Friday, 20th May 2005 (2868 views)

Malachite Resources has announced results of the latest drilling at its Phoenix gold prospect.

A further five drill hole results have been obtained, confirming that Phoenix holds a strong gold discovery, according to Minebox.

According to figures, a mineralised zone of 20 to 35 metres true width by 250 to 300 metres strike length, has been indicated.

Phoenix is part of the Tooloom Gold Project in Australia's north-eastern New South Wales.

Managing director, Garry Lowder, said: "I keep hearing that all the outcropping ore bodies in Australia have been discovered and that the junior resource companies have lost their ability to find something new.

"We think this discovery gives the lie to that. Phoenix is shaping up to be a major new, grass roots discovery, made by a junior resources company in an area that no-one else has explored in modern times."

So far drilling has been relatively shallow and it is thought there will be further gold finds at greater depths.

 

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