Mil Resources says the final assays from two drill holes at its Golden Peak project in Papua New Guinea have indicated depth continuity to the high grade mineralization previously reported. Core from two of the holes was not previously assayed, but the company says the new results confirm 74.2 metres of mineralization was intersected continuously down one of the holes from 40.3 metres.
Golden Peak is about 40km east of Port Moresby. MIL has drilled four diamond holes over 659 metres targeting gold and copper soil anomalies after trench assay results returned 20 metres @ 7.21 grams/tonne gold. The drilling has confirmed mineralization is open along strike and supports the sub-surface presence of mineralization below the previously reported trench assays.
Assay results from the fourth hole confirm the continuity of the gold mineralization to 64 metres immediately below the high grade trench 3 gold-copper zone.
Assay results from this hole also confirm the continuity of gold mineralization for 85 metres along strike to the northwest of trench 3.
A ground magnetics orientation survey has confirmed the suitability of this technique to identify sub-surface mineralization at the project. MIL says it will complete a full ground magnetic survey to determine the full extent of the mineralization.
MIL’s 2012 investment strategy includes concentrating major exploration funds on key tenements and to utilize joint ventures to extend the company’s exploration and financial capability while retaining significant interests in its respective licences.