| Tue 24 Apr 2007, 14:56 | | TBX - Thabex - Drilling Update: Salt River Base Mi |
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TBX
TBX
TBX - Thabex - Drilling Update: Salt River Base Mineral Project
THABEX EXPLORATION LIMITED
("Thabex" or "the Company")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
THABEX - DRILLING UPDATE: SALT RIVER BASE MINERAL PROJECT
Shareholders are referred to the SENS announcement of 26 July 2006, an updated
list of vertical diamond drilling results is listed below:
Borehole Mineralised From To Intercept Cu Pb Zn Ag Au
No Zone m % % % g/t g/t
TBX15 Upper zone 159.05 160.15 1.10 0.85 0.59 1.82 19.18 0.90
Middle zone 163.69 167.88 4.19 1.07 0.09 0.69 20.00 1.65
Lower zone 178.29 179.98 1.69 0.15 0.34 1.51 9.62 0.12
TBX16 Upper zone 25.01 25.54 0.53 0.23 0.38 0.43 12.92 0.10
Middle Zone 38.95 39.17 0.22 0.07 0.57 2.40 5.00 0.09
Lower zone 42.59 42.83 0.24 0.04 0.56 2.73 5.00 0.09
TBX17 Lower Zone 40.39 41.67 1.28 0.68 0.44 2.50 18.44 0.23
TBX18 Upper zone 130.16 133.33 3.17 1.32 0.58 3.27 36.62 2.39
TBX19 Upper zone 97.14 99.54 2.40 0.51 0.39 1.95 10.80 0.24
Middle Zone 99.99 101.41 1.42 0.51 0.18 1.09 9.51 0.33
Lower zone 101.87 103.59 1.72 0.54 0.36 1.20 15.65 0.17
Composite 97.14 103.59 6.45 0.45 0.29 1.30 10.29 0.22
TBX20 Upper zone 52.22 53.98 1.76 0.43 0.37 1.39 9.59 0.17
Lower zone 58.81 61.91 3.10 0.82 0.48 2.02 35.06 0.25
TBX21 Lower zone 90.32 91.40 1.08 0.41 0.03 2.24 6.56 0.20
TBX22 Upper zone 78.98 81.61 2.63 0.29 0.65 3.22 16.76 0.15
TBX23 Upper zone 46.86 49.66 2.80 0.47 0.40 3.24 13.96 0.26
TBX24 Upper zone 91.30 93.01 1.71 0.50 0.37 2.00 19.29 0.10
TBX25 Upper zone 42.69 44.14 1.45 0.31 0.65 3.56 22.81 0.15
TBX26 Upper zone 111.10 112.22 1.12 0.53 1.88 3.51 44.68 0.40
Lower zone 118.91 120.27 1.36 1.39 0.51 1.34 39.11 0.90
TBX1 to All ore zones 0.57 0.25 2.60 21.90 1.12
TBX5
TBX27 & All ore zones 0.38 0.74 2.49 n-a n-a
TBX28
n-a: not analysed for Ag and
AU
Average upper zone TBX6 to TBX26 composite 0.51 0.48 2.14 19.00 0.56
Average lower zone TBX6 to TBX26 composite 0.38 0.31 1.24 16.00 0.18
Following the completion of our recent drilling program, in which 3 448m of
core were drilled, coupled with our improved understanding of the geology of
the Salt River deposit, a revised geologic model for the sulphide
mineralization is emerging. Economic base-metal sulphide minerals are
restricted to three zones that roughly dip at 25-30 degrees to the northeast.
The first of the three zones (Upper Sulphide Zone) consists of a semi- massive
to massive, very fine-to fine- grained, base-metal- rich horizon with
localized stringer mineralization in Mg- rich altered rocks that become less
conspicuous downwards (Middle to Lower Sulphide Zones).
Textural evaluations of the various sulphide horizons indicate that the Upper
Sulphide Zone represents sulphide exhalation onto the ancient seafloor, while
the Middle Sulphide and Lower Sulphide Zones represent footwall stringer
mineralization in Mg- rich altered footwall rocks. The entire package has
been metamorphosed and deformed, albeit to a lesser degree than the base-metal
deposits of Aggeneys to the northwest.
Lower Quartile Solutions (Pty) Ltd has been contracted to prepare a Competent
Person`s Report and is currently in the process of updating the resource
figures for the deposit.
Combined with the recently acquired results, 32 diamond drill holes and 27
percussion boreholes drilled between 1976 and 1993, the recent drilling is
expected to further enhance the total mineral resources of the Salt River
base mineral project. To date, 85 boreholes have been drilled for a total of
20 179m with an average depth of 237m.
At a Zn cut-off grade of 0,0% and an insitu grade of 1,47% Zn, 0,65% Cu, and
0.28% Pb, 12,27g/t Ag and 0,18g/t Au, the reported mineral resource at Salt
River is an Indicated Resource of 42,5Mt at 1,57% Cu equivalent grade. Using 4
April 2006 metal prices (copper US$5 260/t; lead US$1 229/t; zinc US$2
541/t; gold US$585/oz and silver US$10.92/oz) the insitu value of the
indicated resource is US$92.50/t or US$3 931 million (R23 588 million at
R6.00/US$ on 4 April 2006).
Mineralogical test work conducted by both the University of Johannesburg and
two international accredited laboratories is continuing. Metallurgical test
work is also being conducted by these laboratories with the view of
establishing the parameters for a pre-feasibility and
scoping study, prior to commencing with a bankable feasibility.
Marius Welthagen (MEng (Mining), MPhil (Mineral Economics), Hons BCom
(Economics), MECSA, MSAIMM, FGSSA) was responsible for compiling this update
report. As Chief Executive of Thabex he has sufficient experience relevant to
the style of mineralization, type of deposits under consideration, activities
undertaken and evaluation thereof to qualify as a Compentent Person
in terms of the SAMREC Code.
All updates about the Salt River project are available on the Company`s
website www.thabex.com and on request by e-mail info@thabex.com
New registered and operations office With effect from 2 May 2007, Thabex`s
registered and operating office will be located at: Ground Floor, Kiepersol
House, Stonemill Office Park, 300 Acacia Road, Darrenwood, 2194.
Johannesburg
24 April 2007
Date: 24/04/2007 14:56:43 Produced by the JSE SENS Department.
