10 Jun 2008 07:00
MAGHREB MINERALS PLC
DRILLING RESULTS EXTEND THE DEPOSIT AND INDICATE SUBSTANTIALLY HIGHER ZINC - LEAD GRADES AT BOU JABEUR - GITE DE L'EST, TUNISIA
Maghreb Minerals Plc ("Maghreb" or "the Company"), the AIM-quoted exploration company developing base metal and industrial mineral deposits in Tunisia, is pleased to announce significant zinc and lead assay results from the Company's Phase 2 infill and step out drilling programme at the Gite de l'Est deposit, Bou Jabeur, Tunisia.
Highlights
The assay results from the infill drill holes of the Company's Phase 2 drilling programme demonstrate continuity of mineralisation across critical gaps between the drill holes of the earlier Office National des Mines ("O.N.M.") and Maghreb's Phase 1 verification programme.
The assay results from the step out drill holes of Phase 2 have returned intersections and assays showing that strong zinc - lead mineralisation continues at depth of between 50 metres and 120 metres (m) below the previously known resource.
The deposit remains open to depth and laterally
Significantly, the results show that the deeper mineralised intersections assayed, contain substantially higher grades. MBJ24 has a particularly impressive intersection with sub-massive mineralisation of 46.25m grading 9.12% Zn and 1.72% Pb (10.84% combined zinc + lead) within which are intervals of over 20% combined zinc + lead.
Infill and Step Out Drilling Results
Phase 2 infill and step out drilling is still in progress at Bou Jabeur - Gite de l'Est. To date 21 drill holes (MBJ11 to MBJ31) totalling 8,165m have been completed using three rigs operating continuously between January and June 2008. This Phase 2 work programme was outlined in June/July 2007.
MBJ20 and MBJ24 are infill holes which confirmed the continuity of mineralisation over critical gaps in the previous O.N.M. drill programme. The other drill holes in the series are step out holes systematically testing the deposit laterally and to depth below the previously known resource.
Drill holes MBJ11 through to MBJ24 (except MBJ16) intersected mineralisation, with occasional sub-massive intervals. Two ore-shoots are commonly present, and the average true width for the strongly mineralised zones is estimated at between 10m and 20m. The step out drill holes targeted mineralisation below the previously known O.N.M resource to provide new information and determine extensions in volume and grade for the deposit. The results of drilling to date demonstrate that mineralisation extends from 50m to 120m below the known resource and is still open at depth. The drill holes cover a 500m strike length and the deposit is open laterally, with potential for fault-offset at the north-east end suggested from recent geological modelling. Noteworthy silver mineralisation values appear to accompany the stronger lead mineralisation.
MBJ13 and MBJ15 were drilled to test the mineralisation in Unit 5 on the north-west side of the Bou Jabeur permit where significant adit mining had been undertaken in the past by COMINO. MBJ13 intersected 10m of considerable galena (lead) mineralisation before the drill string stuck. MBJ15 reached 200m and was temporarily stopped to move the rig to higher priority drill locations at Gite de l'Est. Both these drill holes are in the process of being extended.
At Bou Jabeur - Gite de l'Est, MBJ16 did not contain significant mineralisation and may define a local limit to mineralisation having drilled between mineralised lenses. Sampling and assaying is currently in progress for MBJ25 to MBJ31. Of these, drill holes MBJ28 and MBJ30 have intersected substantially deeper mineralisation and will be reported fully in due course. Drill holes MBJ32 and MBJ33 are in progress.
The results of drill holes MBJ11 to MBJ24 are tabled below.
Zinc - Lead Results for MBJ11 to MBJ24
| DRILL HOLE | FROM (m) | TO (m) | INTERVAL (m) | Ag (g/t) | Zn (%) | Pb (%) | COMBINED Zn%+Pb% |
| MBJ11 | 314.00 | 322.90 | 8.90 | 4.56 | 1.29 | 5.85 | |
| Including | 314.00 | 316.20 | 2.20 | 11.15 | 0.66 | 11.81 | |
| 375.85 | 377.60 | 1.75 | 4.58 | 3.05 | 7.63 | ||
| 385.20 | 390.65 | 5.45 | 0.49 | 4.21 | 4.70 | ||
| 441.30 | 446.50 | 5.20 | 4.28 | 1.22 | 5.50 | ||
| MBJ12 | 348.60 | 352.90 | 4.30 | 0.85 | 3.13 | 3.98 | |
| 357.80 | 360.10 | 2.30 | 1.34 | 4.01 | 5.35 | ||
| 368.60 | 369.6 | 1.00 | 2.25 | 1.55 | 3.80 | ||
| 371.60 | 393.45 | 21.85 | 15.60 | 5.51 | 2.62 | 8.13 | |
| including | 375.30 | 380.45 | 5.15 | 9.12 | 4.08 | 13.20 | |
| 382.90 | 386.20 | 3.30 | 7.74 | 6.56 | 14.30 | ||
| 387.20 | 388.35 | 1.15 | 1.35 | 10.27 | 11.62 | ||
| 395.45 | 402.40 | 6.95 | 21.01 | 3.04 | 3.04 | ||
| including | 401.50 | 402.40 | 0.90 | 9.07 | 9.07 | ||
| MBJ14 | 254.10 | 277.40 | 23.30 | 3.75 | 0.95 | 4.70 | |
| including | 254.10 | 267.80 | 13.70 | 3.41 | 0.94 | 4.35 | |
| of which | 262.50 | 265.80 | 3.30 | 6.05 | 1.00 | 7.05 | |
| including | 268.90 | 277.40 | 8.50 | 4.73 | 0.95 | 5.68 | |
| including | 269.90 | 274.10 | 4.20 | 8.20 | 1.06 | 9.26 | |
| 280.80 | 288.60 | 7.80 | 2.64 | 0.39 | 3.03 | ||
| MBJ17 | 256.15 | 273.10 | 16.95 | 7.13 | 1.98 | 9.11 | |
| including | 256.15 | 258.25 | 2.10 | 16.16 | 1.63 | 17.79 | |
| including | 259.45 | 260.45 | 1.00 | 10.50 | 0.90 | 11.40 | |
| including | 263.55 | 268.80 | 5.25 | 13.32 | 0.65 | 13.97 | |
| of which | 263.55 | 264.65 | 1.10 | 18.04 | 1.00 | 19.04 | |
| of which | 267.65 | 268.80 | 1.15 | 21.18 | 1.27 | 22.45 | |
| including | 270.80 | 271.60 | 0.80 | 0.04 | 17.00 | 17.04 | |
| including | 272.30 | 273.10 | 0.80 | 0.78 | 10.26 | 11.04 | |
| MBJ18 | 157.40 | 162.00 | 4.60 | 2.48 | 0.70 | 3.18 | |
| 163.80 | 165.60 | 1.80 | 2.75 | 0.75 | 3.50 | ||
| 171.50 | 176.60 | 5.10 | 0.18 | 2.95 | 3.13 | ||
| including | 173.80 | 175.50 | 1.70 | 0.16 | 4.67 | 4.83 | |
| 177.60 | 179.00 | 1.40 | 0.01 | 5.58 | 5.59 | ||
| 186.40 | 187.90 | 1.50 | 0.63 | 3.21 | 3.84 | ||
| 191.35 | 193.35 | 2.00 | 0.33 | 3.46 | 3.79 | ||
| 194.60 | 196.80 | 2.20 | 2.83 | 3.55 | 6.38 | ||
| 197.90 | 198.80 | 0.90 | 0.18 | 4.36 | 4.54 | ||
| 251.85 | 256.70 | 4.85 | 18.28 | 0.19 | 18.47 | ||
| including | 251.85 | 254.70 | 2.85 | 26.20 | 0.12 | 26.32 | |
| 257.60 | 258.70 | 1.10 | 10.43 | 0.50 | 10.93 | ||
| 260.10 | 261.50 | 1.40 | 2.95 | 1.39 | 4.34 | ||
| 263.90 | 265.55 | 1.65 | 4.19 | 0.39 | 4.58 | ||
| MBJ19 | 298.60 | 300.80 | 2.20 | 1.56 | 1.28 | 2.84 | |
| 303.75 | 312.60 | 8.85 | 5.89 | 1.06 | 6.95 | ||
| including | 303.75 | 307.10 | 3.35 | 10.34 | 1.11 | 11.45 | |
| 316.50 | 320.40 | 3.90 | 0.81 | 1.99 | 2.80 | ||
| 341.40 | 349.50 | 8.10 | 0.97 | 4.63 | 5.60 | ||
| including | 342.50 | 345.80 | 3.30 | 0.90 | 7.95 | 8.85 | |
| 351.50 | 366.60 | 15.10 | 1.08 | 3.00 | 4.08 | ||
| including | 359.20 | 362.20 | 3.00 | 1.63 | 6.50 | 8.13 | |
| 371.60 | 374.90 | 3.30 | 2.51 | 0.02 | 2.53 | ||
| MBJ20 | 144.60 | 172.00 | 27.40 | 3.10 | 2.29 | 5.39 | |
| including | 153.60 | 157.50 | 3.90 | 7.10 | 2.93 | 10.03 | |
| including | 162.65 | 165.85 | 3.20 | 5.05 | 1.81 | 6.86 | |
| 176.80 | 185.90 | 9.10 | 3.19 | 1.38 | 4.57 | ||
| 225.90 | 229.90 | 4.00 | 3.98 | 0.62 | 4.60 | ||
| 241.55 | 243.70 | 2.15 | 4.72 | 0.69 | 5.41 | ||
| MBJ21 | 163.00 | 171.50 | 8.50 | 6.43 | 1.99 | 8.42 | |
| including | 165.00 | 167.45 | 2.45 | 11.84 | 2.36 | 14.20 | |
| including | 168.30 | 169.10 | 0.80 | 16.89 | 3.77 | 20.66 | |
| 175.25 | 176.25 | 1.00 | 2.12 | 4.91 | 7.03 | ||
| 217.90 | 218.90 | 1.00 | 1.27 | 1.82 | 3.09 | ||
| 243.60 | 246.00 | 2.40 | 8.04 | 0.57 | 8.61 | ||
| 289.65 | 294.20 | 4.55 | 3.77 | 0.34 | 4.11 | ||
| 296.65 | 299.25 | 2.60 | 1.17 | 0.22 | 1.39 | ||
| 302.25 | 308.20 | 5.95 | 2.54 | 0.05 | 2.59 | ||
| 358.15 | 360.60 | 2.45 | 0.44 | 4.26 | 4.70 | ||
| 374.40 | 375.60 | 1.20 | 0.04 | 7.40 | 7.44 | ||
| MBJ22 | 300.50 | 303.60 | 3.10 | 10.64 | 1.79 | 12.43 | |
| MBJ23 | 338.50 | 341.20 | 2.70 | 10.18 | 0.94 | 11.12 | |
| MBJ24 | 311.25 | 357.50 | 46.25 | 9.12 | 1.72 | 10.84 | |
| including | 311.25 | 319.35 | 8.10 | 14.14 | 1.45 | 15.59 | |
| of which | 314.35 | 319.35 | 5.00 | 17.18 | 2.05 | 19.23 | |
| including | 331.40 | 341.40 | 10.00 | 15.74 | 1.07 | 16.81 | |
| of which | 337.40 | 341.40 | 4.00 | 22.49 | 1.03 | 23.52 | |
| including | 352.40 | 355.20 | 2.80 | 12.26 | 6.89 | 19.15 | |
Continuing Resource Modelling
The Company has continued to work on its resource model and apply updated lithological coding to define the geological and structural context of the deposit. Based on the O.N.M. drill results the Company's unaudited tonnage for the known deposit envelope was 11.2Mt grading 3.51% combined zinc and lead. The stronger mineralisation was separately coded and indicates the emergence of a continuous high-grade zone of around 3.2Mt grading 7.2% combined zinc plus lead which has yet to be fully delineated. Assay results from all the MBJ series drill core, the latest of which are reported here, together with the zinc data from the re-assayed O.N.M. pulps, will help in this respect.
Resource Estimate Update
The current Phase 2 drilling programme is scheduled to be completed around the end of June 2008. Thereafter, all the data for the Gite de l'Est deposit (new and old) will be assessed and modelled to provide an updated independently audited resource estimate. The original timetable of Q1 2008 was extended to allow the inclusion of new and significantly improved data from the Phase 2 drilling. A fully compliant audited resource estimate will be prepared and published as part of a more detailed scoping study planned for the immediate future.
Gordon Riddler, Chairman, said:
"The results from the Phase 2 drilling to date, provides new information which indicates a significant uplift in the size and grade of the Gite de l'Est zinc, lead, barite, fluorite resource. The Company is now incorporating the data from the re-analyses of O.N.M. core and pulps previously announced together with all the Phase 1 and Phase 2 drill hole series' results as part of a more detailed Scoping Study planned for the immediate future. The work programme on the Gite de l'Est deposit outlined in June/July 2007, has produced exciting results giving the Board increased confidence of a viable mining project. The Scoping Study should go some way to confirming this. The remaining part of the ongoing Phase 2 drilling where sampling and assay results are awaited, has indicated significant deeper mineralisation which adds considerable upside potential to the value of the deposits."
*NOTE FOR EDITORS
A significant increase in both tonnage and grade estimates for the Gite de l'Est deposit is expected when the block model is updated to include Maghreb Minerals' MBJ drilling and the results from the re-assaying of a significant quantity of recently discovered O.N.M. core and pulps and when the geostatistical methodology for the block modelling is optimised.
The Gite de l'Est deposit is still open laterally and at depth.
A 1996 O.N.M. report cited a "resource estimate" (not to JORC standard) of 5.8Mt with a grading of 3.6% Zn, 1.5% Pb, 33.80% BaSO4, and 9.3% CaF2, including possible, probable and certain categories (the latter being 3.4Mt at 3.6% Zn, 1.2% Pb, 10.6% CaF2, 39.2% BaSO4). It is estimated that less than 800,000 tonnes of the deposit has been mined.
The Company reported in December 2007 an audited Inferred Mineral Resource estimate, prepared in accordance with JORC (2004) reporting standards, using only the historical O.N.M. data for Gite de l'Est. At a 1% zinc and lead ("Zn+Pb") cut off grade, the resource contains 8.836Mt grading combined 3.16% Zn and Pb: 2.17% Zn, 0.99% Pb, 5.06% CaF2 and 21.66% BaSO4, and at a 2% Zn + Pb cut off grade, 5.172Mt grading 4.40% combined Zn and Pb: 3.15% Zn. 1.25% Pb, 6.42% CaF2 and 27.76% BaSO4.
Based on the above estimate, the in-situ value of the mineral resource at the 1% Zn + Pb cut off grade is estimated to exceed US$925 million at December 2007 metal prices.
The Company exercised its right to earn a 90% interest in the Bou Jabeur Exploration Permit ("EP") in February 2008. The O.N.M. holds the other 10%. The EP, formerly known as the Bou Jabeur mine concession, covers a significant area of mineralisation including the Gite de l'Est barite-fluorite zinc-lead mine. The earn-in agreement with the O.N.M. signed on 16 January 2007 included a commitment by the Company to spend TND 400,000 over two years on exploration and project evaluation and a report detailing this qualifying expenditure was submitted to the O.N.M. by the Company in November 2007 and accepted.
ENQUIRIES:
Maghreb Minerals Plc Tel: +44 (0) 20 7556 0940
Gordon Riddler, Executive Chairman
Hanson Westhouse Limited Tel: +44 (0) 20 7601 6100
Tim Metcalfe / Anita Ghanekar
Bankside Consultants Tel: +44 (0) 20 7367 8888
Michael Padley / Michael Spriggs
The sources of some of the information in relation to the Bou Jabeur mine were sourced from O.N.M. The Company has not been able to independently verify the accuracy of all of this information.
The technical content of this press release has been reviewed by the Chairman of Maghreb Minerals plc, Gordon Riddler, BSc, MBA, FIMMM, CEng, CSci. who has 40 years of experience in the mining sector and is a Fellow of the Institute of Materials, Minerals and Mining, a recognised professional association.