Friday, 6th February 2004 (2920 views)

Thistle Mining has announced the discovery of a 26 tonne new resource block in South Africa.

The discovery is the subject of a report on the company's Eldorado Reef Package at its President Steyn complex from Camden Geoserve CC, the Company's independent expert, dated February 5th 2004.

The discovery, named Distal Eldorado, consists of a block totalling 4.2 million tonnes with an in-situ grade of 6.2 grammes per tonne. Of this amount; 100,000 ounces are in the Indicated category and 730,000 ounces are in the Inferred resource category, amounting to a total of 26 tonnes of gold.

The block is situated to the East and South of the previously announced Eldorado Massive project, Project 10, in the Northern section of the mine. The initial area now identified is 2,000 metres by 350 metres and forms part of a 6,500-metre strike length containing the auriferous EA1-EA7A reef packages.

The initial resource identified in the Eldorado Reefs to date now exceeds 41 tonnes of gold in total. Production has already begun from the Massives area and is now running at approximately 17,000 tonnes per month.

Commenting on the results, William McLucas, president and CEO of Thistle Mining, said: 'This discovery is very exciting. The Distal Eldorado block forms a small part of what we believe will be a multi million ounce ore-body. The ability to increase the resource base of a mature mine through continuous development work in the Golden Triangle is testament to the work being done in South Africa'.

 

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