Tectonic Resources NL - Increases Phillips River Gold Copper Project Resource To 880,000oz
09.06.2010 | ABN Newswire
14:23 AEST June 9, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Tectonic (ASX: TTR) (PINK: TTOSF) is pleased to announce an overall 19% increase in the Harbour View / May series Gold Resource at Kundip to 197,000 ounces, up from 166,000oz (January 2009).
The overall gold resource for the Phillips River Gold Copper Project has now increased to 880,000 oz. This follows the 94,000 ounce increase in the Kaolin gold resource as announced on the 22nd of April 2010.
This upgrade has resulted from recent drilling aimed at increasing geological confidence levels while also testing for new mineralisation.
Both outcomes have been achieved with key features of note:
- 21% increase in Indicated Resource category - now 138,000 ounces up from 113,000 ounces
- Identification of a new high grade shoot on the northern end of Harbour View (reported 29th April, currently drilling follow-up)
Managing Director Steve Norregaard commented 'It is pleasing to see another resource increase on the back of infill drilling. A substantial increase in the overall gold and copper endowment and the proportionally higher level in the indicated resource category will add significant value to the project. It's a great outcome, with the added bonus of providing additional exploration opportunities which will hopefully lead to further resource expansions'.
Drilling has re-commenced on the northern end of the Harbour View line of lode targeting the down plunge position of the recently intersected 3.0m @ 29.2g/t Au and 1.1% Cu. The company believes this may well develop into a significant new shoot of high grade mineralisation.
The company continues to work with Cube Consulting on a re-estimation of the Flag mineral resource. This work is expected to be completed by the end of June and will see the conclusion of the process of upgrading the confidence in the Phillips River mineral resource base. This work flows directly into the on-going definitive feasibility study which remains the focus for the company.
For the Tectonic announcement including a Harbour View Resource Location Map and Resource Tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63051-ASX-TTR-493730.pdf
About Tectonic:
Tectonic (ASX:TTR) has established a singular focus on the Phillips River Project and is well underway with the implementation of its strategy to advance the project to Bankable Feasibility Status. Situated on the south coast of Western Australia, between Hopetoun and Ravensthorpe, the project includes two established resource areas that lie in close proximity to each other. Both are the subject of ongoing work programmes.
Contact:
Steve Norregaard
Managing Director
Tel: +61-8-6250-4600
steve.norregaard@tectonic.com.au
www.tectonic.com.au