TIDMNRRP
RNS Number : 6510S
North River Resources Plc
21 March 2016
North River Resources plc / Ticker: NRRP / Index: AIM / Sector:
Mining
North River Resources plc ("North River" or the "Company")
Project update and latest Namib resource drilling results: high
grade hits including an intersection of 57.1 metres (true width 8.5
metres) at 28.6% zinc
North River Resources plc, the AIM quoted resource company,
wishes to provide the early results from the ongoing underground
diamond drilling at its flagship Namib Project in Namibia together
with an update on project activities.
Highlights
- Initial drill results from the Northern Orebody show
significant intersection of mineralisation
- An outstanding high grade intersection of 57 metres (true
width 8.5 metres) at 28.6% zinc, extending mineralisation 80 metres
below level 5 in the North
- 3,800 metre drilling programme progressing well towards completion at end of June 2016
- 5 Level development tunnel over 95% complete
- Other project workstreams remain on hold pending clarity on
the timing and conditions attaching to both the Mining Licence and
the proposed Namibian broad based empowerment legislation
- Working capital fundraising required shortly
High grade intersections indicate continued mineralisation below
the existing North orebody
Drilling is currently being undertaken from the 5 Level
development drive below the current North resource to test the
extensions at depth of these ore envelopes. The drilling campaign
also envisages infill and extension drilling in the existing
Southern resource.
Further to the drilling results announced on 12 February 2016,
the Company wishes to provide initial results from its 3,800 metre
drilling campaign. 14 holes totalling 1,472 metres have been
drilled by the Company's own Kempe U3-9BQ together with a larger
Diamec 262 rig under contract. Eight holes have been reported in
Table 1 below. A further three holes are awaiting assay results and
three holes are awaiting sampling. The Kempe is being used to
search for shallower targets up to 80m below the modelled envelopes
while the more powerful Diamec rig is used for drill holes up to
200m deep. The drilling campaign is targeted for completion by end
of June 2016.
Significant mineralisation was intersected in four holes:
- NLDD067: 57.1m (true width of 8.5 metres) at 28.6% zinc and 33g/t silver(*) ;
- NLDDK074: 3.0m (true width of 1.5 metres) at 35.0% zinc and
11.9m (true width of 6.0 metres) at 20.8% zinc;
- NLDDK075: 8.7m (true width of 4.0 metres) at 19.5% zinc and
3.0m (true width of 2.0 metres) at 12.2% zinc; and
- NLDDK076: 3.6m (true width of 1.3 metres) at 9.8% zinc, 2.6%
lead and 42g/t silver, plus 8.1m (true width of 2.5 metres) at 6.7%
zinc, 7.6% lead and 101g/t silver
(*) Silver results are provisional, awaiting QAQC checks
Assays are awaited for 3 additional holes (NLDD068, NLDD069 and
NLDDK077). All these holes visually indicate mineralised intercepts
with preliminary XRF Niton analysis supporting high grade massive
sulphide mineralisation.
The early results from the drilling campaign indicate the
continuation of mineralisation 80 metres below the existing
Northern part of the orebody, providing support for the Company's
confidence in delivering an increased resource estimate for the
Namib project following completion of the drilling campaign. As
would be standard practise, all grade intercepts will be critically
evaluated as part of the update to the Mineral Resource Estimate in
due course, to ensure that lower angle drill intercepts returned
(those with very high intercept lengths relative to true widths) do
not bias the resulting grade estimation.
The information in this release that relates to Exploration
Results is based on information compiled by Mr. Galen White,
Principal Geologist of CSA Global (UK) Ltd and a Competent Person
who is a Fellow of the Australasian Institute of Mining and
Metallurgy (FAusIMM). Mr White has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr. White consents to the inclusion in
this release, of matters based on his information, in the form and
context which it appears.
North River CEO James Beams commented, "It is very pleasing to
see our confidence in the further geological potential of the Namib
project being borne out by these initial results from the drilling
campaign carried out from the 5-level development drive. Whilst
NLDD067 is only one drill hole, with a low angle to the trend of
the intersection, the exceptional grade and consistency of
mineralisation augurs well as we look to grow the resource base. I
look forward to releasing further drilling results as we progress
with the programme towards a larger resource base and longer mine
life."
Figure 1: Long section of the Mine Looking North East
http://www.rns-pdf.londonstockexchange.com/rns/6510S_-2016-3-18.pdf
Figure 2: Core photos from part of the long intersections in
hole NLDD067 (A) and hole NLDD069 (B).
http://www.rns-pdf.londonstockexchange.com/rns/6510S_1-2016-3-18.pdf
Figure 3: Core photos of the 61.9m intersection in hole
NLDD067
http://www.rns-pdf.londonstockexchange.com/rns/6510S_2-2016-3-18.pdf
Table 1: Significant intercepts table
Location Hole Hole NAT NAT North NAT Max Dip Azimuth From To Interval True Zinc Lead Silver Iron
Type ID East RL depth (m) (m) width width % % ppm %
(m) (m) (m)
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDD067 475143,41 7509859,95 170.8 168.0 -43 232 57.9 115.0 57.1 8.5 28.6 0.07 33(*) 24.0
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDDK074 475145,62 7509861,66 169.5 79.5 -35 230 43.4 46.4 3.0 1.5 35.3 0.13 (**) 22.8
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDDK074 475145,62 7509861,66 169.5 79.5 -35 230 49.60 61.5 11.9 6.0 20.8 0.04 (**) 18.4
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDDK075 475145,42 7509861,70 169.5 94.5 -35 244 79.5 88.2 8.7 4.0 19.5 0.87 (**) 18.9
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDDK075 475145,42 7509861,70 169.5 94.5 -35 244 89.5 92.5 3.0 2.0 12.2 0.10 (**) 39.1
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDDK076 475053,31 7509903,90 171.6 79.5 -21 243 28.9 32.5 3.6 1.3 9.8 2.60 42 14.7
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
North DD NLDDK076 475053,31 7509903,90 171.6 79.5 -21 243 67.6 75.7 8.1 2.5 6.7 7.59 100 33.9
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---- ---- ------ ----
No
significant
North DD NLDD064 475186,16 7509826,94 169.5 82.8 -41 228 intercepts
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---------- ------ ----
No
significant
North DD NLDD065 475185,94 7509827,65 169.5 110.8 -35 245 intercepts
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---------- ------ ----
No
significant
North DD NLDD066 475143,31 7509860,24 170.9 173.8 -40 240 intercepts
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---------- ------ ----
No
significant
North DD NLDDK073 475146,17 7509860,57 169.5 78.0 -31 226 intercepts
--------- ----- --------- --------- ---------- ----- ----- --- ------- ----- ----- ----------- ----- ---------- ------ ----
(*) Provisional results for silver as being re-assayed due to
laboratory CRMs under reporting by approximately 5%
(**) Ag results not available (pending)
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