Queensland Mining intersects more gold at Greenmount

THE DRILL SERGEANT: Queensland Mining Corporation (ASX: QMN) has received assays from the first of four diamond drill holes completed at Greenmount during the December Quarter of 2012.

Greenmount is part of the company’s 100 per cent-owned White Range copper and gold project, located south of Cloncurry in the Mt Isa Fold Belt in Queensland.

The White Range project currently has three principle resources, Greenmount, Kuridala and Young Australian, which contain 180,000 tonnes of copper and 165,000 ounces of gold and a number of satellite deposits, which contain a further 97,000 tonnes of copper and 38,000 ounces of gold.

 

Regional location plan. Source: Company announcement

 

Queensland Mining said the recent drill hole had intersected a broad zone of high-grade copper and gold which assayed:

–    18 metres at 5.7 per cent copper, 2.3 grams per tonne gold from 156 metres depth, including 3 metres at 13.1 per cent copper, 4.9 grams per tonne gold from 158 metres depth.

The intersection is located approximately 50 metres to the north along strike from previous drilling, which intersected:

–    72m at 2.4 per cent copper and 0.92g/t gold, including 16m at 6.5 per cent copper and 2.3g/t gold.

The company considers the latest results confirm the continuity of the high-grade copper and gold transitional mineralisation below the oxide between 60 and 180 metres vertical depth.

“Again these excellent results by QMN continue to enhance the copper and gold grades at Greenmount and will have a significant positive impact on the White Range project economics,” Queensland Mining Corporation chief executive officer Tony Martin said in the company’s announcement to the Australian Securities Exchange.

Queensland Mining said it anticipates receiving results of the final three diamond drill holes over the coming weeks, which it expects will assist in understanding the depth and strike potential of the high-grade transitional mineralisation.