www.gunson.com.au
Gunson Resources is focused on exploration for and development of mineral deposits in Australia. Since its public listing in 2000, Gunson has discovered then completed a Definitive Feasibility Study, in January 2010, on its Coburn Zircon Project in Western Australia and completed a Pre Feasibility Study, in October 2009, on its Mount Gunson Copper Project in South Australia.
A 15 month Bankable Feasibility Study on the Mount Gunson commenced at the end of 2009, with strong interest being shown by several commodity trading houses in funding this Study and the subsequent mine development.
Gunson Resources drilling targets high grade copper gold at Emmie Bluff Prospect
Gunson Resources (ASX: GUN) has commenced the first hole of the 2011 deep diamond drilling program at the Emmie Bluff Prospect within the Mount Gunson project, targeting high grade copper gold mineralisation.
Exploration at the project is being funded by a subsidiary of Xstrata Copper, which has the right to earn a 75% interest by spending $A10 million by mid 2013.
The project is located in the Australian Olympic Copper-Gold Province in South Australia, which is a belt over 500 kilometres long and contains about 75% of the known copper resources in the country.
The project straddles about 10% of the Olympic belt as four contiguous exploration licences covering about 1,320 square kilometres.
The new hole at the Emmie Bluff Prospect is located about 1.3 kilometres south-east of a previous hole drilled in mid 2009, that intersected two narrow zones of higher grade copper-gold mineralisation in basement rocks.
The mineralisation comprised 7 metres at 2.2% copper with 0.5 grams per tonne (g/t) gold from 974 meters, and 1 metre at 4.4% copper with 1.3 g/t gold from 1006 metres.
The new hole's location was chosen on the basis of its position on the flank of a major northwest trending gravity geophysical anomaly some 5 kilometres long as the best mineralisation occurs on the flanks rather than the peaks of these anomalies.
The top of the basement target zone in the new hole is expected at 800 metres depth and the company estimates the hole should enter the target zone in mid August, based on previous drilling rates.
A second hole is planned for about 2 kilometres along strike to the north-west.
At the end of March 2011, $4.26 million had been spent on exploration at the project.
