Atalaya Mining Regulatory News (ATYM)

17 Jan 2007 07:00

EMED Mining Public Limited17 January 2007 AIM: EMED 17 January 2006 INCREASED POTENTIAL FOR MAJOR DISCOVERY IN SLOVAKIA For images associated with this announcement, please click on the followinglink: http://www.rns-pdf.londonstockexchange.com/rns/6341p_-2007-1-16.pdf Highlights • Follow-up drilling has increased the potential for major gold discovery at the Biely Vrch Prospect in the Detva Licence: • Drilling near the discovery drillhole DVE1 (108m at 1.3g/t gold) has intercepted 0.5g/t gold over the entire 220m of drillhole DVE3 and 1.2g/t gold over the entire 252m of drillhole DVE4, including 97m at 1.8g/t gold from 155m downhole to the end of the hole. Both drillholes were mineralised from surface and terminated in gold mineralisation. • Potentially intense gold-rich porphyry copper style mineralisation at depth is indicated by • Gold grades in drillholes DVE1 and DVE4 both increased with depth towards an Induced Polarisation ("IP") anomaly that may be related to the core of a porphyry system; and • Mineralogical study indicates a typical association of gold mineralisation with quartz sulphide stockwork veining containing localised magnetite, chalcopyrite and sulphosalts. EMED Mining Public Limited ("EMED Mining") announces further encouraging drillresults at its Biely Vrch Prospect in the Detva licence in central Slovakia. Drillhole DVE3 was collared 50m to the south of DVE1 and was drilled to the eastat 60 degrees declination to test the immediate southern extensions of thepromising gold mineralisation in DVE1. DVE3 was mineralised throughout andassays averaged 0.5g/t gold to 220m. However, gold and sulphide content weakensat depth away from the prospective IP anomaly to the west. The collar of DVE4 is located 120m east of DVE1 and is angled as a "scissor"drillhole at 60 degrees declination to the west. DVE4 was designed to cut acrossthe northeast trending mineralised zone defined in the three other holes and bysurface geochemistry. The secondary objective of DVE4 was to test the westernextensions of the mineralised zone towards a strong IP anomaly at depth as shownin the cross section below. DVE4 was also mineralised throughout and assays averaged 1.2g/t gold to 252m,including an excellent intersection of 97m of 1.8g/t gold beneath DVE1. Theseassay results show increasing grades within the more intense IP chargeabilitytarget plus localised chalcopyrite mineralisation. In summary, preliminary drilling of this grassroots discovery has confirmedconsistent gold over minimum dimensions of 250m north-south, 125m east-west anddown to at least to 200m depth. Gold grades increase steadily below 75m depthtowards a large inferred sulphide-rich ore system indicated by geophysics. Allholes have terminated in mineralisation with the deeper holes at the maximumcapacity of the diamond drill rig then being used. The low base metal andsulphur values recorded in the earlier holes indicate that the current drillingis peripheral to the inferred intrusive porphyry mineralisation source. There is clear potential for a large, bulk-tonnage +1 million ounce target atthis prospect which is focussed on a small hill surrounded by low magneticterrain along a major northeast-trending regional fault system. The geochemicalanomaly highlighted a zone at surface of approximately 500m by 200m and thetargeted depth has now been established by drilling to exceed 200m. Themineralisation appears localised in a steep westerly dipping, multi-stage,quartz-sulphide vein stockwork in weakly silicified, strongly clay and pyritealtered andesite indicative of the upper levels of a stratovolcano above a majorporphyry copper deposit. EMED Mining's recent IP survey shows the presence of a large chargeabilityanomaly immediately to the west of the current drilling and at depths between50m to 150m. The anomaly is presumed to relate to a more extensive intrusivehosted gold-copper system at depth which will also be the target of planneddeeper drilling in 2007. Drilling will restart on this exciting prospect as soon as weather permits.Exploration aims to test the overall strike extent of the shallow mineralisationand particularly to evaluate the extensive stockwork system at depth and to thewest associated with strong IP anomalism. Given that grades are increasingstrongly towards the base of drillholes DVE1 and DVE4, there may be a structuralfocus at depth to mineralised veins where a high-grade bonanza gold depositcould be expected. For cross section image of Biely Vrch Prospect, please click on the followinglink: The current exploration program for Biely Vrch includes: • Assaying for base metals; • Further mineralogical analysis which has helped to define thegold-pyrite-chalcopyrite association within multi-generation narrow quartz veinsin this porphyry-type system; and • Interpretation of geophysical surveys to optimise targets at depth forthe next stage of drilling. The 200 square kilometre Detva licence area is located in central Slovakia,about 25 km to the east of the major silver mining centre of Stiavnica-Hodrusaalso held under license by EMED. The geology consists of a caldera-grabencomplex in the centre of a large stratovolcano, with widespread propylitic,silic and localised advanced argillic alteration indicating substantialhigh-level hydrothermal activity typically associated epithermal deposits andthe upper levels of porphyry copper deposits in this district. This geologicalsetting is considered analogous to of the Stiavnica-Hodrusa mineral field and isconsidered to be a classic geological setting for the formation of largeporphyry and epithermal gold orebodies. -Ends- Enquiries EMED Mining Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Clare Irvine+357 9945 7843 or +44 20 7710 7400 +44 20 7851 7480 +61 412 369 710www.emed-resources.com www.emed.tv References in this announcement to exploration results and potential have beenapproved for release by Mr Ron Cunneen, B.Sc. (Honours). Mr Cunneen is Head ofExploration for EMED Mining and has more than 20 years' relevant experience inthe field of activity concerned. He is a member of The Australian Institute ofGeoscientists ("AIG") and has consented to the inclusion of the material in theform and context in which it appears. Notes to Editors: About EMED Mining Public Limited EMED listed on AIM in May 2005 following an initial public offering of itsshares. The company is headquartered in Cyprus and has a strong commitment toresponsible development in the region. The Group's region of interest is the Mesozoic to Tertiary age tectonic beltthat winds over 3,000km from Eastern Europe to Iran. The strategy is to evaluateexploration and development opportunities in several jurisdictions throughoutthis quality mineral belt and to promote sustainable development practicesthrough implementation of EU and other leading-edge international standards.EMED recently co-hosted with the Green Party of Cyprus an internationalconference on Responsible Mining and Environmental Management. EMED has, fromthe outset, strictly implemented its Environmental & Community Policy whichincludes: • Integrating environmental management into our business, planning andreporting processes. • Promoting a strong environmental ethic throughout the company and thecommunity. • Complying with, as a minimum, all applicable local and EU laws andregulations. • Communicating with community stakeholders in a responsible andtransparent manner. EMED has now established a strong position in the following zones within itsarea of interest: • Cyprus/Middle East exploration is centred on the Troodos ophiolitecomplex. The targeted mineralisation style is volcanic-hosted massive sulphidecopper deposits under shallow cover, similar to the larger Cyprus copper mines -three of which exceeded 10 million tonnes of ore, at grades between 1% and 4.5%.EMED is completing a preliminary feasibility study on mining copper-zincresources in the Klirou District and 7 target areas are being explored foradditional mineable deposits. • Slovakia/Eastern Europe exploration areas are centred on a cluster ofvolcanic centres in Slovakia and Romania. Low-detection geochemical methods arebeing applied to these areas for the first time together with open pit bulkmining concepts. The targeted mineralisation styles are high-grade epithermalgold, or bulk-mineable epithermal gold and porphyry copper-gold. The companyannounced on 23 October 2006 a gold discovery at Biely Vrch in Slovakia. • Georgia/Caucasus exploration areas form a cluster of gold prospectscentred in Georgia. EMED Mining's main prospects are within the Upper RachaLicence with reserves and resources (Russian classification) of 2.4 millionounces of gold. A progress report will issue shortly to report the recentlyreceived assays on approximately 900 samples from the Company's first fieldprogram, and. • Turkey/Bulgaria exploration areas were vended into 39% owned KEFIMinerals Plc which was admitted to AIM in December 2006. KEFI is owns twoclusters of tenements in Turkey and the Lehovo tenement in Bulgaria, as well asan extensive database of regional exploration data providing a pipeline offurther projects. For further information on the Company's activities, visit www.emed-mining.comor www.emed.tv This information is provided by RNS The company news service from the London Stock Exchange