24th Apr 2008 07:07
Dwyka Resources Limited24 April 2008 24 April 2008 Progress at Muremera Nickel Project Highlights - Mineralisation model of Muremera confirmed to resemble that of the Kabanga deposit - Assay and petrographic results returned for two of the four stratigraphic holes - Nickel bearing sulphide mineralisation intersected in both holes - Pentlandite observed in the majority of mineralised samples - Successful completion of helicopter borne VTEM surveying, covering a total of 5,684 km The Directors of Dwyka Resources Limited ("Dwyka" or "the Company") are pleasedto announce positive progress at the Muremera Nickel Project in Burundi. The stratigraphic, assay results and petrographic data obtained from thedrilling completed to date indicate that the Muremera bodies have stretches ofhigher tenor nickel sulphides within them, and that they are part of aflow-through system similar to that at the Kabanga deposit, currently beingdeveloped by Xtrata and Barrick in neighbouring Tanzania. The next Phase of drilling due to commence in July will concentrate further onlocating the parts of the system where the higher tenor sulphides may havecoalesced and concentrated like they have at Kabanga. ASSAY RESULTS Assay results have been returned for two of the four stratigraphic drill holesrecently completed on the Muremera B anomaly (D002 and D004). Nickel bearingsulphides are present in both drill holes, with the highlight being a 23.82mintersection in Hole D002 located between 216.14m and 239m returning averageassay results of 0.22% Ni and Cu values of up to 0.27%. PETROGRAPHIC STUDIES Pentlandite, an important nickel sulphide mineral, was observed in the majorityof the mineralised samples examined. Chalcopyrite and Pentlandite intergrowthswith nickeliferous pyrrhotite were also observed. The petrographic evidencetherefore suggests that the geological conditions are potentially favourable forthe existence of high tenor Nickel sulphides similar to Kabanga. VTEM Geotech Ltd was contracted to fly the 1st B-field VTEM survey in Africa over theMuremera targets. The VTEM survey of the licence area has successfully beencompleted with a total of 5,684 kilometres flown at 100m line spacing. The VTEMdata is currently being interpreted and should enable direct drilling off theVTEM data. BHP BILLITON EARN-IN BHP Billiton has the right to earn up to 50% of the ownership of DanylandLimited, the Dwyka subsidiary which currently owns 100% of the Muremera NickelProject. It is now expected that the first earn-in hurdle of 10% will beachieved, following the completion of initial exploration activities, towardsthe end of the Second Quarter, 2008 with an approximate expenditure by BHPBilliton of US$3.16m, which is US$1.96m more than the minimum requirement ofUS$1.2m. 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 +614 0894 8182 Ed Nealon +618 9324 2955 Melissa Sturgess +44 782 555 1397 or [email protected] Dwyka Resources Limited Richard Brown +44 20 7634 4700 Ambrian Partners Limited Press Enquiries Charlie Geller/Leesa Peters +44 20 7429 6604 or +44 7970 067 320 Conduit 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