT: Dart Mining has been encouraged by the receipt of assay results from three additional holes it has completed as part of a current resource upgrade drilling program at the company’s Unicorn molybdenum-copper-silver porphyry deposit in northeast Victoria.

The drilling has returned porphyry intersections up to 30m at 0.18 per cent molybdenum equivalent, which the company said are associated with copper mineralisation (20m at 0.7 per cent) that has been identified in the northern part of the deposit.

Dart has completed 19 drill holes of an expanded 20 hole program so far.

The company said laboratory assay results it has received to date, including intersections up to 178m at 0.06 per cent molybdenum equivalent, have highlighted the potential to extend the deposit to the south and east beyond the current conceptual pit boundary with breccia surrounding the Unicorn porphyry.

“The surrounding breccia, which is not included in the current JORC resource estimate, appears to contain consistent grades of molybdenum, copper, silver,” Dart Mining managing director Lindsay Ward said in the company’s announcement to the Australian Securities Exchange.

“These results also suggest the conceptual pit design should have a very low strip ratio which could greatly benefit the economics of the Unicorn deposit.

“These additional assay results confirm Dart Mining’s confidence that the Resource upgrade drilling is progressing to plan.

“The current drilling program will be completed by early July with the Resource upgrade planned for release during the third quarter 2012.”

 

Drill hole plan – Resource upgrade drilling program. Source: Company announcement

According to Dart DUNRC005 (see above) has closed up the current drill spacing within the Resource model and confirmed the silica cap and upper porphyry stock work system is strongly mineralised with average drill grade at or above the October 2011 JORC Indicated Resource.

DUNRC005 intersected:

252m at 0.06 per cent molybdenum equivalent, including 126m at 0.08 per cent molybdenum equivalent from surface.

DUNRC007 was designed to test the extent of mineralisation in the previously undrilled northern breccia that surrounds the main porphyry deposit.

DUNRC007 intersected:

252m at 0.06 per cent molybdenum equivalent, including 54m at 0.08 per cent molybdenum equivalent from surface.

Dart indicated this result highlights potential for a significant Resource upgrade as the mineralised breccia was not included in the October 2011 JORC Resource.

Dart also said hole DUNRC008 highlighted the increase in copper within the northern part of the deposit with 108m at 0.20 per cent copper with zones showing up to 20m at 0.7 per cent copper.

Overall the hole intersected:

186m at 0.06 per cent molybdenum equivalent from surface, including up to 30m at 0.18 per cent molybdenum equivalent from 14m depth within the porphyry.