Mineralised zones confirmed at Penfold Project

24 October 2007 | 06:09 Code : 15753 Geoscience events
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Australian gold company Dioro Exploration has secured further encouraging.....

  Australian gold company Dioro Exploration has secured further encouraging drill results that extend the zone of gold mineralisation at the Colnago Prospect, within the company’s Penfold Project, in the goldfields region of Western Australia.Dioro has completed a 3456m reverse circulation drilling program at the Colnago Prospect, which was designed to follow up high-grade bottom of hole aircore intercepts, including 1m@106g/t from a drilling program undertaken at the project in late 2006. Best results from the RC drilling program include 11m @ 2.52 g/t Au, 2m @ 9.04 g/t Au and 3m @ 7.45 g/t Au.The reverse circulation drilling results indicate the mineralisation at Colnago is hosted by multiple lodes associated with a newly identified structure. Mineralisation has been identified throughout the entire strike of the reverse circulation drilling, which equates to more than 500m in strike length. The Penfold Project is a highly prospective, under explored, 480sqkm package located between Kalgoorlie, Coolgardie and Kambalda. The package is prospective for both gold and nickel and has 269,000 ounces of existing resources at an average grade of 2.2g/t Au. The package includes in excess of 80km of strike of gold bearing shear zones, including the Zuleika shear, which hosts the Frog’s Leg gold deposit. Dioro Exploration’s Managing Director, Rhod Grivas said the drilling results demonstrated the mineralised lodes at Colnago remained open in all directions, which indicated the potential for the discovery of new mineralisation structures within the Penfold Project. “The areas of mineralisation confirmed in this drilling program are considered highly significant, so we plan to undertake further aggressive drilling programs to gain a better understanding of the mineralised structures within the project area,” Mr Grivas said.“We have a firm belief that under explored areas of the goldfields, such as the Colnago prospect, have the potential for the discovery of potentially very significant gold deposits, and so we remain focused on exploring these prospects while progressing towards gold production in 2008.”

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