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CAINEL PERIMETER
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Latest Information August 31, 2005 The commenced drill program comprises 20 holes for 2,310 metres of drilling. The program will test the continuity of the main vein system, secondary splays and associated wallrock mineralization along about 700 metres of strike with four, east-west drill fences. February 28, 2005 Started an exploration program on the newly acquired Cainel licence in Romania. A team of geologists and miners are currently opening up old workings in order to allow mapping and sampling, and all historic maps and data have been digitized. The continuing exploration program for 2005 is aimed at progressing to systematic sampling of the mineralisation using underground development and diamond drill holes with the objective of a preliminary estimate of resources by the end of the year. The Cainel perimeter has never been available to a commercial exploration company. However, the area has been the subject of sporadic small scale underground mining since 1844, though records show that this only exploited at depth with the top 200 metres being preserved. Simple gravity recovery methods utilised in the historic operations indicate that the gold occurred freely and the ore is nonrefractory (reported on Jan 10/05). Furthermore, exploration of known veining was conducted by the Romanian State minerals company Minexfor between 1958 and 1977. Exploration indicated that the average grade of the veins was between 3.4 and 3.9 g/t Au based on gravimetric assays only, further supporting the evidence for free gold (reported on Jan 10/05). Neither the historic production nor the exploration tested the extensive wall rock alteration and brecciation around the veining. However, recent grab sampling at surface conducted by European Goldfields has indicated the following grade ranges in mineralized areas: - Altered andesite 0.1 to 39.7 g/t Au - Veining 0.3 to 18.6 g/t Au - Breccia 0.1 to 8 g/t Au Areas of waste rock and tailings have also been identified on the licence and the historic exploration programme by Minexfor indicated that one waste dump had an average grade of between 0.8 and 0.9 g/t Au. Grab sampling by European Goldfields indicates that waste material grades between 0 and 152 g/t Au (reported on Jan 10/05). |
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