3rd Dec 2007 07:49
Dwyka Resources Limited03 December 2007 Dwyka Resources Limited ("Dwyka" or the "Company") Exploration Results from SwaziGold Project Dwyka Resources Limited, the ASX and AIM quoted nickel and gold explorer, ispleased to announce exploration results from the Company's SwaziGold Project. __________________________________________________________________________________ Highlights - Significant gold mineralisation confirmed over a strike length of 600m at theKobolondo Prospect; - Channel sampling at the Lufafa Prospect returns encouraging results including3.61g/t over 5m (including 14.7g/t over 1m); - Analysis of previously unreleased drilling data at the Daisy Prospectindicates a high grade ore shoot plunging north east and traced to 250m depth sofar. The best intersection to date is 5.73g/t over 4m; - The Daisy Project remains a prime target and is considered by Dwyka, givenhistoric and current drilling results to date to have the potential to prove upa small to medium tonnage high grade underground gold mine; - Drilling programme to commence in coming weeks. __________________________________________________________________________________ The SwaziGold Project is located in the highly prospective Barberton GreenstoneBelt which straddles the border between South Africa and Swaziland. The belt wasthe location of the first gold discovery in South Africa in 1884, and has sinceproduced 11.5 million ounces of gold. Dwyka's project comprises more than 40kmof strike length containing multiple mineralized structures and in excess of 40gold showings. From historical and current work Dwyka believes there ispotential for several million tonnes of high grade gold mineralization. For maps showing the location of the Swazigold prospects please follow the linkat the end of this announcement. Gold mineralization in the Barberton Greenstone Belt is closely associated withthrust-shear zones that juxtapose strata of differing stratigraphic groups.Four major targets have been recognized to date and Dwyka has carried out recentwork on three of these: Kobolondo, Daisy, and Lufafa. Kobolondo Previous drilling by RTZ and JCI showed a preferentially reactivated shear zoneto be present here returning results of 10.95g/t Au over 1.0m, 14.31g/t Au over2.5m, and 2.27g/t Au over 2.2m. As a follow up, Dwyka has taken 249 rock-chipsamples at Kobolondo showing that significant gold mineralization exists over astrike length of 600 metres. Highlights of the rock chip sampling from the zoneare: 4.24g/t Au over 3m including 7.97g/t Au over 1m2.82g/t Au over 11m including 7.70g/t Au over 3m2.16g/t Au over 5m including 4.84g/t Au over 1m Drilling contracts are currently being finalized with a view to drillingcommencing in the coming weeks. Daisy The Daisy deposit is hosted by a steeply dipping shear at the contact betweenamphibolite and talc schists. Gold occurs in a 1 to 3m widequart-carbonate-sulphide schist with a strike length of at least 700m. Threezones are recognized at Daisy where previous drilling by RTZ and JCI returnedthe following values: Zone 1 25.8g/t Au over 1.6mZone 2 7.2g/t Au over 1.5mZone 3 5.0g/t Au over 0.9m 19.1g/t Au over 1.3m 5.1g/t Au over 2.0m 4.5g/t Au over 0.9m 8.9g/t Au over 1.5m 5.3g/t Au over 0.8m 7.6g/t Au over 1.2m Additional historical data has now been obtained from Southern Era Resources(SER) providing four additional drill hole intersections in Zone 1 below thehistorical open pit mine. The significant SER results can be summarized asfollows: Borehole DA1-97 1.01g/t Au over 1m 2.76g/t Au over 5m including 3.71g/t over 3mBorehole DA2-97 2.21g/t Au over 1m borehole missed main ore shootBorehole DA3-97 3.60g/t Au over 12.4m including 8.83g/t over 4.2m and 17.19g/t over 1.5mBorehole DA4-97 5.73g/t Au over 4m including 14.20g/t over 1.0m 3.20g/t Au over 1m 1.90g/t Au over 1m Cross-sections have been constructed for all drill-holes for the Daisy minearea. A longitudinal section has been constructed for the #1 Ore Zone. The datasuggests a 65 to 100m wide ore shoot plunging at approximately 30 degrees to thenorth east. Drilling has traced this ore shoot for a distance of 250mdown-plunge. The deepest intersection to date is 5.73g/t Au over 4m (including14.2g/t over 1m). Dwyka considers the Daisy Project continues to have immediate potential to proveup a small to medium tonnage high grade underground gold mine and remains aprime target for the Company. Lufafa Three target areas have previously been identified here: Lufafa North, LufafaCentral, and Lufafa South. Reconnaissance geological mapping and rock chipsampling have been completed. Highlights of the sampling are: 1.54g/t Au over 13m including 5.38g/t over 1m1.83g/t Au over 7m including 6.20g/t over 1m3.61g/t Au over 5m including 14.70g/t over 1m Data to date suggests that the Lufafa Prospect has the potential to host 5-25mwide zones of 1-2g/t disseminated Au mineralization in Banded Iron Formationsover strike lengths of approximately 250m. Three drilling targets have beenidentified to date. Dwyka owns 50% of Swaziland Gold (Pty) Limited ("SwaziGold"), which owns theSwaziGold Project in Swaziland, Africa. Dwyka has the right to earn up to 90%ownership of SwaziGold. 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. For further information please contact: Bernard Olivier +255 754 600 999Ed Nealon +618 9324 2955Melissa Sturgess +618 9324 2955Dwyka Resources Limited Richard Brown (+44) 20 7776 6417Ambrian 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 is thought to be the world's largest undeveloped nickelsulphide deposit and has similar geophysical anomalies to those at Muremera. Anexploration permit has been granted in relation to Muremera and access forexploration activities is good. The project's prospectivity has led to acommitment from BHP Billiton to spend at least US$5.2million as part of solefunding arrangements to earn up to a 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 50.09% in KimCor Diamonds Plc, an AIM-listed diamondexplorer and producer with a portfolio of projects in Southern Africa. http://www.rns-pdf.londonstockexchange.com/rns/9790i_-2007-12-3.pdf This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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