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ActivEX follow up drilling extends copper gold cobalt discovery at Florence Project

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ActivEX (ASX: AIV) has reported further significant drilling results at its fully owned Florence Bore North and Florence Bore South prospects in Queensland, confirming and extending a copper-gold-cobalt discovery announced on 26 July 2010.

These results combined with the initial excellent results from Saddle Ridge, a joint venture with Carpentaria Exploration (ASX: CAP) in which ActivEX is earning 75%, give the company confidence to move forward with more aggressive drilling programs in the area, with the aim of defining JORC resources in 2011.

The second phase follow-up drilling program has proven the continuity to the mineralisation zones that are near surface and have potential for open pit operations. The results also indicate potential for three mineralised zones to be defined.

The Florence Bore North high grade zone has been extended at depth to 22m @ 1.03% copper, 0.07g/t gold and 44g/t cobalt.

At Florence Bore South wide zones of moderate grade intersected 86m @ 0.39% copper, 0.05g/t gold and 60g/t cobalt including 10m @ 0.73% copper, 0.07g/t gold and 37g/t cobalt and 14m @ 0.73% copper, 0.17g/t gold and 90g/t cobalt.

At the Saddle Ridge Prospect initial significant intercepts include 35m @ 0.85% copper, 0.04g/t gold and 207g/t cobalt including 6m @ 3.2% copper, 0.21g/t Au and 206g/t cobalt.

Doug Young, managing director of ActivEX said “our second program of drilling in the Florence area has returned further outstanding results and extended the mineralisation at depth and along strike. The significance of this drilling is that it confirms the SAM modelling we carried out during 2010 and proves some continuity to the conductive, mineralised zones."

"The drilling has shown wide zones of copper mineralisation at Florence Bore North and Florence Bore South which have now been intersected over several hundred metres of strike and are not closed-off. The program has also intersected significant mineralisation at Saddle Ridge in the initial holes,” he added

The drilling program of seventeen RC percussion drill holes for a total of 2199 metres was conducted from 21 September 2010 to 9 October 2010 in the Florence Bore area and the Saddle Ridge area, south of Cloncurry.

The Saddle Ridge prospect lies 25km northwest of Ivanhoe Australia’s (ASX: IVA) major copper deposit at Mt Elliott.

Quick facts: ActivEX

Price: 0.13 AUD

ASX:AIV
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Market Cap: $23.03 m
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