| Fri 26 Nov 2010, 12:33 | | MMH - Miranda Mineral Holdings Limited - Miranda gold division: project update |
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MMH
MMH
MMH - Miranda Mineral Holdings Limited - Miranda gold division: project update
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH ISIN: ZAE000074019
("Miranda" or "the Company" or "the Group")
Miranda Gold Division: Project Update
Miranda is pleased to advise shareholders that the Department of Mineral
Resources has issued a new prospecting right for the Group`s Syferbult-Boons
gold project until 2013.
Description
The Syferbult-Boons gold project is housed in Emerald Sky (Pty) Ltd, in which
Miranda`s wholly-owned subsidiary Molebogeng Mining Investment Holdings (Pty)
Ltd, holds a 100% stake. The prospecting right covers three contiguous farms
over 4,831 ha in the Ventersdorp district of the North West Province.
Geological overview
Gold was first discovered in the area in 1874, prior to interest shifting to the
then newly-discovered Witwatersrand goldfields. A preliminary prospecting
program in 1981 showed the presence of mineable gold reserves. The
mineralisation occurs in three different modes, namely primary mineralisation in
vein quartz reefs, elluvial deposits and alluvial deposits. Early samples
showed grades of between 6g/t and 8g/t.
Linear resistivity surveys were previously completed over most of the area,
indicating areas of deep weathering. These deep weathered areas will require
the acquisition of samples to test for gold content.
Planned prospecting works program
Regional reconnaissance will be carried out during the next three months.
Investigations will include geological mapping of the area, geochemical sampling
of the exposed sand, slime, and stone in the area and surrounding outcrop
through grab sampling and further geological activities aimed at preliminary
structural and geological field mapping.
Secondly, an exploration and proving phase will be conducted by means of:
* ore body sampling - infill sampling of prospective areas on a 50m to 75m
sampling grid,
* geological investigations - completion of detailed structural and field
mapping,
* gold ore body drilling - small diameter drilling to obtain core samples of the
ore for logging, geological sampling and testing, and
* gold ore trenching - for geochemical sampling and testing.
It is anticipated that this stage could be completed within six to 18 months,
subject to the results of the exercise.
The latter will also determine whether the project will then move into its third
stage, being evaluation and mining feasibility. This stage will commence with
determining the morphology and geology of the ore body to show it at least as an
indicated mineral resource. From this data, it is anticipated that the economic
viability, as well as socio-economic and environmental impacts will be assessed.
The following plan of action will be followed:
* Geological investigations, focusing on detailed structural and geological
field mapping and interpretation,
* Small and large diameter percussion drilling for delineation of the ore body
and macro sampling at depth,
* Trenching and bulk sampling to obtain samples for micro- and macro- ore body
analyses,
* 3D geological modeling, and
* Multi-disciplinary studies including mining, geological, financial, geo-
hydrological, environmental and HR studies.
Shareholders will be advised of progress in due course.
Centurion
26 November 2010
Sponsor:
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
Corporate Adviser:
Touchstone Capital (Pty) Ltd
Date: 26/11/2010 12:33:00 Produced by the JSE SENS Department.
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