Luiri Gold Releases Final Assay Results of the 2007 Drilling Programme at the Luiri Hill Project and Starts Drilling on Six New Targets
Luiri Gold Limited (TSX VENTURE: LGL) has released the final results of its 9,244m (31 drill holes) diamond drilling programme at the Matala and Dunrobin deposits. These results are in addition to those given in the Press Release of October 17, 2007. The combined results are now being interpreted and incorporated in the geological models prior to carrying out new resource estimates which are expected to be completed in March for both Matala and Dunrobin deposits. The assay results were delayed due to the slow throughput at the laboratory and the poor services from international delivery services.
The company has also started a plus 10,000m RC drilling programme at six new targets in the Matala Dome structure all within a 10km radius of the Matala and Dunrobin deposits. One of the priority targets is Eclipse on the western end of the Matala mineralized structure about 4km along strike from the Matala deposit. Recent trenching across the structure at Eclipse has returned a best intersection of 3m at 49g/t gold.
The Matala Dome structure itself only accounts for about one sixth of the exploration license area. The company will soon complete the 1km x 1km geochemical soil sampling grid over the total remaining exploration license area of 2,400 square kilometers which will allow for better target generation in the region. This region has potential for hosting IOCG mineralization as identified by the AIM Resources and BHP Billiton Joint Venture project immediately adjacent to the northern area of the Luiri Hill exploration licenses.
Total Drilling Results
A total of 9,244m of diamond drilling was completed including 5,608m at the Matala deposit and 3,636m at the Dunrobin deposit. The table showing all the results for this drilling is included at the end of this Press Release.
At the Matala deposit, a total of 15 drill holes were completed. Of these drill holes, 5 drill holes intersected robust breccias mineralization with good grade (MTL51, MTL59, MTL71, MTL72 and MTL73) with the last being the deepest intersection of the mineralized structure to date at about 350m below surface. A further six drill holes (MTL70,MTL74,MTL75,MTL77, MTL80 and MTL85) intersected the mineralized breccias and returned lower grades and/or thinner intersections, while four of the drill holes which also intersected the breccias did not return significant gold grades.
The results are being interpreted prior to new resource estimation being undertaken.
Figure 1 shows selected intersections grades on a longitudinal section through the Matala deposit. A number of drill holes have multiple intersections and therefore not all intersections are shown on the plan. These are given in the results table.
Note: To view figure 1, please visit the following link: http://www.ccnmatthews.com/docs/Luiri-fig1.jpg.
Of the 16 drill holes completed at Dunrobin, 4 drill holes had combined accumulation metre x g/t (“mg/t”) greater than 40mg/t, 4 produced intersection between 20 and 40mg/t, and 8 contained less than 20mg/t (see Figure 2). DUN103, DUN104, DUN108, DUN109 and DUN107 all confirm the continuity of the deposit at depth below the current resource model.
Note: To view figure 2, please visit the following link: http://www.ccnmatthews.com/docs/Luiri-fig2.jpg.
New RC Drilling Programme
The company has also started a plus 10,000m RC drilling programme at six new targets all within a 10km radius of the Matala and Dunrobin deposits (see Figure 3). One of the priority targets is Eclipse on the western end of the Matala mineralized structure about 4km along strike from the Matala deposit. Recent trenching across the structure at Eclipse has returned a best intersection of 3m at 48g/t gold.
Note: To view figure 3, please visit the following link:
http://www.ccnmatthews.com/docs/Luiri-fig3.jpg.
Qualified Person
The Luiri Gold exploration programs and resource calculations are carried out under the supervision of Mr. Michael Sperinck, AUSMIM. Mr. Sperinck is a qualified person, as defined by National Instrument 43-101, with more than 25 years of experience in the mining industry.
About Luiri Gold
Luiri Gold is a gold for a strategy of creating shareholder value through expanding into a geographically diversified gold resource company with assets potentially ranging from producing mines and near term production to exploration properties in Africa. Luiri Gold’s wholly-owned Zambian subsidiary, Luiri Gold Mines Limited, holds mineral tenements within southern-central Zambia covering approximately 2,400km2 of highly prospective exploration ground focused on the Dunrobin and Matala gold deposits. The Luiri Hill Project is situated approximately 120km west-northwest of the Zambian capital of Lusaka in Zambia’s Central Province. Access to the Project area is by a newly-upgraded paved road from Lusaka.
The Luiri Hills Project area is adjacent to ground held by BHP Billiton in Joint Venture with other parties. This consortium has been actively exploring for iron oxide gold-copper (“IOCG”) mineral occurrences. Furthermore, independent research has drawn similarities between the Dunrobin gold deposit and the Kansanshi copper-gold project of First Quantum 350km to the north of Luiri Hills project area.
The mineral resource estimates include a total inferred mineral resource of 378,000 ounces gold and a total indicated mineral resource of 117,000 ounces gold. These mineral resource ounces are contained in 3.2 million tonnes at 3.7g/t for the inferred category and 1.8 million tonnes at 2.0 g/t for the indicated category. This resource will be re-estimated with the new drilling results and should be completed by March.
Luiri Gold’s mineral tenements and the resource estimate are the subject matter of two Technical Reports which are available for review under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED
Michael Sperinck, President and CEO
Ted Grobicki, Chairman
This press release contains forward-looking information which involves risks and uncertainties. Forward looking information represents management’s current views and these may change significantly as new information comes to hand.
Table 1:Mineralized drill hole intercepts for Dunrobin and Matala deposits AREA Hole ID From To Interval Gold Reported (m) (m) (m) g/t Matala deposit MTL051 185.3 187.3 2 6.6 Oct-07 including 1 11.6 and MTL051 192 196 4 2.5 including 1 6.1 and MTL051 208 223 15 2.2 including 1.4 10.0 and MTL051 237 239 2 3.6 MTL059 277.7 283.7 6 2.8 Oct-07 including 2 4.3 MTL069 No significant intersection Oct-07 MTL070 299 300.3 1.3 1.4 MTL071 249 253 4 6.0 including 1 12.4 and MTL071 284 288 4 5.4 including 2 8.7 MTL072 328.4 333.9 5.5 2.6 Oct-07 including 1 7.8 MTL073 451.4 453 1.6 3.7 Oct-07 and MTL073 472.8 476.4 3.6 2.5 including 1 5.2 and MTL073 488.5 494 5.5 5.9 including 2 13.6 MTL074 297.4 298.3 0.9 1.5 Oct-07 MTL075 289.4 291.4 2 4.0 MTL076 287 288 1 1.5 MTL077 259.2 259.9 0.7 12.6 MTL078 426.6 428 1.4 1.2 MTL079 No significant intersection MTL080 246.1 247.2 1.1 4.1 MTL085 312.5 318 5.6 2.4 including 0.8 10.4
Note: (i) At the Dunrobin deposit the lengths are down hole and the drill holes are inclined at between 50 degrees to vertical and the average dip of the deposit is at about 30 degrees. Therefore the reported intervals should be within 15% of true width.
AREA Hole ID From To Interval Gold Reported (m) (m) (m) g/t Dunrobin deposit DUN103 120 143 25.9 2.6 DUN104 107.5 121.7 17.7 2.4 DUN105 163 166.5 3.5 1.5 DUN106 183.2 185.5 2.3 1.1 DUN107 134 136.8 2.8 4.1 and DUN107 159.2 160.2 1 13.4 DUN108 141.08 144.65 3.57 5.1 and DUN108 149.85 158 9.15 2.3 DUN109 175.1 189 13.9 2.2 including 1.6 11.4 DUN110 181.5 184 2.5 2.8 DUN111 153.4 157.1 3.7 2.2 DUN112 149.9 156.1 6.2 2.4 and DUN112 164.6 166.3 1.7 3.8 and DUN112 184.6 185.8 1.2 3.3 DUN113 206.25 208.75 2.5 14.8 DUN113 206.3 208.8 2.5 14.8 including 1.2 28.6 DUN114 240 241 1 2.8 DUN115 189.9 191.2 1.3 2.9 DUN116 181.6 189.6 8.1 3.2 including 0.7 27.7 and DUN116 203.3 206.4 2.5 1.0 and DUN116 214.3 220 5.7 2.1 DUN117 198.9 199.3 0.4 10.2 DUN118 215.7 217.1 1.4 12.1
Note: (i) At the Matala deposit the lengths are down hole and the drill holes are inclined at between 40 degrees to 55 degrees and the average dip of the deposit is at about 65 degrees. Therefore the reported intervals should be within 10% of true width.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Luiri Gold Limited Michael Sperinck President +61-401-694-322 Website: www.luirigold.com
SOURCE: Luiri Gold Limited