Widespread's Asian Minerals identifies elevated PGEs
/New Zealand Exchange Limited
P.O. Box 2959
Wellington
17 October 2009
Dear Sir,
Widespread’s Asian Minerals advises elevated PGEs in the Ban Phuc deposit and at the Ban Mong prospect
Asian Mineral Resources (“ASN”) is Widespread’s largest investment. This 6.5% shareholding (presently held at independent valuation) represents 59.6% of Widespread’s total assets.
ASN made the announcement below in Canada last night. This is exciting news as the economics of the mine could be significantly enhanced if the platinum and palladium mineralisation proves to be widespread within the mine.
The results of preliminary exploration work (surface sampling) at Ban Mong, 10 kilometres northwest of Ban Phuc are also encouraging. This prospect has subsequently been drilled and assay results are awaited.
The prospects for the ASN nickel mine are generally improving as the nickel price continues to hold at higher levels and negotiations continue in Vietnam.
For and on behalf of the Board,
Chris D Castle
Martinborough
17 October 2009
Asian Mineral Resources identifies elevated PGE’s within the Ban Phuc deposit and at the Ban Mong prospect
Toronto, Ontario – October 16, 2009, Asian Mineral Resources Limited (“AMR”) (TSX-V: ASN) has completed a geological mapping and sampling program covering the massive sulphide exposures in the underground access development excavated during 2008.
Channel sampling of the ore-body on the 270m RL level (Lower Portal – Figure 1) has identified a zone within the massive sulphide mineralisation which exhibited consistent platinum enrichment on both the east (3.62g/t) and west (4.82g/t) walls of the cross cut. The zone also carried elevated nickel & copper values. Complete results are attached and are summarized as follows:
This elevated platinum appears to be absent in the samples taken at the ore body exposures on 450 level but a desktop review of previous drilling in the lower portion of the ore-body shows 50% of the holes assayed for Platinum Group Elements showed values >1g/t PGE over the full mineralised intersection.
Rob Guest, CEO stated “While it is too early to confirm whether these grades will translate into payable quantities of PGE’s in the concentrate, this new data warrants further investigation first geologically and then metallurgically”.
A total of 10 channel samples traversing the ore-body were collected from the 270m RL cross cut, sampling both the eastern and western walls which are approximately 8m apart. Samples are consecutive, taken perpendicularly to the ore-body and were collected using hand tools. For more detailed information regarding the Ban Phuc massive sulphide deposit please refer to “Ban Phuc Technical Report (NI 43-101) - August 2007”, which can be found at www.sedar.com.
Exploration in the environs of Ban Phuc:
Exploration field work outside Ban Phuc has focussed on areas of known mineralisation with particular emphasis on the Ban Mong prospect approximately 10kms northwest of Ban Phuc (Figure 2). Rock chip sampling from exposed outcrop of the intrusion has produced assays of high grade nickel, copper with elevated PGE’s
The Ban Mong intrusion outcrops in a small creek at the base of a narrow ravine. Mapped outcrop of the intrusion strikes intermittently for over 1,000m along the edges and in the base of the creek, with observed widths ranging from 20-50m. Geologically the intrusion is a mafic/ultramafic dyke, with strong differentiation from gabbro at the south wall to peridotite in the north wall. Outcropping mineralization occurs as discontinuous lenses and pods of massive and disseminated sulphides within the dyke. A total of 11 grab samples of prospective mineralization were collected from outcrop as shown in Figure 3.
“The high nickel and copper grades encountered in the massive sulphides are encouraging, particularly as they appear to be associated with elevated PGE’s. The size of intrusion together with its proximity to Ban Phuc make Ban Mong an attractive exploration target” said Rob Guest.
