Drilling Report
July 29 2008 - 2:15AM
UK Regulatory
Central China Goldfields plc
(`GGG' or `the Company')
NEAR SURFACE COPPER CONFIRMED
INITIAL 2008 DIAMOND DRILLING
AT GANGJIANG, NIMU PROJECT
LONDON - 29July2008- Central China Goldfields plc (AIM: GGG) is pleased to
report the results from the first two diamond drill holes of the 2008 round of
drilling at the Gangjiang exploration licence area, Nimu Copper-Molybdenum
Project ("Nimu").
Highlights:
* Hole GJ09 intersected 84.3 metres of 0.42% copper equivalent 3.7 metres
from the surface.
* Hole GJ10 intersected 97.2 metres at 0.33% copper equivalent 3.8 metres
from the surface.
* Holes GJ09 and GJ10 were drilled respectively to the east and west of the
2007 northeast-southwest trending discovery holes. The results now clearly
demonstrate mineralisation across the third dimension.
* Copper mineralisation has now been confirmed as commencing from the
surface.
Jeff Malaihollo, Managing Director of Central China Goldfields plc, comments:
"We are delighted with the results of these first two holes of the 2008
drilling season which were designed to test the width of the
northeast-southwest mineralisation found by the discovery holes GJ07 and GJ08
in 2007. These results support the Nimu exploration model which we are
developing. The model suggests widespread lower grade mineralisation across
much of Gangjiang with several higher grade centres of mineralisation.
Drillhole GJ09 now establishes the western edge of copper mineralisation,
whilst drillhole GJ10 establishes the eastern edge. There is now an emerging
definable block of approximately 0.3-0.6% copper equivalent around the Guqing
area which is mineralised from near surface, providing the possibility for an
open-pittable resource.
The next two holes will test the southern edge of the mineralisation, as we
need to define the likely mineralised block outline, and will then move to the
more prospective northern extension of mineralisation where high grade surface
trenching and ground based geophysics are indicating higher grade target
potential.
The Gangjiang Licence at Nimu is immediately adjacent to a deposit called
Chongjiang, which is currently being drilled by a Chinese-listed company. This
deposit is reported to contain circa 0.5 Mt of contained copper (75 Mt. @ 0.67%
copper). Given the proximity of Gangjiang and Chongjiang and the proximity of
the existing mine which is adjacent to the Company's Tinggong Exploration
Licence, the Nimu area is clearly a mineral rich district with multiple
clusters of copper-molybdenum mineralisation within a relatively tight area."
2008 DRILLING PROGRAMME:
A second round of diamond drilling at the Gangjiang exploration licence area
commenced on 25 May 2008. About 6,000 metres of drilling have been scheduled.
The aim of this year's drilling programme is to find the higher grade zones of
last year's drilled prospects and define an inferred resource. These prospects
are: Guqing represented by holes GJ07 and GJ08, East Nading represented by hole
GJ02, and Gelong represented by holes GJ05 and GJ06.
To date six holes have been completed at the Guqing prospect as listed in Table
1. The seventh hole GJ15, currently being drilled, is located about 900 metres
northwest of the site of holes GJ13/GJ14. To date, copper ("Cu") and molybdenum
("Mo") assays for holes GJ09 and GJ10 have been received. The rest are still
pending.
Table 1. Gangjiang drillhole summary
Hole No. Azimuth (o Dip (o) Collar Depth
) Elevation (m)
(m)
GJ09 270 -60 4,899 373.50
GJ10 90 -60 4,899 543.70
GJ11 268 -60 4,829 220.00
GJ12 90 -60 4,829 304.70
GJ13 269 -60 4,928 325.30
GJ14 90 -60 4,928 303.00
Total Depth (m) 2,070.20
GEOLOGICAL& ASSAY DETAILS:
The Guqing prospect is underlain primarily by main stage quartz monzonite
("QZMZ") intruded by various intra- to late-mineral intrusives such as quartz
monzonite ("PPQM"), rhyodacite, dacite porphyry and andesite porphyry dikes.
Significant copper-molybdenum mineralisation is in zones of moderate to intense
phyllic (sericite-clay) alteration in the QZMZ and PPQM. Mineralisation
consists of chalcopyrite and molybdenite mainly as blebs and fracture fills and
less in quartz veinlets. Pyrite is in very minor amounts and hypogene
chalcocite, sphalerite, and galena are locally abundant in structurally
controlled hydrothermal breccias.
Holes GJ09 and G10 are located at the same drill site as hole GJ08 but drilled
directly due east and due west. Hole GJ08, drilled to the southwest,
intercepted 332.7 metres of 0.26% Cu and 0.04% Mo or 0.62% Cu equivalent from
2.9 to 335.6 metres.
Interpretation of the drill data indicates that the intra-mineral PPQM intruded
and sliced the main stage QZMZ into northeast-southwest trending slivers or
screens. Hole GJ08 drilled parallel to a QZMZ screen while GJ07 is along a PPQM
screen. Both holes GJ09 and GJ10 were drilled across the strike of the screens
but intersected the lower-grade periphery of the higher grade zones in holes
GJ08 and GJ07.
At about 0.10% Cu cut-off, the assay results of the holes GJ09 and GJ10 are
outlined in Table 2.
Table 2. Summary of significant drillhole assay resultsat about 0.1% Cu
Hole No. From (m) To (m) Width (m) % Cu % Mo % Cu Eq1
GJ09 3.70 88.00 84.30 0.22 0.022 0.42
GJ09 314.00 326.00 12.00 0.10 0.038 0.44
GJ10 3.80 101.00 97.20 0.17 0.018 0.33
GJ10 236.00 244.00 8.00 0.13 0.049 0.57
GJ10 374.00 386.00 12.00 0.22 0.004 0.26
GJ10 430.00 444.00 14.00 0.20 0.016 0.34
1%CuEquivalent (% Cu Eq) = % Cu + 9x % Mo assuming metallurgical recoveries for
both Cu and Mo is 100%
Although the Cu results are generally low at
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