Extensive High Grade Mineralisation Confirmed (6288A)
February 03 2011 - 5:29AM
UK Regulatory
TIDMEGU
RNS Number : 6288A
European Goldfields Ltd
03 February 2011
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
For Immediate Release
EXTENSIVE HIGH GRADE MINERALISATION CONFIRMED AT PIAVITSA
3rd February 2011 - European Goldfields Limited (AIM: EGU / TSX:
EGU) ("the Company") is pleased to announce the initial results of
its exploration programme at the Piavitsa target in Northern
Greece.
Highlights
-- High grade intercepts include 10.9m at 7.88 g/t Au, 12m at
7.44 g/t Au and 8m at 8.64g/t Au over two kilometres of strike
-- Mineralisation in historic drilling more extensive than
previously recognised
-- Soils indicate mineralisation in further six kilometres of
strike
The current work programme includes surface exploration,
extensive logging and sampling of existing drill core and
interpretation of current and historic data. The core sampling has
confirmed broader zones of mineralisation than had been previously
identified with higher grade massive sulphide cores. Results are as
follows:
Silver
Hole From Depth Interval Gold g/t g/t Lead % Zinc %
----------- ----------- --------- --------- ------- ------- -------
GT-51 83m 27m 1.63 34.66 0.44 1.15
----------- ----------- --------- --------- ------- ------- -------
including 8m 3.08 47.34 0.82 2.38
----------- ----------- --------- --------- ------- ------- -------
GT-52 131.1m 25.9m 3.48 83.93 2.05 4.96
----------- ----------- --------- --------- ------- ------- -------
including 10.9m 7.88 199.04 4.87 11.75
----------- ----------- --------- --------- ------- ------- -------
GT-53 217m 21m 4.33 61.83 1.31 1.48
----------- ----------- --------- --------- ------- ------- -------
including 12m 7.44 107.04 2.28 2.56
----------- ----------- --------- --------- ------- ------- -------
GT-54 53m 27m 1.41 4.08 n/a 0.07
----------- ----------- --------- --------- ------- ------- -------
including 14m 2.27 7.66 n/a 0.12
----------- ----------- --------- --------- ------- ------- -------
GT-55 218m 25m 1.62 7.81 0.11 0.3
----------- ----------- --------- --------- ------- ------- -------
including 2m 5.90 17.75 0.03 0.13
----------- ----------- --------- --------- ------- ------- -------
and 6m 3.42 10.43 0.24 0.75
----------- ----------- --------- --------- ------- ------- -------
GT-56B 379m 13m 5.42 130.26 0.02 0.21
----------- ----------- --------- --------- ------- ------- -------
including 8m 8.64 196.48 0.02 0.31
----------- ----------- --------- --------- ------- ------- -------
GT-56B 426m 23m 1.81 13.50 0.77 1.31
----------- ----------- --------- --------- ------- ------- -------
including 7m 4.33 38.66 2.18 3.93
----------- ----------- --------- --------- ------- ------- -------
The Piavitsa target is a polymetallic carbonate replacement
deposit, similar to the Company's major Olympias Deposit which
hosts more than 3.5 million ounces of Proven and Probable gold
reserves as well as significant amounts of silver, lead and zinc
and is situated only six kilometres away.
Using an airborne electromagnetic survey the Company had
previously confirmed the continuity of some two kilometres of
strike between historic drill sites and confirmed that a further
three kilometres of the main geological structure and another three
kilometres of a subordinate structure had potential for
mineralisation. Follow up partial soil sampling along these
extensions has indicated that they do host gold, silver and base
metal along their strike length with anomalies of up to 340 and 890
ppb gold.
The Company has a $7.3 million programme of exploration which
includes 4 500 metres of core drilling for the first phase of work
at Piavitsa with the objective of delineating inferred resources. A
further 13,500 metres of follow-up core drilling is planned within
the budget aimed at defining an indicated resource and testing
extensions.
Commenting on these results, Patrick Forward, Vice President
(Projects and Exploration) of European Goldfields, said:
"We are delighted that sampling has confirmed our interpretation
of broader mineralised zones with higher grade cores. The
indication from soils that mineralisation also extends along some
six kilometres of strike in addition to the two kilometres
indicated by historic drilling highlights the potential of this
exciting target. Our priority now is to carry out an intensive
drilling campaign aimed at defining resources at the earliest
opportunity. Exploration work in Greece is also aimed at drill
testing our significant porphyry targets and this is also covered
within the exploration budget."
Patrick Forward supervised and prepared the scientific and
technical information included in this press release. Mr. Forward
is a "qualified person" for purposes of National Instrument 43-101.
Mr Forward is an employee of European Goldfields.
Mr Forward has verified the assay data from the re-sampling of
existing core from Piavitsa which was subject to the Company's
usual QAQC procedures. These procedures include the insertion of
commercial standard samples supplied by Rocklabs of Australia
covering gold, silver lead and zinc totalling 5% of the sample
batches, insertion of blank samples totalling 5% of the sample
batches and duplicate samples totalling 5% of the sample batches.
Assays were carried out at the SGS analytical laboratory in
Chelopech, Bulgaria. SGS also carry out their own QAQC procedures
comprising duplicate sample splits and blanks. No restriction was
placed on access to this data by Mr Forward. Results were also
compared with historic assays carried out in 1998 by TVX and
analysed at the ALS Chemex laboratory in Vancouver and the
high-grade mineralised intercepts agreed well with the historic
sampling. Low grade mineralisation was not sampled by TVX. Samples
taken in the re-sampling programme by European Goldfields comprised
quarter NQ core. The Piavitsa mineralisation is hosted in a series
of gneisses and marbles and comprises massive sulphide carbonate
replacement high-grade cores within lower grade brecciated horizons
adjacent to a major fault. High-grade mineralisation has shown
variability in sample duplicates due to nugget effect but no bias
was detected in this variability and no top-cut was applied. SGS
sample preparation comprise crushing then pulverising the whole
sample to 95% less than 75 microns before sub-sampling and utilised
fire assay on 30 gramme charges with an AAS finish for gold
analyses and aqua regia digest with an ICP finish for silver, lead
and zinc.
About European Goldfields
European Goldfields is a developer-producer with globally
significant gold reserves located within the European Union. The
Company generates cash flow from its 95% owned Stratoni operation,
a high grade lead/zinc/silver mine in North-Eastern Greece.
European Goldfields will evolve into a mid-tier producer through
responsible development of its project pipeline of gold and base
metal deposits at Skouries and Olympias in Greece and Certej in
Romania. The Company plans future growth through development of its
highly prospective exploration portfolio in Greece, Romania and
Turkey.
For further information please contact:
European Goldfields Liberum Capital Limited
Steve Sharpe, SVP Business Development Simon Atkinson
e-mail: info@egoldfields.com Tom Fyson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
Brunswick Evolution Securities Limited
Carole Cable / Fiona Micallef-Eynaud Rob Collins
e-mail: egoldfields@brunswickgroup.com Tim Redfern
Tel: +44 (0)20 7404 5959 Tel: +44 (0)20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
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