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From: Nigel
ArtDate: 29th August 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.114.152
Date: 09/09/06
Time: 16:09
29th August 2006
Gippsland Limited Wadi Allaqi Drilling Results
News Item - Conduit PR
Gold up to 18.65g/t Au in high grade shoots 800m long zone of mineralisation defined by drilling 28m at 2.27g/t Au from surface in hole HRC034 Gippsland (ASX & AIM: GIP) today announces the results for the remainder of the first-pass RC drilling programme completed at the Company's gold prospects at Wadi Allaqi, Egypt.
SEIGA
Today's results from the Seiga one metre sampling intervals (see Appendix A) show that the wide intersections are comprised of multiple mineralised zones containing high grade (>10g/t Au) shoots. The 1m sampling of the previously analysed 4m samples which contained significant gold mineralisation improved the resolution of the distribution of the mineralisation and assisted with understanding the geometry of the mineralisation.
The grade range for the 4m intervals in CRC012 was 1.06 to 16.40g/t Au between 28-56m compared to 0.30 to 17.56g/t Au for the 1m samples over the same interval. Similar results were obtained from hole CRC013 for the interval 48-72m. The 4m samples varied from 3.45 to 10.47g/t Au compared to 0.09 to 18.65g/t Au for the 1m samples.
The presence of high grade shoots will require structural analysis to be completed in order to predict the position of the down plunge extensions during subsequent drilling programs. The prospectivity of the prospect is enhanced as it is common for repetitions of deposits of this type to be located along shear zones.
SHASHOBA
As previously announced on 26 June 2006 Shashoba has wide intersections of 32m at 2.20g/t Au from 16m in hole SRC006, 48m at 1.93g/t Au from 12m in the adjacent hole SRC007 and 4m at 1.33g/t Au in SRC008. These three intersections adjacent to the main area of ancient workings, defined a 50m wide zone of mineralisation greater than 0.5g/t Au.
Subsequently eight additional drill holes tested old workings in the north of the eastern trend, ancient workings at the southern end of the western trend and some small workings to the west. Seven of the holes intersected mineralisation with the best result being 4m at 4.60g/t Au from 28m in hole SRC040.
Additional reconnaissance drilling (SRC023 to 038) testing geochemical targets at selected sites along the shear zone intersected anomalous gold values in seven of the RC drill holes.
Table 1 Shashoba - best drilling results
Hole From (m) Interval (m) Gold (g/t) Hole From (m) Interval (m) Gold (g/t) SRC001 12 4 4.65 SRC018* 4 16 0.33 SRC002 16 4 0.94 SRC023 0 4 2.11 SRC003 8 4 0.72 SRC024 16 4 2.35 SRC005 4 12 0.51 SRC025 32 4 2.62 SRC006* 16 32 2.20 SRC030 28 2 6.91 SRC007* 12 48 1.93 SRC032 8 12 0.26 SRC008* 40 4 1.33 SRC034 0 28 0.74 SRC012* 0 12 0.26 SRC035 20 13 0.94 SRC014* 8 20 0.94 SRC039 36 8 0.50 SRC017* 4 8 1.06 SRC040 28 4 4.60
* previously announced result
The high proportion of holes containing significant gold values is indicative of the widespread mineralisation within the Shashoba shear system. Additional drilling will be required to follow-up the anomalous intersections and also to drill test the extensions to the shear zones.
HAIMUR
At Haimur 46 holes totalling 1,387m were completed. The majority of the holes tested geochemical targets identified from previously completed regolith and trenching programs. Five holes tested old workings at Haimur South and two holes at Haimur North.
The best result was from hole HRC034 drilled below an ancient stope at Haimur North and adjacent to a shallow shaft sunk by the Nile Valley Company in the early 1900s. Hole HRC034 intersected 28m at 2.27g/t Au from the surface. Another hole (HRC030) located 30m to the west intersected 2m at 6.91g/t Au from 28m to the bottom of the hole and may represent the lateral continuation of the mineralisation in HRC034. At Haimur South significant mineralisation was intersected in two holes. Hole HRC043 intersected 20m at 0.71g/t Au from 4m and HRC044 intersected 20m at 0.55g/t Au from 4m.
Testing of the regolith geochemical anomalies returned anomalous results in thirteen of the 39 holes drilled. The results show a north-easterly trending zone of anomalous drill results and are considered significant as the drilling was widely spaced. The south-west part of the zone will require additional drilling.
Table 2 Haimur - best drilling results
Hole From (m) Interval (m) Gold (g/t) Hole From (m) Interval (m) Gold (g/t) HRC008 0 8 0.34 HRC023 16 8 0.26 HRC009 12 8 0.35 HRC024 24 6 0.19 HRC010 8 4 0.23 HRC025 28 2* 0.89 HRC012 0 4 0.19 HRC027 28 2* 1.01 HRC013 16 4 0.47 HRC030 28 2* 6.91 HRC016 8 4 0.11 HRC034 0 28 2.27 HRC019 28 2* 0.20 including 8 20 3.71 HRC020 12 8 0.23 HRC043 4 20 0.71
* end of hole
GARAYAT
At Garayat 12 holes were completed for a total of 456m. The drilling tested shear structures adjacent to old workings at the old Garayat mine, Block A and Wells Area E. The drilling intersected the shear structures which were weakly mineralised with a best intersection of 4m at 2.17g/t Au in hole GRC011 at the Wells Block E prospect. Not all of the proposed holes at Garayat were completed prior to the break in drilling.
A break in the drilling program was made in mid-July to allow for modifications to the drilling equipment which will result in an increased the daily drill penetration rate. It is anticipated that drilling will re-commence in early October.
GEOLOGICAL GRAPHICS
The announcement together with associated geological graphics may be viewed on the Gippsland website www.gippslandltd.com via INVESTOR RELATIONS / ANNOUNCEMENTS / ASX-LSE 06.08.29
Commenting today Jack Telford, Executive Chairman of Gippsland said: 'Today's results are part of an ongoing program of exploration that we have been aggressively pursuing since the start of this year. The drilling completed to date has identified numerous areas of significant gold mineralisation that we shall look to develop into identified resources. Additionally considerable strike lengths of the shear zones still remain to be drill tested elsewhere within the project areas. Follow up drilling in these priority areas will continue during the next four months and focus on expanding the quantity of mineralisation identified to date.
I am exceptionally pleased with the progress we have made across the Wadi Allaqi prospects and am confident that the drilling campaign scheduled to complete prior to Christmas will build on the excellent gold results achieved to date.'
RJ (Jack) Telford Executive Chairman
For further information please contact: Jack Telford Gippsland Limited www.gippslandltd.com Tel: +61 (0)8 93898611 telford@gippslandltd.com
Laurence Read / Ed Portman Conduit PR Tel: +44 (0)20 7429 6605 / 6607 laurence@conduitpr.com ed@conduitpr.com
Les Polden / Luke Cairns Hoodless Brennan Plc Tel: +44 (0)20 7538 1166 L.Polden@HBcorporate.com L.Cairns@HBcorporate.com
Note: In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited and Part two of the AIM Guidance Notes for Mining, Oil and Gas Companies, the geological information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John Chisholm, a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Chisholm who is an Executive Director of Gippsland Limited with over 25 years experience in the mineral industry including the evaluation of exploration data, mineral resources and ore reserves, has consented to the issue of the information in this report in the form and context in which it appears
Edward Portman Conduit PR Ltd 76 Cannon St EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
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