Wednesday, 25th January 2006 (3283 views)

Magnus Resources International has announced "encouraging" early findings from its Chinese exploration operating.

The firm said that it has completed sampling of surface channel rock and had received results back from two diamond drill holes located at the Mangshi Gold Property which begun on December 10th.

It claimed to have discovered gold at several levels, including 3.03 g/tonne gold at 9.6 meters, 2.25 g/tonne gold at 28 meters and 1.85 g/tonnes at 13 meters.

"Basically, this test result shows that the mine is worth trying. And we are still trying to get a clearer picture of the gold deposits," said vice manger of Magnus Li Yongqiao to Associated Press.

"The placement of certain planned drill holes has been modified based on interpretation of these results," the firm added in a statement.

"The drilling program at Mangshi continues with two LF-90 drill rigs on site, and new results will be reported as they become available."

It is expected that eleven drill holes will be completed before the Chinese New Year holiday.

 

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