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30.11.2010
Bass Metals Ltd.: HIGH GRADE INTERCEPT EXTENDS FOSSEY EAST DISCOVERY
Bass Metals Ltd.: HIGH GRADE INTERCEPT EXTENDS FOSSEY EAST DISCOVERY
• 15 metres at 7.4 % zinc, 4 % lead, 0.5% copper, 76 g/t silver and 2.8 g/t gold
• Fossey East now defined over 100 metres strike extent and open down-dip and to the south
• In close proximity to Fossey Mine infrastructure currently in development
Diversified miner, Bass Metals Ltd (ASX:BSM) (“Bass” or “the Company”) has extended the along-strike extent of the new Fossey East discovery to 100 metres with the latest intercept of 15 metres at 7.4 % zinc, 4.0 % lead, 0.5 % copper, 76 g/t silver and 2.8 g/t gold as summarised in Table 1.
Diamond drill hole HLD1019 was designed to test the down-dip and southern continuity to the previously reported high-grade intercept in HLD1015 as illustrated in the schematic long section in Figure 1: http://www.irw-press.com/dokumente/BSM_301110_EN.pdf. A wide, 19.4 metre zone of barite, containing the base metal sulphide zone reported above was intersected (refer Figure 2: http://www.irw-press.com/dokumente/BSM_301110_EN.pdf) and appears continuous with the intercepts of alteration and mineralisation 50 metres north, on drill section 10,150mN (refer Figure 3: http://www.irw-press.com/dokumente/BSM_301110_EN.pdf).
Two other drill-holes were completed as part of this programme; HLD1017 and HLD1018 focussed on testing for mineralisation in the path of the proposed Fossey Decline diversion around Fossey East. These have defined the up-dip and northern extent of the Fossey East mineralisation, with no significant mineralisation being intersected.
The high-grade base and precious metals intersected in three diamond drill holes along a 100 metres strike extent is interpreted as the “top” of a new alteration / massive base metal sulphide lens zone, similar to the Fossey Deposit. The mineralised zone occurs 50 metres to the east of the planned Fossey mine development and within 15 metres of the Fossey decline; which is currently under development. This new mineralised zone is open down-dip and to the south with no previous drilling.
“This is a very exciting growth opportunity for the Hellyer Mine Project to extend or increase production of zinc, lead and copper-precious metals concentrates if further drilling confirms the down-dip expansion and continuity of the high-grade massive base metal sulphide zone,” said Bass’ Managing Director, Mr Mike Rosenstreich.
Given the close proximity to the Fossey decline, Bass is hopeful of achieving some economic benefit from this discovery. A drilling program is ongoing to test the down-dip potential and further results will be reported when assays are available.
“From an explorationist's perspective this is a very exciting find – as it is geologically unexpected and opens up the potential of the entire alteration zone which hosts the Fossey and Fossey East Lens,” added Mr Rosenstreich.
Contact
Mike Rosenstreich
Managing Director – Bass Metals Ltd
Tel: (+61-8) 6315 1300
Media
David Brook
Professional Public Relations
Mob: (+61) (0) 415 096 804
Table 1: Fossey East Assay Summary:
http://www.irw-press.com/dokumente/BSM_301110_EN.pdf
Table 2: Drill hole details:
http://www.irw-press.com/dokumente/BSM_301110_EN.pdf
Competent Person
The information within this report that relates to exploration results is based on information compiled by Mr Kim Denwer and Mr Mike Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of this information in the form and context in which it appears in this report.
About Bass Metals Ltd (ASX: BSM)
Bass Metals Ltd is a growth focussed and profitable Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mount Read Volcanic mineral belt in northwest Tasmania.
Listing in 2005, Bass delivered its maiden profit in 2008 from its profitable base metals production hub at Que River in Tasmania, which has generated $25 million in cash flow over the last two years.
The Company’s larger transformational Hellyer Mine Project is on track to commence production toward the end of 2010. With an initial through-put rate of 400,000 tonnes per annum (tpa), the 1.5 million tpa capacity Hellyer Mill will produce 53,000 tpa of zinc concentrate, 27,000 tpa of lead concentrates and 4,500 tpa of copper—silver-gold concentrates.
The Company also has an active and successful exploration programme and initiatives underway to generate cash by processing remnant ore from the Hellyer mine
Que River ore is currently sold to the nearby Rosebery Plant under an Ore Sales Agreement with the plant’s owner/operator, MMG Australia. In January 2010 the Bass signed a committed off-take contract with leading global multi-metals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.
Attachment 1: Checklist of Assessment and Reporting Criteria- Exploration drill results – Fossey East:
http://www.irw-press.com/dokumente/BSM_A_301110.pdf
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• 15 metres at 7.4 % zinc, 4 % lead, 0.5% copper, 76 g/t silver and 2.8 g/t gold
• Fossey East now defined over 100 metres strike extent and open down-dip and to the south
• In close proximity to Fossey Mine infrastructure currently in development
Diversified miner, Bass Metals Ltd (ASX:BSM) (“Bass” or “the Company”) has extended the along-strike extent of the new Fossey East discovery to 100 metres with the latest intercept of 15 metres at 7.4 % zinc, 4.0 % lead, 0.5 % copper, 76 g/t silver and 2.8 g/t gold as summarised in Table 1.
Diamond drill hole HLD1019 was designed to test the down-dip and southern continuity to the previously reported high-grade intercept in HLD1015 as illustrated in the schematic long section in Figure 1: http://www.irw-press.com/dokumente/BSM_301110_EN.pdf. A wide, 19.4 metre zone of barite, containing the base metal sulphide zone reported above was intersected (refer Figure 2: http://www.irw-press.com/dokumente/BSM_301110_EN.pdf) and appears continuous with the intercepts of alteration and mineralisation 50 metres north, on drill section 10,150mN (refer Figure 3: http://www.irw-press.com/dokumente/BSM_301110_EN.pdf).
Two other drill-holes were completed as part of this programme; HLD1017 and HLD1018 focussed on testing for mineralisation in the path of the proposed Fossey Decline diversion around Fossey East. These have defined the up-dip and northern extent of the Fossey East mineralisation, with no significant mineralisation being intersected.
The high-grade base and precious metals intersected in three diamond drill holes along a 100 metres strike extent is interpreted as the “top” of a new alteration / massive base metal sulphide lens zone, similar to the Fossey Deposit. The mineralised zone occurs 50 metres to the east of the planned Fossey mine development and within 15 metres of the Fossey decline; which is currently under development. This new mineralised zone is open down-dip and to the south with no previous drilling.
“This is a very exciting growth opportunity for the Hellyer Mine Project to extend or increase production of zinc, lead and copper-precious metals concentrates if further drilling confirms the down-dip expansion and continuity of the high-grade massive base metal sulphide zone,” said Bass’ Managing Director, Mr Mike Rosenstreich.
Given the close proximity to the Fossey decline, Bass is hopeful of achieving some economic benefit from this discovery. A drilling program is ongoing to test the down-dip potential and further results will be reported when assays are available.
“From an explorationist's perspective this is a very exciting find – as it is geologically unexpected and opens up the potential of the entire alteration zone which hosts the Fossey and Fossey East Lens,” added Mr Rosenstreich.
Contact
Mike Rosenstreich
Managing Director – Bass Metals Ltd
Tel: (+61-8) 6315 1300
Media
David Brook
Professional Public Relations
Mob: (+61) (0) 415 096 804
Table 1: Fossey East Assay Summary:
http://www.irw-press.com/dokumente/BSM_301110_EN.pdf
Table 2: Drill hole details:
http://www.irw-press.com/dokumente/BSM_301110_EN.pdf
Competent Person
The information within this report that relates to exploration results is based on information compiled by Mr Kim Denwer and Mr Mike Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of this information in the form and context in which it appears in this report.
About Bass Metals Ltd (ASX: BSM)
Bass Metals Ltd is a growth focussed and profitable Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mount Read Volcanic mineral belt in northwest Tasmania.
Listing in 2005, Bass delivered its maiden profit in 2008 from its profitable base metals production hub at Que River in Tasmania, which has generated $25 million in cash flow over the last two years.
The Company’s larger transformational Hellyer Mine Project is on track to commence production toward the end of 2010. With an initial through-put rate of 400,000 tonnes per annum (tpa), the 1.5 million tpa capacity Hellyer Mill will produce 53,000 tpa of zinc concentrate, 27,000 tpa of lead concentrates and 4,500 tpa of copper—silver-gold concentrates.
The Company also has an active and successful exploration programme and initiatives underway to generate cash by processing remnant ore from the Hellyer mine
Que River ore is currently sold to the nearby Rosebery Plant under an Ore Sales Agreement with the plant’s owner/operator, MMG Australia. In January 2010 the Bass signed a committed off-take contract with leading global multi-metals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.
Attachment 1: Checklist of Assessment and Reporting Criteria- Exploration drill results – Fossey East:
http://www.irw-press.com/dokumente/BSM_A_301110.pdf
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=AU000000BSM8">http://www.irw-press.com/alert_subscription.php?lang=en&isin=AU000000BSM8</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.