21st Apr 2008 14:01
Dwyka Resources Limited21 April 2008 21 April 2008 Dwyka Resources Limited ('Dwyka' or the 'Company') SwaziGold Results Update Highlights • Core drilling at Daisy Prospect returns gold values of 3.39 g/t over 10m • High grade intersection of 16.56 g/t over 1m • Trenching at Kobolondo Prospect returns several significant gold intersections The Directors of Dwyka Resources Limited ("Dwyka" or "the Company") todayannounce an update on its exploration programme at the SwaziGold Project inSwaziland. The SwaziGold Project is a 435 square kilometre gold exploration project locatedin Swaziland on the extension of the highly prospective Archaean BarbertonGreenstone Belt, historically a producer of 11.5m ounces of gold. Drilling hascommenced at SwaziGold's Daisy and Kobolondo prospects and the results continueto encourage the Company's view that from historical and current workings thereis the potential for the Project to host several million tonnes of high gradegold mineralisation. Daisy Prospect Drilling Core drilling is currently underway at the Daisy Prospect and the assay resultsfor the first hole (SG03D) returned significant gold values located between 116and 126m. The 10m intersection returned an average gold content of 3.39 g/twhich includes a high grade intersection of 16.56 g/t over 1m. The second drillhole (SG04D) is currently at a depth of 152.63m and is expected to intersect themineralized zone approximately 50m deeper than SG03D. Good core recoveries are being achieved at the Daisy Prospect and the coredrilling will continue as per the planned work programme. Soil Geochemistry Infill soil geochemistry on a 100m x 50m grid was completed in the south-westernportion of the Daisy Prospect during the current quarter (209 new samples).These results, together with previous results as reported on 3 December 2007have defined a 1250m x 500m >100ppb gold in soil anomaly (peak 1560ppb) to thesouth-west of the Daisy mine. The North-Eastern part of this anomalycorresponds with the old Gordon Mine. The sampling program corresponds with theold Gordon workings, plant area and some of the historical pits and trenches.The soil geochemistry also identified additional RC Drilling targets located tothe north of the known Daisy Prospect. Kobolondo Prospect Trenching To date, a total of eight trenches have been excavated on the Main Shear Zone(the main gold bearing structure) in the 450m strike length. Trench spacingranges from 30 - 70m. Mineralisation in the Main Shear Zone has been closed-offto the south-west but remains open to the north-east. The following tablesummarises the intersections >1g/t Au: Trench 1: 2.59g/t Au over 11m (including 6.30g/t Au over 4m) Trench 2: 1.09g/t Au over 3m Trench 3: No intersections >1g/t Au Trench 4: 1.38g/t Au over 2m Trench 5: 6.59g/t Au over 4m; 1.56g/t Au over 2m; 2.72g/t Au over 2m Trench 6: 1.12g/t Au over 1m; 1.06g/t Au over 2m; 1.64g/t Au over 1m Trench 7: 2.60g/t Au over 2m ; 4.84g/t Au over 1m Trench 8: 5.08g/t Au over 3m ; 1.27g/t Au over 1m Drilling Ground conditions at the SwaziGold Project are typical of the Barberton style ofgeology. In particular, the ground conditions at Kobolondo are poor, suggestingthat there has been plenty of geological activity. This activity, in the formof weathering and oxidation, implies plenty of potential for larger trap sitesand zones prone to preferential mineralisation. After initial core drillingwith Triple Tube Core Barrels at Kobolondo, it has been decided to move to RC(reverse circulation) drilling to obtain better results, as Kobolondo remains animportant target. This will commence as soon as a rig is available. Equity Earn-in Under the terms of the Agreement with Swazi Gold Ventures (Pty) Limited, Dwykais required to expend US$750,000 on the Project by the end of June 2008 in orderto increase its equity in the Company to 70%. Dwyka is on track to achieve thishurdle with approximately US$300,000 to be spent during this period. The technical exploration and mining information contained in the aboveannouncement has been reviewed and approved by Ed Nealon, who has sufficientexperience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is qualified as a CompetentPerson as defined in the 2004 Edition of the 'Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves'. Mr Nealon is a DwykaResources Limited Director and meets the criteria of a qualified person underthe AIM guidance note for mining, oil and gas companies. Ed Nealon consents to the inclusion in this announcement of such information inthe form and context in which it appears. Ends.. For further information please contact: Bernard Olivier +614 0894 8182Ed Nealon +618 9324 2955Melissa Sturgess +618 9324 2955Dwyka Resources Limited Richard Brown (+44) 20 76344700Ambrian Partners Limited Press EnquiriesCharlie Geller/Leesa Peters (+44) 20 7429 6604 or (+44) 7970 067 320Conduit PR or visit http://www.dwyresources.com Notes to editors: Dwyka is focusing on the diversified minerals sector, primarily nickel and gold,in order to achieve maximum value for shareholders during the ongoing resourcesboom. Nickel To that end, Dwyka has a major nickel exploration project underway in Burundi.Dwyka acquired all of the shares in Danyland Limited ('Danyland'), the owner ofthe Muremera Nickel project in Burundi, Africa, in January 2007. The Muremeraproject is located within one of the world's principal nickel provinces, only 2kilometres from, almost adjacent to and in the same geological sequence as, thegiant Xstrata/Barrick Kabanga deposit in Tanzania. The Kabanga deposit isthought to be the world's largest undeveloped nickel sulphide deposit and hassimilar geophysical anomalies to those at Muremera. An exploration permit hasbeen granted in relation to Muremera and access for exploration activities isgood. The project's prospectivity has led to a commitment from BHP Billiton tospend at least US$5.2million as part of sole funding arrangements to earn up toa 50% interest in Danyland. Gold Pursuant to a Shareholders and Earn-in Agreement dated 16 July 2007, Dwyka hasthe right to earn up to a 90% interest in Swaziland Gold (Pty) Ltd('SwaziGold'), which in turn owns the SwazigGold Project in Swaziland, Africa.The project is a large (435 square kilometre) gold exploration play in thehighly prospective Archaean Barberton Greenstone Belt in Swaziland, historicallya producer of 11.5 million ounces of gold. In the Barberton Greenstone Belt, extensive, shallow, historic workings, plus alack of modern exploration, have presented Dwyka with an ideal opportunity.Previous owners drilled some 13,500 metres of the project area, providing theCompany with a drill database that includes numerous gold intersections. Thesehave allowed Dwyka to establish immediate targets for both infill drilling andthe development of extensions to established zones of mineralization. In thecurrent favourable resources climate, it is believed that Dwyka's goldexploration activities will accelerate. Diamonds Dwyka has a shareholding of 48% in KimCor Diamonds Plc, an AIM-listed diamondexplorer and producer with a portfolio of projects in Southern Africa. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Nyota Minerals