| Thu 22 May 2008, 12:24 | | TBX - Thabex Limited - Update: Salt River Base Min |
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TBX
TBX
TBX - Thabex Limited - Update: Salt River Base Mineral Project
THABEX LIMITED
(formerly 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
UPDATE: SALT RIVER BASE MINERAL PROJECT
Shareholders are referred to the SENS announcement of 4 December 2007, which
referred to the Salt River Base Mineral Project.
The directors of Salt River Resources Limited ("SRR"), formerly Thaba Egoli
Mining and Exploration Limited, a wholly-owned subsidiary of Thabex, are
pleased to announce that the Prospecting Rights over the Salt River (Remainder
of the farm Adjoining Geelvloer No 197) and Salt River Central (portion of the
Remainder of Portion 2 of the farm Adjoining Geelvloer No 197, Remainder and
Portion 1 of the farm Graaf-Water No 198) in the Northern Cape Province, have
been registered with the Department of Minerals and Energy ("DME").
SRR was also successful in being granted a prospecting permit over Salt
River West, which comprises the farms Lovedale No 201, Quagga-Maag No 200,
Hartebeest-Vlei No 199, as well as a portion of the farms Ganna Poort No 202
and Vaal Kop No 225 in the Northern Cape Province, by the DME. Registration
of this prospecting right with the DME is expected to be completed in the very
near future.
Combined, Salt River and Salt River Central covers 11 km of strike length
with Salt River West covering an additional 35 km of strike length of highly
prospective ground in the economically and metallogenetically significant
Namaqua Metamorphic Province. The registration of Salt River and Salt River
Central will allow SRR to advance exploration of significant sulfide
mineralization along the down dip extent of the Salt River deposit, as well
as 4 prospects identified in Salt River Central.
Diamond borehole drilling, borehole number A26, located along the down dip
extension of the Salt River deposit, was drilled by Gencor during the early
1980`s, to a total depth of 1337.5m and intercepted significantly sulfide
mineralization. This borehole intercepted a 1.16m thick mineralized horizon,
Lower Sulfide Zone ("LSZ"), at a vertical depth of 1293.5m. A composite assay
from this interval is listed below:
Boreho Mineralized Zone Intercep Cu Pb Zn Ag Au
le t
number From To (m) (%) (%) (%) (g/t (g/t
) )
A26 LSZ 1293,5 1294,6 1,16 0,95 0,5 1,2 45,0 3,65
0 6 3 3 0
SRR is pleased to report that the re-logging and addition of assay results
of this hole increases the mineral resource of the Salt River deposit by an
estimated 1,9Mt in the Inferred Resource category.
Previous diamond borehole drilling in Salt River Central resulted in the
identification of four prospects, two of which display economically-significant
concentrations of sulfide mineralization at the Graaf-Water East and West
prospects. Sub-economic sulfide mineralization has also been identified at
the Graaf-Water Central Prospect. SRR is pleased to report that an Inferred
Resource of 20,1Mt has been added to the project. It is hoped that further
exploration and drilling over these prospects will significantly enhance the
total mineral resource of the Salt River Project.
A summary of the Inferred Resource is listed below:
Prospect Mt Grad Cu
e
As of 20 Zn Cu Pb Ag Au Equivalen
May 2008 (%) (%) (%) (g/t) (g/t) t*
Salt 1,91 1,23 0,95 0,53 45,00 3,65 2,97
River
extension
Graaf- 8,34 2,68 0,26 0,86 18,90 --- 1,33
Water
East
Graaf- 6,57 3,50 0,69 0,23 18,65 --- 1,81
Water
West
Graaf- 3,23 0,51 0,12 0,01 1,10 0,06 0,29
Water
Central
Total 20,05 2,46 0,44 0,49 18,44 0,37 1,48
*Using 20 May 2008 metal prices (zinc US$2265.50/t; copper US$8450/t; lead
US$2262/t; gold US$907/oz and silver US$17.04/oz).
In addition to the aforementioned prospects and occurrences, registration
of the Salt River West prospecting right will allow SRR to explore the
occurrence of significant sulfide mineralization on the farm Hartebeest-Vlei
No 199 near the boundary with Salt River Central, as well as the numerous
surface showings in the area. The identification of these prospects is sure
to enhance the total mineral potential of the Salt River Project.
SRR is at present planning ground-based geophysical surveys over the Salt
River deposit to identify the high-grade portion. Pending the results of
these surveys, SRR will conduct further resource drilling to enhance the total
mineral resource of the Salt River deposit.
As the Salt River deposit is not a core business of Thabex, ongoing enquires
and investigations into the possibility of listing SRR as a separate entity on
the JSE and London-AIM markets, continues. Shareholders will be informed about
these developments in due course.
Marius Welthagen, P.Eng. (Int), 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 mineralisation, type of deposit under consideration,
activities undertaken and evaluation thereof to qualify as a Competent Person in
terms of the SAMREC Code.
All updates on the Salt River Project are available on the Company`s website
www.thabex.com
22 May 2008
Johannesburg
Sponsor
PSG Capital (Pty) Limited
Date: 22/05/2008 12:24:01 Produced by the JSE SENS Department.
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