Results show that copper-silver mineralisation grading in excess of 1.6% Cu extends outside of the current south-west boundary of the Plutus mineral resource;
· Results include 7.7m @ 1.6% Cu and 16g/t Ag including 5.7m @ 1.9% Cu and 20g/t Ag; 6.0m @ 1.7% Cu and 26g/t Ag including 4m @ 2.0% Cu and 34g/t Ag;
· Drilling to extend the Plutus mineral resource to the south-west has commenced along with infill drilling.
Discovery Metals Limited (ASX/BSE:"DML") (AIM:"DME") announces the final three holes from the Phase One Plutus Prospect drill program, completed late in 2007, indicate that the copper-silver mineralisation extends south-west outside of the current boundary of the Plutus Inferred Mineral Resource at the Company's 100% owned Maun Copper Project in north-west Botswana.
The Plutus Prospect currently contains an Inferred Mineral Resource of 14.5Mt @ 1.3% Cu and 12.6 g/t Ag, at a cut-off of 0.6% Cu, (Figure One). The results from the final three holes (PD201, PD202, PD203) of the Phase One Plutus drill program are detailed in Table One and Figure Two below. These final three holes occur beyond the south-west boundary of the Plutus Inferred Mineral Resource. On section 37,600mN hole PD202 intersected 7.7m @ 1.6% Cu and 16g/t Ag including 5.7m @ 1.9% Cu and 20g/t Ag and hole PD203 intersected 6.0m @ 1.7% Cu and 26g/t Ag including 4m @ 2.0% Cu and 34g/t Ag (Figure Three).
Discovery Metals' Managing Director, Mr Jeremy Read, said today that the drill results from holes PD202 and PD203 indicate that the Plutus copper-silver mineralisation extends south-west of the current southern boundary of the Plutus Inferred Mineral Resource suggesting there is further potential to increase the size of the Plutus resource.
"The results from holes PD202 and PD203 are particularly significant as they suggest that copper-silver mineralisation, at potentially open pittable widths and grades extend south-west beyond the current boundary of the Plutus mineral resource," Mr Read said. "We have just re-commenced drilling following the Christmas break and our Phase Two Plutus drill program will look to extend the mineral resource to the south-west towards the Petra Inferred Mineral Resource 2.5km away and also to complete infill drilling to better define the higher grade zones at Plutus," he said.
"These results are a great start to what we believe is going to be a very exciting year for Discovery as we further develop the Maun Copper Project and look to further expand our resource base," Mr Read said.
Plutus Prospect Phase One Drill Program
Late in 2007 a mineral resource of 14.5Mt @ 1.3% Cu and 13 g/t Ag, using a block cut-off grade of 0.6% Cu was reported for the Plutus Prospect and classified as Inferred in accordance with the guidelines of the 2004 JORC code.
The results from the final three holes (PD201, PD202, PD203) of the Phase One Plutus drill program are being released today (Table One, Figure Two). These final three holes occur outside the south-west boundary of the Plutus Inferred Mineral Resource.
On section 37,600mN hole PD202 intersected 7.7m @ 1.6% Cu and 16g/t Ag including 5.7m @ 1.9% Cu and 20g/t Ag and hole PD203 intersected 6.0m @ 1.7% Cu and 26g/t Ag including 4m @ 2.0% Cu and 34g/t Ag (Figure Three). These drill results indicate that copper-silver mineralisation extends south-west of the existing Plutus Inferred Mineral Resource at potentially mineable widths and grades and at open pittable depths. Extension drilling will be conducted during the Phase Two Plutus drill program in order to determine if the Plutus mineralisation continues south-west towards the Petra Inferred Mineral Resource 2.5km to the south-west.
Infill drilling will also be completed during the Plutus Phase Two drill program with the aim of upgrading the Plutus Inferred Mineral Resource to Indicated status. It is anticipated that the Phase Two Plutus drill program will be completed by May, 2008.
Notes to Editors
Discovery Metals Limited, was formed as Discovery Nickel Limited in May 2003 changing its name to Discovery Metals in 2006. Discovery Metals is focused on developing their nickel and copper projects in northern Botswana to create shareholder wealth through discovery and development of economic deposits in the minerals.
Discovery Metals listed on AIM in June 2007 at 18.5p per share at a market capitalisation of £17.85 million. A capital raising of £5m in September at 14.5p placed 31.6m new shares. The share price has seen a steady rise since the capital raising. They are also listed on the Australian and Botswana stock exchanges
The Company's major assets are the Maun Copper Project and the Dikoloti Nickel Project in northern Botswana. There are three smaller Australian projects, two of which are joint ventured with the joint venture partners earning into 51%.
The Company moved into pre-feasibility mode for the Maun Copper Project in north-western Botswana in August 2007 with the aim of completing the pre-feasibility study by mid 2008. Total Inferred Resources are 46 million tonnes (Mt) at 1.3% Cu. The tenement package consists of seven prospecting licences covering an area of 6,435km² within the Kalahari copper belt. The project covers a large area of significant copper-silver mineralisation with the copper mineralisation occurring over 300 strike/km.
The Dikoloti Nickel Project, in north-eastern Botswana, comprises four prospecting licences covering 612km², surrounding the three nickel deposits of BCL Limited in the Selebi-Phikwe region of north-eastern Botswana. The entire project is within 45km of BCL's concentrating and smelter facility, which is the largest nickel processing facility in Africa. Dikoloti currently has an Inferred Resource of 4.7Mt @ 0.7% Ni and 0.5% Cu at a cut-off of 0.5% Ni.
The information in this report as it relates to Mineral Resources was compiled by Mr Stefan Mujdrica and Mr. Jason Hosken, who are Members of The Australasian Institute of Mining and Metallurgy. Mr Mujdrica and Mr Hosken are a full time employees of Snowden Mining Industry Consultants. Mr Mujdrica has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". The information in this report that relates to Exploration Results is based on information compiled by Mr. Jeremy Read who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Read is a full-time employee of the Company. Mr. Read has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Read and Mr Mujdrica consent to the inclusion in the report of the matters based on information provided by them and in the form and context in which it appears.
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