ASX Code: TRF · ASX Code: TRF Ian Finch Managing Director Neil McKay Director Mark Le Grange...
Transcript of ASX Code: TRF · ASX Code: TRF Ian Finch Managing Director Neil McKay Director Mark Le Grange...
ASX Code: TRF
Ian Finch
Managing Director
Neil McKay
Director
Mark Le Grange
Director
Allan Trench
Director
SHARE REGISTRY
Advanced Share Registry Services
150 Stirling Highway
Nedlands WA 6009
T: +61 (08) 9389 8033
F: +61 (08) 9389 7871
REGISTERED OFFICE
Level 2, 679 Murray St
West Perth, WA, 6005
P: +61 (08) 9485 1040
F: +61 (08) 9485 1050
December 14, 2012
Progress Report: 18.74% TRF Equity in Orinoco Gold Limited (ASX: OGX)
Orinoco Drills 193g/t Gold
Trafford Resources Limited (ASX: TRF) is pleased to confirm excellent drill results from current exploration at the Curral de Pedra Gold Project in Central Brazil by Orinoco Gold Limited (ASX: OGX) in which Trafford holds an 18.74% equity interest.
Orinoco Gold recently reported grades of up to 193g/t in a diamond drill hole confirming the mineralization extends to over 620m down dip (See copy of Orinoco’s ASX report attached).
The intersection averaged 38.29g/t gold over 3.41m.
As a result of these excellent results Trafford has purchased additional shares in Orinoco, on market, increasing its overall shareholding.
Trafford now holds 11,616,667 shares in Orinoco Gold of the company’s 62,000,000 shares equivalent to a 18.74 percent holding in the company. The shares were issued at an overall cost of $1.33 million, giving Trafford an average entry price of approximately 11.5c per share.
Ian Finch
Managing Director
Trafford Resources Limited
For
per
sona
l use
onl
y
ASX Release
12 December 2012
Contact
Mark Papendieck
Managing Director
Suite 9, 5 Centro Ave
Subiaco WA 6008
P (08) 9463 3241
F (08) 9226 2027
Registered Office Suite 2, 12 Parliament Place
West Perth WA 6005
PO Box 902
West Perth WA 6872
P (08) 9482 0540
F (08) 9482 0505
www.orinocogold.com
Issued Capital
62,000,000 Ordinary Shares
15,000,000 Performance Shares 8,000,000 Listed Options 19,700,000 Unlisted Options
ASX Code
OGX (Ordinary Shares)
OGXO (Listed Options)
Hits of up to 193gpt Au confirm mineralisation over 620m down dip
Drilling ongoing at Cascavel Target to confirm continuity of mineralisation over structure’s known 500m strike length
Drilling also underway to test interpreted 1.5km extension to strike
length of the structure
Orinoco Gold Limited (ASX: OGX, “Orinoco”) is pleased to announce that the first assay results from the maiden 6000m diamond drilling program at its Curral de Pedra Gold Project in central Brazil have confirmed the continuity of mineralisation over 620m down dip. The assays received to date from the first three holes cover only one of the three known mineralised zones at Curral de Pedra’s Cascavel Target, known as the First Mineralised Level (see Figure 1). Assays from the other zones are pending. Intersections from this zone include 3.41m at 21.76gpt, including 0.66m at 193.69gpt. Previous channel samples from historic workings on this level returned samples of 0.65m at 72.7gpt (Figure 1). It is important to note that the primary objective of the drilling has been to establish the continuity of the mineralisation over the 620m down dip extent of the structure, which has now been achieved, and along its 500m strike length (see Figure 2). Given the vein hosted, coarse high‐grade nature of the gold at Cascavel, Orinoco views drilling as a tool to demonstrate continuity of the mineralisation while grades, which as these results show, are likely to vary significantly across the mineralised zones and will probably not be accurately represented by drilling. The Company believes that bulk sampling delivers a more representative sample of the grade at the Curral de Pedra Project. A recent one tonne bulk sample taken from historic workings along the 500m strike length returned an average grade of 22gpt (see ASX announcement dated November 21, 2012). Orinoco has so far completed 12 diamond drill holes at Cascavel and expects to have drilled up to 30 holes by the end of the current 6000m program, to be completed during the first quarter of 2013.
For
per
sona
l use
onl
y
Moving forward, the Company intends to next report assay results once a more representative number of results have been received. This is expected to occur by late January 2013. The ongoing drilling program aims to achieve three objectives:
• First, to ‘infill’ drill within the currently known 500m x 620m zone encompassing the First and Second Mineralised Levels (see Figure 2);
• Second, to establish the continuity of mineralisation within additional sulphide zones intersected in recent drilling above the First Mineralised Level (Carbonaceous schist); and
• Third, to test the interpreted 1.5km strike extension to all three structures.
Hole CDP 008 was the first hole drilled in the program and very poor drill core recoveries were recorded (only 40% of the core from the 1st Mineralised zone was returned) and The Company believes the drilling did not adequately test the mineralised zone in this location. Consequently the drilling contractor is currently re‐drilling this hole, at no cost to Orinoco.
Figure 1 – Section showing reported channel and drill results. While hole CDP 008 is not represented on
this section, it is located approximately 50m south east of hole CDP 001.
For
per
sona
l use
onl
y
Figure 2 – Plan view showing drill plan and outline of mineralised zones to date (with dimensions) Orinoco Managing Director Mark Papendieck said the first assays from the Company’s maiden drilling program confirmed the prospectivity and tenor of mineralisation at Cascavel. “While we are delighted to have an intersection of more than 3m grading over 21 g/t in one of our first ever holes at the Project, the key message from these results is that the scale of the mineralisation at Cascavel is shaping up to be very substantial,” Mr Papendieck said.
~620m
~500m (Open to Nth & Sth)
Open to the West ~620m
For
per
sona
l use
onl
y
“It is early days in this exploration program, but all the results received to date support our over‐arching belief that Cascavel has the potential to be an extremely large gold system characterised by structurally controlled quartz veins hosting high‐grade mineralisation.”
‐ENDS‐
For further information, please contact:
Mark Papendieck Nicholas Read Managing Director Managing Director Orinoco Gold Limited Read Corporate 08 9463 3241 08 9388 1474 [email protected] 0419 929 046
Competent Person’s Statement: The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Klaus Petersen who is a member of the Australasian Institute of Mining and Metallurgy and CREA. Dr Klaus Petersen is an employee of Orinoco Gold Limited and has sufficient experience, which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Klaus Petersen consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
TABLE 1. Intersections greater than 0.2 g/t from holes CDP 002, CDP 004 and CDP 008 – with assays still pending from remainder of CDP 002 and CDP 008.
*CDP 008 to be re-drilled.
HOLE ID EAST NORTH DIP AZIMUTH FROM TO INTERVAL Au (g/t) CDP_008* 561401 8288025 67.94 80 98.60 99.43 0.83 0.87CDP_008* 561401 8288025 67.94 80 100.27 102.55 2.28 0.29CDP_004 561289 8288068 85 90 113.00 114.00 1.00 0.52CDP_004 561289 8288068 85 90 151.00 151.42 0.42 2.20CDP_004 561289 8288068 85 90 151.42 152.10 0.68 1.20CDP_004 561289 8288068 85 90 152.10 152.76 0.66 193.69CDP_004 561289 8288068 85 90 152.76 153.45 0.69 0.71CDP_004 561289 8288068 85 90 153.45 154.00 0.55 0.22CDP_004 561289 8288068 85 90 154.00 154.41 0.41 0.96CDP_004 561289 8288068 85 90 158.10 158.61 0.51 0.28CDP_004 561289 8288068 85 90 158.61 159.27 0.66 0.20CDP_004 561289 8288068 85 90 159.27 160.00 0.73 0.27CDP_004 561289 8288068 85 90 216.00 217.00 1.00 0.34CDP_004 561289 8288068 85 90 217.00 217.47 0.47 0.22CDP_004 561289 8288068 85 90 219.26 219.72 0.46 0.21CDP_002 560970 8288015 70 80 326.00 326.50 0.50 2.54
For
per
sona
l use
onl
y
Figure 2. Map of the North face of the Mestre winze at Curral de Pedra with the South face projected onto the same plane.
Figure 3. Map of the North face of the Mestre winze at Curral de Pedra highlighting the uneven distribution of the gold.
For
per
sona
l use
onl
y
�
ASX Release
13 December 2012
Contact
Mark Papendieck Managing Director [email protected] Suite 9, 5 Centro Ave Subiaco WA 6008
P (08) 9463 3241 F (08) 9226 2027
Registered Office Suite 2, 12 Parliament Place West Perth WA 6005
PO Box 902 West Perth WA 6872
P (08) 9482 0540 F (08) 9482 0505
[email protected] www.orinocogold.com
Issued Capital62,000,000 Ordinary Shares
15,000,000 Performance Shares 8,000,000 Listed Options 19,700,000 Unlisted Options
ASX CodeOGX (Ordinary Shares)
OGXO (Listed Options)
�
Correction to ASX Announcement, 12 December 2012:
Hits of up to 193gpt Au confirm mineralisation over 620m down dip
Further to its announcement of 12 December 2012, Orinoco Gold Limited (ASX: OGX, “Orinoco”) advises that, due to an error in the calculation of the weighted average grade of the composite assay result reported in hole CDP 004, the grade reported to the market was materially understated. All actual intersections reported in the results table contained in the announcement are correct, however the composite of the intersections announced on 12 December for hole CDP 004 was 3.41m @ 21.76 g/t of gold. The correct figure should have been:
• 3.41m @ 38.29 g/t gold. Orinoco apologises for the error.
‐ENDS‐
For further information, please contact:
Mark Papendieck Nicholas Read Managing Director Managing Director Orinoco Gold Limited Read Corporate 08 9463 3241 08 9388 1474 [email protected] 0419 929 046
CompetentPerson’sStatement:The information in thispresentation thatrelates toExplorationResults,MineralResourcesorOreReserves isbasedon informationcompiledbyDrKlausPetersenwho is a member of the Australasian Institute of Mining and Metallurgy and CREA. Dr KlausPetersenisanemployeeofOrinocoGoldLimitedandhassufficientexperience,whichisrelevanttothestyleofmineralisationandtypeofdepositsunderconsiderationandtotheactivitywhichtheyareundertakingtoqualifyasaCompetentPersonasdefinedinthe2004EditionoftheAustralasianCode forReportingofExplorationResults,MineralResourcesandOreReserves.DrKlausPetersenconsents to the inclusion in this report of themattersbasedon the information in the formandcontextinwhichitappears.
For
per
sona
l use
onl
y