Muldiva Mineral Resource & Exploration Target – 31 July 2013
OzCrest Minerals Limited is pleased to announce a maiden Mineral Resource for the Paisley deposit at its Muldiva Project. This result combines historical drilling data with a recent drilling program conducted at Paisley by OzCrest. Additional Exploration Targets are also announced for Paisley and for the nearby Eclipse deposit. The Muldiva Project is located ~20 km south of Chillagoe and is contained within OzCrest’s 100% controlled ML 20604. The deposits occur as linear steeply dipping lodes, and both are open at depth and along strike.
OzCrest’s consultant GeoRes encouragingly concluded that at Paisley the 2012 drilling validated past drilling and confirmed GeoRes’s 2008 geological lode model. The data and modelling increased the strike length by 65% to 300 m. The estimated JORC Resource was well established, with 50% in the Indicated class. All lodes are open along strike and to depth, implying strong support for extension drilling to increase the Resource. The conservatively postulated Exploration Target extensions could increase the total Paisley tonnage by 40-190% (0.54 Mt to 1.14 Mt).
The Muldiva Project Ag-Au-Zn-Pb-Cu group of workings incorporating the Paisley and Eclipse open cuts and underground workings were the most important historical producers in the ML area and supported the first smelter in the Chillagoe area having been the scene of intermittent mining and prospecting between 1885 and 1926 with recorded production (deKeyser and Wolff, 1964).
Lyee Moon/New Moon
Drill holes intersected sphalerite-galena mineralization outlining a shoot of about 20,000 tonnes of ore (Kagara Zinc’s report). Potential for other shoots exist down dip and to the SW. The mineralization at Zingo is open to the NE and down dip.