Post on 10-Mar-2019
transcript
ASX/RELEASE21April2016ASXcode“RVY”BoardofDirectors:GeoffGilmourManagingDirectorGregCunnoldTechnicalDirectorGraemeClatworthyNon-ExecutiveDirectorAkramAzizNon-ExecutiveDirectorTel+61892210090Fax+61892210095ABN86121985395
FollowRVYonTwitter:@RiftValley_RVY
HIGHLIGHTS• GEOPHYSICALSTUDYCOMPLETED
• DATABASEMIGRATIONANDCONSOLIDATIONCOMPLETED
• RESOURCEEXTENSTIONTARGETSGENERATED• NEWREGIONALHIGHPRIORITYTARGETSIDENTIFIED
Rift Valley Resources Ltd (Rift Valley or the Company) (ASX:RVY) is pleased toannounce that a geophysical interpretation, analysis and modeling study of allprevious exploration work at its 100% owned Miyabi gold project in Tanzania(Figure 1) has been completed. The work was carried out by geophysicalconsultants,TerraResourcesPtyLtdacompanyheadedbyMrBarryBourne.MrBournehasextensiveknowledgeof Tanzaniangold projectsandwaspreviouslyBarrickGold’schiefgeophysicistinTanzania.The aim of the work carried out was to gain greater understanding of thegeophysical response of the mineralisation and host geology. This work hasidentified potential extensions to the existing resources and has generatedadditionaltargetswithintheprojectarea(Figure2).Historical gradient, dipole-dipole and pole-dipole induced polarization (IP)/resistivitywerecombinedwithdetailedairbornemagneticdataand integratedwith the recently migrated and consolidated drilling database by Expedio.Alteration in some of the known mineralisation was shown to have an IPresponse.NewdrillsectionscombinedwithdepthinversionsoftheIP/resistivityandmagneticsformedthebasisofthetargeting(Figure3).TheCompanyhasplanneda19hole,reversecirculation(RC)drillingprogrammeforanapproximate2,885meterstotestinterpretedextensionstothe167,000ozDalafumadiscovery(reportedtoASXon12August2015),aswellastestseveralnew high priority targets within the Miyabi project area. Previously reportedresultsatDalafumainclude:-
MBRC331–18mat12.0g/tfrom46mMBRC349–16mat12.0g/tfrom65mMBRC382–28mat6.8g/tfrom16mMBRC401–27mat3.64from78m including3mat21.7g/tfrom93MBRC421-18mat6.9g/tfrom111m including3m@21.4g/tfrom126m
Managing Director, Mr Geoff Gilmour said, “The work carried out by our team ofDirectorsandConsultantsduring theTanzanianwet seasonhasgiven the companygreaterconfidencethattheMiyabiGoldProjecthasthepotentialtohostfurtherhighgradegoldmineralizationandresources.”
704,000OUNCEMIYABIGOLDPROJECTUPDATE
For
per
sona
l use
onl
y
Figure1Locationmap
Figure2.Totalfieldmagnetics(ReductiontoPole)onfirstverticalderivativegreyscaleimage,with
interpretedIPtrendsandplanneddrilling.
For
per
sona
l use
onl
y
Figure3.Sectionofpreviousdrillingresults,planneddrillholes(PL006,PL016,PL017)andIP
chargeabilityimage.Dalafumaresourceoutline(solidred)andinferredlocationofDalafumaWestmineralisation(dashedred)approximately230mtothenorthwest.
The information in this report that relates toGeophysical ExplorationResults is basedon informationcompiledbyMrBarryBourne,who is employedasaConsultant to theCompany throughgeophysicalconsultancyTerraResourcesPtyLtd.MrBourne isa fellowof theAustralian InstituteofGeoscientistsand amember of the Australian Society of ExplorationGeophysicists and has sufficient experience ofrelevance to the styles ofmineralisation and the types of deposits under consideration, and activitiesundertaken, toqualifyasaCompetentPersonasdefined in the2012Editionof the JointOre reservesCommittee (JORC) Australasian Code for Reporting of Exploration Results,Mineral Resources andOreReserves.MtBourneconsentstotheinclusioninthereportofmattersbasedoninformationintheformandcontextinwhichitappears.AbouttheMiyabiProjectMIYABIPROJECT,TANZANIA(RIFTVALLEY100%)
TheMiyabiGoldProjectislocatedapproximately200kilometressouthwestofthecityofMwanzaintheLakeVictoriaGoldfieldsofwesternTanzania(Figure1).TheProjectcurrentlyhasaJORCCodecompliantresource of 704,000 ounces of goldwith excellent potential to expand this resource through furtherexploration.
TheMiyabipropertycomprisesasinglecoherentblockofProspectingLicencesandProspectingLicenceApplicationstotalling395squarekilometresinareathatcoversthebulkoftheMiyabigreenstonebelt.
MiyabiRegionalGeologicalSetting
TheMiyabi greenstonebelt is a26kilometre longby5 to12kilometrewideareaof soil and lateritecoveredgreenstonemetasedimentssurroundedbygranitoidrocks.Structurally, thebelt isconsideredto represent a hinge zone between the Siga Hills and Nzega greenstone belts, potentially a verysignificantstructure forhostinggoldmineralisation.Both thesegreenstonebeltscontainmulti-millionouncegolddepositswithResolute’sGoldenPridedeposit(2.7millionounces)intheNzegabelttotheeastandBarrack’sGoldenRidgedeposit(2.2millionounces)andResolute’sNykafurudepositintheSigaHillsbelttothenortheast.
For
per
sona
l use
onl
y
MiyabiGoldMineralisation
OutcropintheMiyabigreenstonebeltisverypoorwithwidespreadsoilcoverwhichprobablyaccountsforthelackofhistoricgolddiscoveries.Priorto2000,nodrillingappearstohavebeenundertakeninthebelt. However, the laterite duricrust and associated relatively shallow andmostly residual soil coverpresentanidealmediumforgeochemicalsampling.Nearlyallofthegolddepositsandgoldprospectsdiscovered/delineated todateatMiyabiare located in thenorthwestportionof thegreenstonebelt.They are associated with gold-in-soil anomalies that occur within a major northeast to southwesttrending 7.7 kilometres long by 800 to 1,000metreswide corridor that has been named theMiyabiStructural Corridor (MSC); see Figure 1. Goldmineralisation occurswithin a series of steeply dippingshearzoneswhichformanenechelonpatternwithintheMSC.Individualgoldzonesaretypically400to650metreslongandfrom5toto60metresinwidth.
Thegoldmineralisation ishostedby sheared, silicifiedand sulphidebearingmafic schistsofprobablemeta-sedimentary origin. The auriferous shear zones are typically weathered to depths of 40 to 60metresbutmineralisationextendsalmosttosurfacewithonlyathinveneerofsoilcover.
NewDalafumaGoldZone
38RCholesforatotalof3,813metreshavenowbeencompletedonthenewDalafumagoldzoneonnominal50metrespacedsections.Thedrillinghasdefineda300metre longzoneofcontinuousgoldmineralizationwithseveralverysignificanthighgradeandrelativelywidegoldintersections(Figure4).
Figure4:DalafumaGoldZoneshowingproposedRCDrillholelocations
For
per
sona
l use
onl
y
MiyabiGoldProjectJuly2015MineralResourcesat0.5g/tAuCut-offDeposit
Indicated Inferred Total
Mt g/t Mt g/t Mt g/t Ounces
Dalafuma 0.5 5.4 0.7 3.1 1.3 4.1 166,700Faida 3.3 1.4 2.2 1.2 5.6 1.3 241,100Kilimani 2.7 1.3 1.0 1.4 3.7 1.3 156,700Ngaya 1.7 1.1 1.7 1.1 57,700Shambani 0.5 1.8 1.6 1.0 2.1 1.2 81,300Total 7.1 1.7 7.3 1.4 14.3 1.5 703,500
CompetentPersonStatement TheinformationinthisreportthatrelatestheExplorationResultsandMineralResourcesfortheMiyabigoldprojectisbasedoninformationcompiledbyMrPaulPayne,afulltimeemployeeofPayneGeologicalServicesandaMemberofTheAustralasianInstituteofMiningandMetallurgy.MrPayneisaconsultanttoandashareholderofRiftValleyResourcesandhassufficientexperiencewhichisrelevanttothestyleofmineralisation and type of deposit under consideration and to the activitywhich he is undertaking toqualifyasaCompetentPersonasdefined inthe2012EditionoftheAustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves.MrPayneconsentstotheinclusioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.All informationrelatingtoMineralResourceswaspreparedanddisclosedundertheJORCCode2004.IthasnotbeenupdatedsincetocomplywiththeJORCCode2012onthebasisthattheinformationhasnotmateriallychangedsinceitwaslastupdated.
-ENDS-Forfurtherinformationpleasecontact:GeoffGilmourManagingDirector
RiftValleyResourcesLimitedTel+61892210090Web:www.riftvalleyresources.com.auFollowusonTwitter@RiftValley_RVYinfo@riftvalleyresources.com.au
For
per
sona
l use
onl
y