High Grade Oxide Gold
January 15 2007 - 2:00AM
UK Regulatory
RNS Number:4968P
Leyshon Resources Limited
15 January 2007
15 January, 2007
Leyshon intersects high grade oxide gold mineralisation
at its Zheng Guang project, China
Leyshon Resources Limited ("Leyshon") (ASX & AIM: LRL) today announces
significant oxide results from its highly successful 2006 drill programme to
extend and upgrade resources at the Zheng Guang project in Heilongjiang,
northeast China.
The latest results include a number of broad zones of high grade oxide
mineralisation reported from 364 reverse circulation holes drilled from surface
30 metres into the Main Ore Zone:
ZGR005 4 metres at 5.27 g/t gold and 5 metres at 17.78 g/t gold
ZGR006 13 metres at 4.29 g/t gold
ZGR007 14 metres at 4.16 g/t gold
ZGR013 12 metres at 7.14 g/t gold
ZGR2034 5 metres at 10.13 g/t gold
ZGR2051 10 metres at 7.60 g/t gold
ZGR2097 17 metres at 7.81 g/t gold
ZGR2098 25 metres at 2.14 g/t gold
ZGR2106 13 metres at 7.31 g/t gold
ZGR2123 6 metres at 10.71 g/t gold
ZGR2124 21 metres at 5.25 g/t gold
ZGR2131 5 metres at 25.15 g/t gold
ZGR2159 11 metres at 4.28 g/t gold
ZGR2186 7 metres at 14.30 g/t gold
ZGR3149 24 metres at 2.30 g/t gold
ZGR3054 17 metres at 11.63 g/t gold
These intersections are considered to be significant as they are expected to
generate near surface oxide resources which can be mined and treated at very low
cost in the first few years of the project's life.
The reverse circulation programme comprised 588 thirty metre deep holes,
totalling 16,100 metres of which 364 holes were drilled into the oxide
mineralisation of the Main Ore Zone and 112 holes into each of the exploration
targets at Zheng Guang North and South which are yet to be reported.
The reverse circulation programme was designed to extend and upgrade the
inferred resource estimate of the oxide mineralisation to a higher level of
confidence and test the exploration targets. The final assay results from the 52
hole, 13,000 metre diamond programme and the 588 hole, 16,100 metre reverse
circulation programme are being compiled and will be reported shortly.
A revised resource estimate is currently being prepared and will be reported in
early February.
Managing Director Paul Atherley commenting today said "We are delighted with
these results. Intersecting broad zones of high grade gold mineralisation in the
surface oxide zone is about as good as it gets when you are bringing a project
like Zheng Guang into production."
For further information contact:
Paul Atherley - Managing Director
Tel: +86 137 1800 1914
Mob: +61 417 475 038
http://www.leyshonresources.com
Background Information
Leyshon is rapidly advancing the Zheng Guang gold zinc project to production
status and is aiming to jointly develop it as the first ever Sino Foreign owned
mine in the mineral rich province of Heilongjiang.
Leyshon's partner, the Qiqiha'er Brigade of the Heilongjiang Bureau of Geology
and Mineral Resources, one of the largest organizations of its kind in China, is
providing a range of services to the joint venture from its complement of 4,000
technical staff, drill rigs, laboratory and other technical facilities. This
valuable support is enabling the project to rapidly move ahead on an extremely
cost effective basis.
This year's drill programme is the largest to be undertaken in Heilongjiang in
recent years and comprises over 13,000 metres of diamond drilling and 16,000
metres of reverse circulation drilling and is following up the highly successful
21,000 metres of drilling undertaken in 2004 and 2005.
This year's programme is expected to increase the initial JORC compliant
inferred resource estimate reported in May of this year of 930,000 ounces gold,
64,000 tonnes zinc and 2.6 million ounces silver (equivalent to 1.2 million
ounces of gold based on 1 g/t gold = 1% zinc). The estimate has been made by
resource specialists Hellman and Schofield of Australia and is based on the
results from the 2004 and 2005 programmes.
Leyshon has completed its expenditure requirements to earn its 70% interest and
has recently entered into a 20 year agreement with Qiqiha'er Brigade for the
financing, development and mining of the project.
Leyshon has its main operating office in Beijing and is one of the very few
foreign mining companies with its Chairman, Managing Director and Chief
Operating Officer all based in China.
Significant Assay Results
Drill Hole Number From To Metres Au Ag Zn
(m) (m) (g/t) (g/t) (%)
ZGR005 0 4 4 5.27 11 0.06
incl. 1 2 1 16.00 23 0.05
12 13 1 0.75 2 0.27
17 22 5 17.78 28 0.36
incl. 17 20 3 28.68 44 0.48
ZGR006 0 1 1 0.56 2 0.07
6 19 13 4.29 6 0.18
incl. 11 12 1 19.95 19 0.18
incl. 14 15 1 13.76 10 0.14
ZGR007 0 7 7 0.82 3 0.17
19 33 14 4.16 7 0.39
incl. 20 22 2 11.36 14 0.18
incl. 28 29 1 14.03 23 1.31
ZGR013 0 12 12 7.14 16 0.05
Incl. 7 9 2 30.62 47 0.03
15 16 1 0.44 4 0.74
# 21 25 4 1.78 3 0.06
incl.# 22 23 1 5.71 7 0.01
ZGR2034 0 1 1 1.10 3 0.07
20 25 5 10.13 19 0.11
ZGR2051 21 31 10 7.60 15 0.25
incl 25 29 4 17.37 29 0.12
ZGR2097 0 17 17 7.81 14 0.04
incl. 2 5 3 17.38 31 0.02
incl. 10 13 3 17.08 22 0.01
23 25 2 1.22 7 0.31
ZGR2098 0 25 25 2.14 6 0.11
incl. 5 7 2 9.16 14 0.05
incl. 11 12 1 7.33 15 0.05
incl.# 23 25 2 0.75 3 0.51
ZGR2106 1 14 13 7.31 26 0.23
incl. 4 10 6 17.27 51 0.04
ZGR2123 3 9 6 10.71 16 0.10
incl. 3 7 4 15.50 22 0.10
ZGR2124 1 22 21 5.25 11 0.13
incl. 6 7 1 48.51 46 1.53
ZGR2131 6 7 1 0.74 5 0.11
10 15 5 25.15 26 0.07
incl 11 13 2 60.27 53 0.05
ZGR2159 0 11 11 4.28 25 0.07
incl. 4 6 2 16.35 100 0.07
ZGR2186 5 6 1 0.75 3 0.22
9 18 9 1.12 8 0.07
incl.# 17 18 1 2.51 21 0.61
24 31 7 14.30 41 1.74
ZGR3149 1 25 24 2.30 6 0.73
incl. 7 8 1 5.19 6 0.70
incl. 14 16 2 13.46 28 0.37
ZGR3054 9 26 17 11.63 24 0.32
incl. 20 26 6 28.02 33 0.24
Using a 0.3 g/t Au cut off and no more than 2m of internal waste
* Preliminary Au results using aqua regia digest on AAS determination on 50gm
charge. Results are subject to confirmation by repeat assay from SGS laboratory
in Tianjin, China.
# = logged as sulphide mineralisation
Reverse Circulation Drill Hole Location for Holes Quoted
Drill Hole No. Grid Co-ord N Grid Co-ord E Final Depth (m)
ZGR005 49150 9980 27
ZGR006 49150 9970 25
ZGR007 49150 9985 34
ZGR013 49200 9990 28
ZGR2034 49180 9990 25
ZGR2051 49250 10080 25
ZGR2097 49280 9980 25
ZGR2098 49280 9970 25
ZGR2106 49270 10010 25
ZGR2123 49190 10010 25
ZGR2124 49210 9990 25
ZGR2131 49140 9990 25
ZGR2159 49260 10040 25
ZGR2186 49320 10010 31
ZGR3054 48808 9819 26
ZGR3149 49090 9960 25
*all co-ords are local grid. All holes are vertical.
The information in this report relating to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Mr Malcolm Wilson,
a full time employee of the Company, who is a member of the Australasian
Institute of Mining and Metallurgy.
Mr Wilson has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Wilson consents to the inclusion in the report
of the matters based on his information in the form and context in which it
appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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