Bluebird Merchant Ventures Limited Kochang -Further Access & Gubong -Surface Samping (7415G)
March 06 2018 - 1:00AM
UK Regulatory
TIDMBMV
RNS Number : 7415G
Bluebird Merchant Ventures Limited
06 March 2018
6 March 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Further Access To Kochang And Surface Sampling Results At
Gubong
Bluebird Merchant Ventures (EPIC: BMV), the Asian focused
resource development group, is pleased to announce that it has made
further advances at the Kochang Mine and has received more surface
sampling assay results from the Gubong Mine.
Highlights:
-- Access gained to the next level of the Kochang Mine
-- Visible ore in situ and pillars, remnant areas and broken ore
discovered at old production areas
-- Excellent ground conditions
-- Gubong tailings samples return significant value
-- Surface 'waste' rockpiles at Gubong yield assay results of up to 10.5 g/t
Having gained access to the main adit and lowest production
level (RL245) a week ago to the Kochang Mine, the team were able to
get up a raise to the next level (RL265) to examine it. The team
found an old production area with pillars, remnant areas and broken
ore left above pillars and in the ore drive itself. Spans
(distances between pillars) of over 10 metres were observed and no
timber support could be seen; all confirming the excellent ground
conditions first observed on the lower level. The contact between
the vein and footwall is very planar and smooth which greatly
facilitates cleaning after a blast.
Further encouraging results were obtained from surface sampling
at the Gubong Mine. Two augured scout holes were drilled on the
tailings dam area and returned significant value; all the more
significant given they were so shallow (less than 1 metre). A full
study of the tailings will be carried out later this year to
determine the economic feasibility.
The surface area covered by the Gubong Mine hill has vast
quantities of broken rock strewn over it, mostly assumed to be
waste. Bluebird took six samples from various positions on the hill
and five returned values in excess of 1g/t (see table below). Based
on these results, Bluebird intends to document the occurrences of
these rock piles in an attempt to quantify this inexpensive
resource.
Sample Sample Sample Position Au
No. Type
---------- --------- ---------------- -----
(ppm)
---------- --------- ---------------- -----
Tailings
KRS350001 Tailings Dam #1 1.15
---------- --------- ---------------- -----
Tailings
KRS350002 Tailings Dam #2 0.80
---------- --------- ---------------- -----
Old Coarse
KRS350003 Grab Ore Bin 2.09
---------- --------- ---------------- -----
KRS350004 Grab Nursery Area 2.07
---------- --------- ---------------- -----
Near Incline
KRS350005 Grab Shaft 10.50
---------- --------- ---------------- -----
Waste Stockpile
KRS350008 Grab #2 1.24
---------- --------- ---------------- -----
Charles Barclay, COO, commented:
"I am pleased with the progress at Kochang which is aided by the
excellent ground conditions. When reopening old mines, the initial
targets are broken ore and remnant pillars within old production
areas. We are seeing this at Kochang. The mine closed when the gold
price was USD 140/oz so we would expect that what was unpayable ore
then is now economic. The results at Gubong of the tailings are
most exciting and they certainly warrant a full program to
determine the viability of reworking them. The results obtained
from rock piles at Gubong announced today indicate that they could
be a very cheap resource and we will be working on this over the
coming weeks."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures
Ltd +44 (0) 7797 859986
Jonathan Morley-Kirk,
Non-Executive Chairman
SP Angel Corporate Finance
LLP
Ewan Leggat
Smaller Company Capital
Ltd
Rupert Williams/Jeremy + 44 (0) 20 3470 0470
Woodgate +44 (0) 20 3651 2910
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla
Horsfall
www.bluebirdmv.com
@BluebirdIR
This information is provided by RNS
The company news service from the London Stock Exchange
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