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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Minerva Res | LSE:MVA | London | Ordinary Share | GB0033826206 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.70 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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Drilling Report: Exploration Update - Tulu Kapi Gold Project,
Ethiopia
AIM Release
1 September 2008
Minerva Resources Plc (AIM:MVA)
('Minerva Resources' or 'the Company')
Exploration Update - Tulu Kapi Gold Project, Ethiopia
Highlights
* Results from an additional two holes of a 22 hole diamond drill
programme at the Tulu Kapi Gold Project have confirmed
significant depth and strike extensions of high grade gold
mineralisation and the presence of additional hydrothermally
altered zones
* Significant intersection results include 3.5m @ 13.0g/t Au
(including 1.0m @ 19.2g/t Au and 0.5m @ 15.3g/t Au ), 6.04m @
5.0g/t Au (with 1.2m @ 6.7g/t Au), 5.9m @ 3.7g/t Au (with 0.9m @
5.6g/t Au and 1.0m @ 7.0g/t Au), 0.8m @ 6.4g/t Au and 2.0m @
5.0g/t Au
* Further drilling results expected to be announced later this
month
Terry Ward, Managing Director, commented today, "The additional assay
results verify the continuation of the multiple mineralised
intersections with high grade values. They also support the presence
of a widely mineralised system at the Tulu Kapi project.
The assay results from the remaining holes at Tulu Kapi and the
drilling at the Dina, Gudeya-Guji and Guji prospects are expected
later this month.
We are proceeding to investigate the potential for these prospects to
be combined with the Tulu Kapi Project in the establishment of a 'one
treatment plant - multiple feed sources scenario'".
Tulu Kapi Prospect (100% Minerva Resources)
Minerva Resources has completed an initial 22 diamond drill holes at
its Tulu Kapi gold project in western Ethiopia on a 600m section
encompassing a large gold zone delineated by numerous 1930s mine
workings and more recent exploration activity at its Tulu Kapi gold
prospect in western Ethiopia.
Additional assay results from holes 18 and 20 have been received and
are shown in Appendix A, together with previously announced results
from holes 1 to 17. The results of the remaining holes are expected
to be received by the company over the forthcoming months. The delays
are due to the excessive demand on the assay laboratories.
The holes have been drilled, 40m apart, on fence lines at intervals
of 80m along a 600m length of the strike of the deposit on a
north-west/south-east direction. The aim was to examine the depth and
strike continuity and the grades of the altered zones, identified
from an earlier preliminary drill programme.
The deposit is located on the flanks and centre of a large hill,
rising from an elevation of 1,640m at its base to 1,770m at its peak.
A UNDP borehole, drilled in the 1970's, intersected 0.7m @ 27.0g/t
Au, 650m to the north east of the most northern fence line drilled by
Minerva Resources to-date, demonstrating the project's continued
strike potential.
Qualified Person
The information in this release which relates to exploration results
is based on information compiled by Chris Wilson, BSc(Hons), PhD,
FAusIMM (CP), FSEG. Dr.Wilson is a consultant to Minerva Resources
and has provided Best Practice and QA/QC training resources to the
Company's geologists in Ethiopia. He is auditing the current drill
programme and is responsible for signing off exploration results for
news releases to the market. Dr. Wilson is a Competent Person as
defined in the Australian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves and has reviewed and approved this
release.
For further information please contact:
Terry Ward
Minerva Resources plc
Tel: +44 (0)20 73795012 / (0) 7989571576
terry.ward@minervaresources.com
web: www.minervaresources.com
Jane Stacey / Fiona Hyland
Conduit PR
Tel: +44 (0)20 74296606 / (0)7922923306
jane@conduitpr.com
James Joyce / Sarang Shah
W. H. Ireland
Tel: +44 (0)20 72201666
james.joyce@wh-ireland.co.uk
Appendix A
+-------------------------------------------------------------------+
| Tulu Kapi - Significant |
| Intersections |
|-------------------------------------------------------------------|
| Hole Number | From | To (m) | Length | Au | Comments |
| | (m) | | (m) | (g/t) | |
|-------------+---------+--------+---------+--------+---------------|
| TKBH 01 | 10.3 | 20.3 | 10.0 | 2.1 | |
|-------------+---------+--------+---------+--------+---------------|
| TKBH 02 | 137.3 | 143.0 | 5.7 | 2.9 | |
|-------------+---------+--------+---------+--------+---------------|
| | 147.9 | 153.9 | 6.0 | 1.9 | |
|-------------+---------+--------+---------+--------+---------------|
| TKBH 04 | 46.4 | 84.3 | 37.9 | 4.6 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | With 157g/t |
| | 46.4 | 84.3 | 37.9 | 1.6 | Au cut to |
| | | | | | 31.1g/t Au |
|-------------------------------------------------------------------|
| Including several 0.3m to 1.1m intersections with grades ranging |
| from 2.1 to 4.2g/t Au |
|-------------------------------------------------------------------|
| | | | | | Including |
| TKBH 05 | 36.7 | 41.9 | 5.2 | 2.7 | 3.0m @ 3.7g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 71.8 | 75.7 | 3.9 | 2.9 | 1.1m @ 6.9g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 06 | 146.7 | 160.8 | 14.1 | 2.7 | 5.0m @ 6.3g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 07 | 53.5 | 62.3 | 8.8 | 2.2 | 5.0m @ 4.9g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 95.8 | 96.7 | 0.9 | 2.3 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 112.2 | 117.1 | 4.9 | 2.9 | 1.2m @ |
| | | | | | 10.4g/t Au |
|-------------+---------+--------+---------+--------+---------------|
| | 121.8 | 122.8 | 1.0 | 2.3 | |
|-------------+---------+--------+---------+--------+---------------|
| | 157.0 | 157.6 | 0.6 | 13.8 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 08 | 64.9 | 80.6 | 15.7 | 2.7 | 6.9m @ 4.5g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 87.8 | 98.8 | 11.0 | 2.0 | 6.8m @ 2.6g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 107.0 | 111.1 | 4.1 | 5.8 | 2.1m @ |
| | | | | | 10.5g/t Au |
|-------------+---------+--------+---------+--------+---------------|
| | 221.5 | 227.0 | 5.5 | 5.0 | |
|-------------+---------+--------+---------+--------+---------------|
| | 231.5 | 234.0 | 2.5 | 3.8 | |
|-------------+---------+--------+---------+--------+---------------|
| | 239.0 | 244.3 | 5.3 | 2.1 | |
|-------------+---------+--------+---------+--------+---------------|
| TKBH 09 | 75.3 | 76.5 | 1.2 | 5.8 | |
|-------------+---------+--------+---------+--------+---------------|
| | 118.5 | 122.0 | 3.5 | 2.6 | |
|-------------+---------+--------+---------+--------+---------------|
| TKBH 10 | 16.4 | 18.6 | 2.2 | 2.0 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 28.0 | 48.7 | 20.7 | 4.8 | 5.3m @ |
| | | | | | 13.2g/t Au |
| | | | | | and |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | 3.0m @ 5.3g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 68.9 | 75.2 | 11.3 | 1.9 | |
|-------------+---------+--------+---------+--------+---------------|
| | 201.0 | 203.8 | 2.8 | 9.3 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 11 | 16.0 | 32.0 | 16.0 | 1.7 | 4.7m @ 3.1g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 55.0 | 56.1 | 1.1 | 18.0 | |
|-------------+---------+--------+---------+--------+---------------|
| | 162.0 | 165.3 | 3.3 | 2.5 | |
|-------------+---------+--------+---------+--------+---------------|
| | 185.0 | 186.7 | 1.7 | 4.6 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 12 | 0.5 | 19.0 | 18.5 | 4.3 | 9.6m @ 5.7g/t |
| | | | | | Au and |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | 3.1m @ 6.1g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 56.6 | 68.4 | 11.8 | 4.6 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 13 | 49.7 | 57.7 | 8.0 | 1.9 | 4.4m @ 3.2g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 63.0 | 69.0 | 6.0 | 1.7 | 1.9m @ 4.5g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 14 | 59.0 | 63.0 | 4.0 | 10.2 | 1.0m @ |
| | | | | | 37.2g/t Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 93.8 | 98.2 | 4.4 | 2.9 | 1.2m @ |
| | | | | | 8.85g/t Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 160.6 | 164.6 | 4.0 | 5.0 | 1.1m @ |
| | | | | | 14.8g/t Au |
|-------------+---------+--------+---------+--------+---------------|
| TKBH 15 | 35.4 | 36.0 | 0.6 | 11.2 | |
|-------------+---------+--------+---------+--------+---------------|
| | 103.5 | 104.5 | 1.0 | 3.4 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH 17 | 2.0 | 6.3 | 4.3 | 2.2 | 1.3m @ 6.3g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 58.7 | 62.9 | 4.2 | 2.5 | 1.0m @ 6.3g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 67.0 | 68.0 | 1.0 | 5.8 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 137.0 | 140.0 | 3.0 | 5.1 | 1.0m @ |
| | | | | | 12.2g/t Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| TKBH18* | 39.0 | 45.0 | 6.0 | 4.0 | 1.2m @ 6.7g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| TKBH20* | 0.0 | 1.7 | 1.7 | 2.2 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 52.0 | 55.0 | 3.0 | 2.6 | 1.0m @ 4.1g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 59.1 | 65.0 | 5.9 | 3.7 | 0.9m @ 5.6g/t |
| | | | | | Au and |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | 1.0m @ 7.0g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 94.1 | 95.0 | 0.9 | 2.6 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 96.0 | 98.0 | 2.0 | 3.3 | 1.0m @ 5.0g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 99.0 | 100.0 | 1.0 | 2.4 | |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | Including |
| | 201.0 | 204.5 | 3.5 | 13.0 | 1.0m @19.2g/t |
| | | | | | Au and |
|-------------+---------+--------+---------+--------+---------------|
| | | | | | 0.5 @ 15.3g/t |
| | | | | | Au |
|-------------+---------+--------+---------+--------+---------------|
| | 215.2 | 216.0 | 0.8 | 6.4 | |
|-------------+---------+--------+---------+--------+---------------|
| | 245.0 | 247.0 | 2.0 | 5.0 | |
+-------------------------------------------------------------------+
* indicates the latest assay results. The other results have been
announced previously and are presented here for completeness of
reporting.
Notes to Editors
Minerva Resources plc is a UK based mineral exploration and
development company quoted on London's Alternative Investment Market
(AIM:MVA). The Company is intent on delivering shareholder value by
increasing and developing its mineral resources in a socially and
environmentally responsible manner.
The main focus is resource development in Ethiopia where the Company
has first-mover advantage on prospective ground on the Arabian-Nubian
shield. Key projects include the gold resources at the Tulu Kapi,
Gudeya-Guji, Guji and Dina Prospects and the Yubdo Platinum Mine,
located in western Ethiopia, some 560km west of Addis Ababa.
Tulu Kapi was mined in the 1930s by an Italian company. In the 1970s,
the United Nations Development Programme (UNDP) mapped and drilled
Tulu Kapi. Tan Range Exploration carried out soil sampling and
further mapping and drilling in the 1990s. These two phases of work
confirmed mineralisation extending over a strike length of 1.5km. The
project is undergoing resource drilling on a 600m section at present,
after encouraging Minerva Resources ground mapping, data
reinterpretation and excellent scout drilling results.
Drilling programmes are also underway at the Gudeya-Guji, Guji and
Dina gold prospects, which are located in close proximity to Tulu
Kapi. The drilling has shown mineralised intersections on all three
prospects.
The results from the drilling on Tulu Kapi and the satellite
prospects and their close proximity point towards a new gold province
with the potential for the establishment of a 'one treatment plant
- -multiple feed scenario'.
The Company is examining the potential to expand the small scale
platinum production operations at Yubdo, some 25km from the Tulu Kapi
Project. A pilot gravity recovery plant has been installed, a
metallurgical research programme has been initiated and further
exploration activities have commenced on the 9km by 1.5km surface
expression of the orebody.
In Sierra Leone, the Company holds gold, platinum and diamond
exploration licences, which will for the most part continue to be
developed by existing Joint Venture partners.
- ---END OF MESSAGE---
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