Significant High Grade Gold Drill Results from Deflector
Exploration Update | Drilling Report
22-06-2011
Significant New High Grade Gold Extension at Deflector North
· High grade RC results to the north of the existing Deflector resource include:
* 12m@ 11.6g/t Au and 2.2% Cu from 84m in 11DRC048;
* 4m@ 8.0g/t Au and 3.3% Cu from 81m in 11DRC050;
* 3m@ 42.1g/t Au and 2.3% Cu from 120m in 11DRC053;
* 3m@ 12.9g/t Au and 2.5% Cu from 91m in 11DRC054;
* 3m@ 8.8g/t Au and 0.3% Cu from 20m in 11DRC066;
* 5m@ 8.4g/t Au and 0.3% Cu from 13m in 11DRC067; and
* 4m@ 17.0g/t Au and 0.7% Cu from 60m in 11DRC068.
· Following these exceptionally strong results, Mutiny has commenced further
RC drilling in the area.
· Drilling down plunge in the south of existing Deflector resource has extended
the known depth of the high grade mineralisation and include:
* 1m@72.2g/tAu and 1.2%Cu from 126m in DRC074
· Revised resource estimation to be updated at the end of R.C. and Diamond Drill
programs
Mutiny Gold Ltd (ASX:MYG) (“Mutiny” or the “Company”) is pleased to announce that
its ongoing exploration program has delivered significant new high grade gold
intersections to the North and South of existing resources at the Company’s Deflector
Gold Deposit.
The most northerly hole drilled as part of the current program, drill hole 11DRC063, which
was located 140 metres north of the new high grade discoveries and 270 metres to the
north of the current resource boundary, delivered an encouraging result of 3m at 9.9 g/t
highlighting the potential that remains along strike at Deflector.
The high grade intersections located in the Northern Deflector shear structure, and downplunge
of the Southern portion of the resource, substantiate management’s belief in the
exploration potential of the Deflector Corridor and provides confidence that the existing
590,000oz gold resource can be significantly increased with ongoing drilling.
Commenting on the recent exploration success, the Company’s Managing Director, John
Greeve said “It is particularly encouraging that there are high grade intercepts being
achieved in multiple locations. The results indicate likely extensions to the planned open
pit and, also, importantly, confirm the down plunge continuity with depth of high grade
shoots. These will be included in underground mine planning. It is management’s belief
that the recent exploration success will lead to a meaningful lift in the Deflector resource
which will justify an expanded mining case to be considered as part of the feasibility
study, currently in progress.”
The results received from the first 26 holes of the Company’s ongoing drilling program,
which recommenced in early May, have again added length to the Deflector Deposit
mineralisation which now extends at least over 850m (Figure 1). These results will be
incorporated into the revised resource estimation to be carried out at the conclusion of the
current RC and diamond drill programs.
Mutiny has already begun preparing for further RC drilling to follow up the high-grade
intersections with a second diamond drill rig being sent to site to accelerate the Deflector
central underground drill program.
Deflector Northern Extension Drill Results
Drilling to the North of the existing Deflector Deposit was carried out to assess the
potential for northern extensions to the current known resources. The results are
presented in Table 2 for all intersections greater than 0.5g/t Au or 0.5% Cu. Drill-hole
locations are shown on Figure 1 and cross-sections of lines drilled in the recent program
are shown in Figures 2 and 3.
Western Lode
Western Lode intersections to the north of the existing Deflector resources include:
* 12m@ 11.6g/t Au and 2.2% Cu from 84m in 11DRC048;
* 4m@ 8.0g/t Au and 3.3% Cu from 81m in 11DRC050;
* 3m@ 42.1g/t Au and 2.3% Cu from 120m in 11DRC053; and
* 3m@ 12.9g/t Au and 2.5% Cu from 91m in 11DRC054;
North Contact Lode
To the east, the Contact Lode position returned high grade intersections as detailed below
and shown in cross-section in Figure 3, together with the adjacent West Lode:
* 3m@ 8.8g/t Au and 0.3% Cu from 20m in 11DRC066;
* 5m@ 8.4g/t Au and 0.3% Cu from 13m in 11DRC067; and
* 4m@ 17.0g/t Au and 0.7% Cu from 60m in 11DRC068.
The Contact Lodes are located on the eastern boundary of the basalt unit that contains
the West and Central Lodes, at its contact with a sedimentary unit. The northern position
of both the Central and Contact Lodes is very much underexplored and will be vigorously
tested as part of the Company’s ongoing exploration program.
Deflector Southern Extension Drill Results
Mutiny has received the assay results from two additional RC holes drilled down-plunge of
the southern portion of the existing Deflector resources. The very successful drilling was
designed to test the interpreted down-plunge extension of a high-grade shoot within the
Deflector West Lode. The results are interpreted as proving the southern plunge is open
at previously untested depth and open along strike. This is a very significant result and
will assist planning the next stage of testing the southern extension of the Deflector
Corridor. The results are presented in Table 3 for all intersections greater than 0.5g/t Au
or 0.5% Cu. Drill-hole locations are shown on Figure 1 and listed in Table 4. A crosssection
that includes the two recently drilled holes is shown as Figure 4. The results
include:
§ 1m@ 72.2g/t Au and 1.2% Cu from 126m in 11DRC074
Background
The Company is currently progressing with a feasibility study which may lead to
production commencing as early as Q4 2012 with an open pit mining operation at the
Deflector Deposit, followed by underground mining after two years.
The currently known Deflector Gold-Copper deposit contains Mineral Resources of 3.4Mt
* 5.4g/t gold, 4.7g/t silver and 0.8% Copper for 590,000oz gold, 510,000oz silver and
25,500t copper of which Measured and Indicated Resources total 1.5Mt @ 4.8g/t gold,
6.4g/t silver and 1.1% copper for 235,000oz of gold, 310,000oz silver and 16,500t of
copper (see Table 1 below).
Forward Looking Statements
All statements other than statements of historical fact included in this announcement including, without limitation,
statements regarding future plans and objectives of Mutiny Gold Limited (Mutiny) are forward-looking statements.
When used in this announcement, forward-looking statements can be identified by words such as ‘may’, ‘could’,
‘believes’, ‘estimates’, ‘targets’, ‘expects’ or ‘intends’ and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of
assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place.
Such forward-looking statements are not guarantees of future performance and involve known and unknown risks,
uncertainties, assumptions and other important factors, many of which are beyond the control of the company, its
directors and management of Mutiny, that could cause Mutiny’s actual results to differ materially from the results
expressed or anticipated in these statements.
The company cannot and does not give any assurance that the results, performance or achievements expressed or
implied by the forward-looking statements contained in this announcement will actually occur and investors are
cautioned not to place undue reliance on these forward-looking statements. Mutiny does not undertake to update or
revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether
new information, future events or any other factors affect the information contained in this announcement, except where
required by applicable law and stock exchange listing requirements.
For further information, please contact:
John Greeve David Brook
Managing Director Professional Public Relations
Mutiny Gold Limited Tel: +61 (0) 8 9388 0944
Tel: +61 (0) 8 9368 2722 Mob: 0415 096 804
Em: mgl@mutinygold.com.au Em: david.brook@ppr.com.au
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