Company Announcement: Mount Peake Resource Drilling Update
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Australian resources company TNG Limited is pleased to advise that recent resource drilling at its flagship Mount Peake Vanadium-Titanium- Iron Project in the Northern Territory has continued to reinforce the Project’s development potential, returning strong, consistent mineralised intercepts both within and around the existing resource area. TNG completed a program of Reverse Circulation (RC) drilling during the December 2012 Quarter, comprising 59 holes for 7,189 metres, designed to infill and step out around the edges of the existing resource.
The drilling was designed to upgrade the current Inferred and Indicated resource for the Mount Peake Project (160Mt @ 0.3% V2O5, 5% TiO2 and 23% Fe) to Indicated and Measured status, and contribute to a revised JORC estimation which will commence later this Quarter when all results are available. Samples from the RC drilling were analysed by ALS Laboratories in Perth using X-ray fluorescence (XRF). Laboratory analysis shows that all but four of the 59 RC holes drilled (93%) intersected significant grades and widths of V-Ti-Fe mineralisation (in excess of 5m @ 0.1% V2O5 cut-off). Table 3 lists mineralised intersections with greater than 50 metre intervals at a cut-off grade of 0.1% V2O5. The best intercept was in hole 12MPRC096, where high grade mineralisation was encountered from the base of the thin transported cover sand unit at surface to the end of the hole, providing a total intersection of 147 metres @ 0.48% V2O5, 8.80% TiO2 and 31.9% Fe.
Good continuity of grade and thickness was also demonstrated within the resource area by fences of close spaced holes drilled through the centre of the resource. Holes 12MPRC065 through to 12MPRC068, and holes 12MPRC076 through to 12MPRC080 represent two lines of 25 metre spaced drill holes. These holes returned significant mineralised intervals of up to 141 metres width, with consistent grades of up to 0.37% V2O5, 6.88% TiO2 and 28.0% Fe.
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