Shashoba Drilling Results
June 26 2006 - 3:02AM
UK Regulatory
RNS Number:0894F
Gippsland Limited
26 June 2006
26 June 2006
Gippsland Limited ("Gippsland" or the "Company")
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SHASHOBA Au DRILLING RESULTS (28 characters including spaces)
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First pass drilling at Shashoba in Wadi Allaqi return significant gold
intersections
* 32m @ 2.2g/t gold including 16m @ 4.4g/t gold
* 48m @ 1.93g/t gold
* 50m wide mineralised zone delineated
* Historical workings identified over strike length of 2.2km
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Gippsland (ASX & AIM: GIP) today announces the results (Appendix A) of the first
32 holes of a 1,636m reverse circulation (RC) drilling programme completed
during May 2006 at the Shashoba gold prospect at Wadi Allaqi, Egypt.
The Shashoba drilling programme was designed to test historical gold workings
and some anomalies delineated during a previous geochemical survey completed by
the Company. The historical workings are located along the margins of a 250m
wide, northerly trending shear zone.
The best results were recorded from the south side of a hill adjacent to
historical workings located on the eastern side of the shear zone. Hole SRC006
intersected 32m at 2.2g/t Au from 16m. The intersection included 16m at 4.4g/t
from 16m. Hole SRC007 drilled 30m to the southwest intersected a 48m wide zone
of mineralisation at 1.93g/t from 12m. Hole SRC008, located 25m southwest of
hole SRC007, intersected 4m at 1.33g/t Au. The three holes intersected a zone
of mineralisation (>0.5gt Au) approximately 50m wide which has yet to be tested
to the north.
A line of widely spaced shallow holes located 75m to the southeast of holes
SRC006 & 7 tested an area of colluvium overlying a hard silcrete layer. The
best intersections included 8m at 1.06g/t from 4m in SRC017 and 12m at 0.46g/t
from 4m in hole SRC018. These intersections are particularly significant as
they confirm the presence of mineralisation to the south of the historical
workings in an area devoid of any previous workings. The drilling results
correspond with a geochemical anomaly identified during a previous regolith
survey by the Company that extends for a further 300m to the south.
Hole SRC012 drilled 100m to the north of holes SRC006 & 7 intersected 24m at
0.26g/t Au. The results represent footwall mineralisation as the hole did not
extend to sufficient depth to intersect the old workings.
Hole SRC014 tested some isolated old workings 500m to the northeast and
intersected 20m at 0.94g/t from 8m with a best intersection of 4m at 3.07g/t Au.
Geological mapping has located historical workings over a distance of 1.9km to
the north which combined with the 300m geochemical anomaly to the south gives a
total strike length of 2.2km of potentially mineralised shear.
Gippsland Executive Chairman Jack Telford stated "The preliminary drilling
results from Shashoba are most encouraging particularly as they are of a first
pass reconnaissance nature. Additional drilling is planned to test a number of
high priority targets identified as a result of the recent drilling programme.
While the evaluation of Shashoba is at an early stage, the area clearly has
considerable potential as we are looking at a gold mineralised zone having a
strike length of 2.2km which is open at each end".
The Shashoba is located and 6km to the south-east of the Seiga where the Company
has delineated significant gold mineralisation over a strike length of 800m (see
announcement dated 19 June 2006).
GEOLOGICAL GRAPHICS associated with these Shashoba results may be viewed in the
INVESTOR RELATIONS section of the Gippsland website.
RJ (Jack) Telford
Executive Chairman
For further information please contact:
Jack Telford
Gippsland Limited
www.gippslandltd.com
Tel: +61 (0)8 93898611
jtelford@gippslandltd.com
Les Polden / Luke Cairns
Hoodless Brennan Plc
Tel: +44 (0)20 7538 1166
L.Polden@HBcorporate.com
L.Cairns@HBcorporate.com
Laurence Read / Leesa Peters
Conduit PR
Tel: +44 (0)20 7429 6600
leesa@conduitpr.com
laurence@conduitpr.com
Note: In accordance with Listing Rule 5.6 of the Australian Stock Exchange
Limited, the geological information in this report that relates to Exploration
Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John
Chisholm, a Fellow of The Australasian Institute of Mining and Metallurgy. Dr
Chisholm who is an Executive Director of Gippsland Limited with over 25 years
experience in the mineral industry including the evaluation of exploration data,
mineral resources and ore reserves, has consented to the issue of the
information in this report in the form and context in which it appears.
APPENDIX A
The 4m composite samples were analysed by Genalysis Laboratory Services in Perth
by Atomic Absorption Spectrometer (AAS). Samples containing greater than 1g/t
Au were re-analysed by Fire Assay (FA).
Table 1: Shashoba prospect - collar specifications for holes containing
significant gold values
Hole Easting Northing Azimuth Dip Depth (m)
SRC006 621899 2491399 50 -51 60
SRC007 621876 2491383 50 -54 60
SRC008 621862 2491373 50 -55 48
SRC012 621857 2491470 60 -60 81
SRC014 621965 2491907 300 -55 60
SRC017 621862 2491292 245 -57 21
SRC018 621891 2491304 240 -60 21
Table 2: Assay results for portions of drill holes containing significant or
best results
Hole From (m) To (m) Au (AAS) Au (FA) Au (FA) rpt
SRC006 0 4 0.21
SRC006 4 8 0.01
SRC006 8 12 0.16
SRC006 12 16 0.05
SRC006 16 20 6.65 4.81 8.45
SRC006 20 24 0.71
SRC006 24 28 0.53
SRC006 28 32 4.03 6.33 5.63
SRC006 32 36 1.26 1.87
SRC006 36 40 0.25
SRC006 40 44 0.98
SRC006 44 48 0.66
SRC006 48 52 bld
SRC006 52 56 bld
SRC006 56 60 0.01
SRC007 0 4 0.41
SRC007 4 8 0.09
SRC007 8 12 0.06
SRC007 12 16 1.20 1.19
SRC007 16 20 0.04
SRC007 20 24 0.31
SRC007 24 28 2.97 3.14
SRC007 28 32 0.21
SRC007 32 36 0.47
SRC007 36 40 1.50 1.02
SRC007 40 44 0.02
SRC007 44 48 0.02
SRC007 48 52 0.05
SRC007 52 56 bld
SRC007 56 60 14.80 16.63
SRC008 32 6 0.02
SRC008 36 40 0.49
SRC008 40 44 1.26 1.33
SRC008 44 48 0.28
SRC012 0 4 0.52
SRC012 4 8 0.19
SRC012 8 12 0.43
SRC012 12 16 0.03
SRC012 16 20 0.12
SRC012 20 24 0.24
SRC012 24 28 0.01
SRC012 28 32 0.01
SRC014 0 4 0.98 0.53 0.39
SRC014 4 8 0.06
SRC014 8 12 0.76 0.92
SRC014 12 16 4.51 2.71 3.44
SRC014 16 20 0.05
SRC014 20 24 0.13
SRC014 24 28 0.56
SRC014 28 32 0.04
SRC014 32 36 0.01
SRC014 36 40 0.05
SRC014 40 44 0.80
SRC014 44 48 0.14
SRC017 0 4 0.07
SRC017 4 8 0.31
SRC017 8 12 1.38 1.81
SRC017 12 16 0.03
SRC017 16 21 0.02
SRC018 1 4 0.08
SRC018 4 8 1.61 0.4 0.52
SRC018 8 12 0.27
SRC018 12 16 0.30
SRC018 16 21 0.27
bld = below detectable limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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