MacPhersons polishes Nimbus silver lenses

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THE DRILL SERGEANT: MacPhersons Resources (ASX:MRP) has continued to drill good news at the company’s 100 per cent-owned Nimbus silver-zinc-gold project located east of Kalgoorlie’s super pit gold mine.

Progressive drilling results achieved by MacPhersons has indicated both silver oxide and silver sulphide mineralisation continues between the Nimbus Discovery and East Pits.

Recent sulphide intercepts include:

–    29 metres at 202 grams per tonne silver equivalent (139g/t silver plus credits) from 176 metres, including 9 metres at 328 grams per tonne silver and 7.9 per cent zinc from 177m, including 5 metres at 164 grams per tonne silver from 200 metres;

–    7m at 561g/t silver equivalent (400g/t silver plus credits) from 196m, including 7m at 400g/t silver and 8.7 per cent zinc from 196m; and

–    4m at 110g/t silver from 190m.
 
Recent shallow oxide intercepts include:

–    9m at 302g/t silver equivalent (258g/t silver plus credits) from 81m;

–    6m at 120g/t silver from 27m; and

–    8m at 82g/t silver from 51m.

MacPhersons said these latest results show extensions to the New Lens No. 4, which the company announced last month in conjunction with a new gold zone of 2m at 54g/t gold.

There are currently two drill rigs in operation at the project, with a new diamond rig scheduled to start this week on a Geotech drillout program to determine the slope design for the proposed silver superpit.

 

Proposed Nimbus silver superpit. Source: Company announcement

 

The company said it was encouraged by the progressive results that continue to demonstrate silver mineralisation extending between and beneath both pits.

“The additional $12.6 million funding underwritten by international metal merchant, RK Mine Finance announced this week will allow MRP to extend its aggressive drilling program and order the long lead items for the three-fold gold and silver mill expansion preparations underway,” MacPhersons Resources managing director Morrie Goodz said in the company’s announcement to the Australian Securities Exchange.

Never too far away from the action, the company’s chairman Ashok Parekh pointed out that, “It is the first equity investment by RK Mine Finance (part of the Red Kite group) in an ASX-listed company, although they are a major international player in the mining and metals trade arena.”

The Nimbus silver mine originally operated from 2003 to 2007, producing 3.6 million ounces of silver at an average grade of 352g/t silver.