BALAMARA HITS COPPER WITH FIRST HOLE AT BOGDAN PROJECT
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BALAMARA HITS COPPER WITH FIRST HOLE AT BOGDAN PROJECT
Visible evidence of copper shows large neighbouring mineralised system is likely to extend into Balamara’s tenement
International minerals company Balamara Resources Limited (ASX: BMB) is pleased to announce that the first hole drilled at its Bogdan Copper Project in Poland has returned visible evidence of copper mineralisation.
The visible analysis suggests the copper exists as fine sulphide minerals, including chalcopyrite, chalcocite and covellite.
The result is considered particularly significant because it suggests that the world-class Zechstien Formation, which hosts the extensive Kupferschiefer mineralised system at the neighbouring complex of mines owned and operated by KGHM Polska Miedz SA (“KGHM”), may extend into Bogdan.
Balamara Chief Geologist Kevin Alexander said: “The mineralization may be up to 2m thick overall with sulphides existing through the entire zone.
“We are very pleased to see a very similar style formation of both Zechstein and Kupfershiefer at very similar depths, with similar characteristics to those known to exist along the mineralized zone within KGHM’s tenements,” Mr Alexander said.
“One of the principal objectives of this first exploration program was to confirm the continuation of the same stratigraphic sequence and host lithologies for the copper and other minerals mined by KGHM and we are seeing some strong evidence of this in the first hole completed. We will be continuing onto the second hole immediately and hoping for a similar result.”
Samples from the first hole have already been delivered to laboratories in Poland for assaying and it is expected that the results will be available within approximately four weeks.
Balamara acquired 85 per cent of the Bogdan Project in September 2011 and commenced its maiden diamond drilling program just three weeks ago. The first hole (“B1”) is one of six to be drilled in this initial phase and has been completed ahead of schedule.
Mineralization in hole B1 occurred around a depth of 285m, which is exactly where Balamara expected it would exist based on historical evidence relating to this zone.
Bogdan is a 42sqkm tenement in south-west Poland near the town of Lubin. The tenement sits immediately adjacent to the vast copper and silver deposits owned and operated by KGHM, one of the largest producers of both metals in the world, all from this area.
KGHM produced over 550,000 tonnes of copper and over 1,450 tonnes of silver in 2011 and is one of the largest companies on the Warsaw Stock Exchange with a market capitalisation of more than $10 billion.
Balamara believes the same mineralization that occurs along the feeder fault within the KGHM tenements continues along strike at Bogdan.
The Company will immediately start work on the second hole (“B2”) which sits between hole number one and the existing KGHM operating mine near to Lubin (see Diagram one).
Diagram One: Balamara initial drilling programme at Bogdan
http://www.asx.com.au/asxpdf/20120426/pdf/425tbkpljdqyw6.pdf
The distance between Bogdan hole number one and the known copper-silver at KGHM’s operating mine is approximately 6km.
Balamara’s current drilling program is seeking to identify the potential for the same ore body to extend all the way through the Bogdan tenement along the same feeder fault system. Locating copper mineralization at hole number one is the first positive indication of this extension.
Diagram Two: Regional geology indicating Zechstein and Basal limestone with Kupferschiefer zone of metal occurrence lying in between these two hosts.
http://www.asx.com.au/asxpdf/20120426/pdf/425tbkpljdqyw6.pdf
Balamara Managing Director Mike Ralston said the Company was delighted with the result from this first hole B1.
“This result gives us increasing confidence in the possibility of widespread mineralization throughout the Bogdan tenement,” Mr Ralston said.
“Our geologists and support team on the ground have done a tremendous job in identifying the target as well as completing this hole ahead of schedule.”
-ENDS-
For Further Information Contact:
Mike RalstonPaul Armstrong
Managing DirectorRead Corporate
Balamara Resources(08) 9388 1474
(08) 6365 4519
Diagram 3: Balamara drilling program at Bogdan in Poland, showing complementary local terrain and quality of local drilling operators.
http://www.asx.com.au/asxpdf/20120426/pdf/425tbkpljdqyw6.pdf
Competent Persons Statement:
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Kevin Alexander. Mr. Alexander is a full time employee of Sultan Corporation Limited. Mr. Alexander is a member of The Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists.
He has sufficient experience that is relevant to the style of mineralization under consideration and to the activity which he is undertaking to be qualified as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting on Exploration Results, Mineral resources and Ore Reserves”. Mr. Alexander consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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