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TBX
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Thabex - 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 - UPDATE: SALT RIVER BASE MINERAL PROJECT
On Monday 27 February 2006 the survey of borehole number TBX5, which was diamond
core drilled to a depth of 575m, was completed. This borehole intersected a 15m
thick reef (6m massive sulphides and 9m semi-massive and disseminated sulphides)
at 526m vertical depth. The sampling results of the borehole are expected
shortly.
This borehole completes the first phase of diamond core drilling announced on 30
November 2005, consisting of five boreholes. Previously 28 diamond core
boreholes were drilled.
The first phase of drilling confirmed the following resource tonnages:
Mineral Million Reef In situ Cu Pb Zn Ag Au
Resources tonnes width US$/t (%) (%) (%) (g/t) (g/t)
(m)
Inferred 3.95 2.13 63.93 0.47 0.24 1.08 10.66 0.55
Indicated 24.16 3.88 74.60 0.83 0.28 1.14 13.31 0.55
TOTAL 28.11 3.48 73.85 0.62 0.28 1.15 13.31 0.55
* Metal prices as at 28 January 2006 - Copper:U$4858/t, Lead:US$1415/t,
Zinc:US$2271/t, Gold:US$560/oz and Silver: US$9,6/oz and a Cut-off of US$60/t
total contained metal, t-metric tonne.
The above results were compiled by consulting geologist, D Le Roux, who is a
Competent Person registered with SACNSP and has eight years base metals
experience.
A second phase of diamond core drilling has commenced on the property during
which phase drilling will be done on a 100m by 100m grid in order to determine a
minimum of 1 million tonnes measured resource.
The recent drilling confirms the previous geological interpretation, most
recently updated by geologists with in-depth experience of this kind of
mineralization in the Bushmanland area. The host rocks are predominantly felsic
pyroclastic sediments, which, together with the preponderance of copper and zinc
over lead, enables the mineralization to be classified as Volcanogenic Massive
Sulphide (VMS), a type which includes many of the World"s principal base metal
deposits.
Microscope studies on core samples by Dr Johan Kruger of Moruo Mineralogical
Services have shown that the ore sulphides have been recrystallised during
metamorphism to a coarse grain size, with conspicuous separation of the barren
pyrite from the ore sulphides, namely chalcopyrite, sphalerite and galena. The
much greater hardness of pyrite compared with the ore sulphides, combined with
this separation, will in all probability enable significant pre-concentration of
the Cu, Zn and Pb sulphides to be made during ore-processing. This would
significantly lower metallurgical costs, impacting positively on the viability
of the resource.
Thabex has appointed Lower Quartile Solutions, a mining engineering consulting
firm, to assist with the preparation of a bankable feasibility study to
establish the viability of a Copper-Lead-Zinc mine on the Salt River Base
Mineral project area on the farm Adjoining Geelvloer 197 in the Kenhardt
district of the Northern Cape.
Johannesburg
3 March 2006
Date: 03/03/2006 03:03:03 PM Produced by the JSE SENS Department
