? Reverse Circulation drilling underway at the Golden Hill Project in western Burkina Faso. Ten holes (708m) of the 70 hole, 5,000m RC drilling program have been completed. All results pending.
?Significant gold values of 2.72g/t Au and 3.82g/t Au returned from a 300m long line of artisanal workings at the Nabale East Prospect (Golden Hill Project). Visible gold observed in smoky quartz vein mullock.
? Aeromagnetic / radiometric survey covering the Gourma Project in Burkina Faso completed by Aeroquest Airborne. Geological re-interpretation of the project utilising the data has commenced.
? 20% of the Gourma Project regional soil sampling program completed. All results pending.
? 50% of the Gourma Project regional auger drilling program completed. All results pending.
? Tasmanian oil shale permit renewed and joint venture negotiations with the Fushun
Mining Group recommenced.
Corporate Highlights:? $2.5 million (before costs) raised to fast-track exploration programs in Burkina Faso.
? Mr Roger Speers appointed as Exploration Manager effective 10th November 2011.
? Mr Joseph Obeid resigned as a director of the Company effective 4th October 2011.
? Cash on hand at the end of the quarter was $2.4 million.
ASX Code: BOE
Fast Facts:
Shares on Issue 287,741,529
Options on Issue:
Expiring 31/07/12 55,000,000
Expiring 19/10/13 19,991,667
Market Capitalisation $25.9m Cash @ 31 Dec $2.4m Debt Nil
Directors:
Mr Robert Grover
Mr Thomas Gladwin-Grove
Mr Leigh Ryan
Projects:
Boss Gold Sarl
? Prospective gold projects in
Burkina Faso
Latrobe Oil Share Project
? Prospective oil shale project in Tasmania
Greenvale Mining NL
? Boss Resources holds over
3.9 million shares in Greenvale Mining NL giving the Company a 10% interest in large oil shale projects in Queensland
Contact Details:
Suite 23, 513 Hay Street
Subiaco WA 6008
Tel: 08 6143 6730
Fax: 08 9388 8824
www.bossresources.com.au info@bossresources.com.au
EXPLORATIONGolden Hill Project
Infill and extension Reverse Circulation (RC) drilling
commenced within the Intiedougou permit during the quarter.
The program aims to expand the currently defined gold
mineralisation within two (6km x 1km and 4km x
1km) +30ppb gold in soil anomalies within the Intiédougou
permit where historical drill intercepts include (ASX:
29 August 2011):
? 54m @ 9.6g/t gold from 4m ? 14m @ 8.4g/t gold from 24m
? 12m @ 28.8g/t gold from 22m ? 28m @ 3.8g/t gold from 4m
? 22m @ 12.4g/t gold from 22m ? 28m @ 3.4g/t gold from surface
? 24m @ 8.0g/t gold from surface ? 12m @ 6.9g/t gold from 38m
? 41.5m @ 4.0g/t gold from 113.4m ? 34m @ 2.6g/t gold from surface
At quarter's end, 10 holes for 708m were completed by African
Mining Services (a subsidiary of Ausdrill) at the "A Zone"
prospect. Drilling intersected a sequence of altered basalt
to andesitic volcanics, intruded by numerous feldspar-quartz
porphyry units and pyritic hematite altered syenite ranging
from 10m to 40m thick consistent with descriptions of
mineralised intercepts from previous drilling.
A further 60 holes for 4,300m within 5 prospect areas (A
Zone, B Zone, C Zone, Peksou, Pekperine South and Ma
East/Sebedougou) are planned to be completed early in the
next quarter. Samples have been submitted to the ALS
Laboratory in Ouagadougou. All results are pending.
During the quarter 15 rock chip samples were collected within
the Golden Hill Project during regional reconnaissance
mapping. Two samples of smoky quartz vein mullock returned
significant gold values of 2.72g/t Au and 3.82g/t Au from a
300m long, NE striking line of artisanal workings at the
Nabale East Prospect. Visible gold was observed in two pieces
of smoky quartz vein mullock (retained as specimens - not
sampled). Auger / RAB drilling is planned for this area.
Gourma Project
A detailed aeromagnetic / radiometric survey across the
entire Gourma Project was completed by Aeroquest Airborne
during the quarter. The 13,260 line kilometre,
1,200km2 survey was flown at a flight height of
approximately 30 meters on lines 100m apart. The final data
has been received and a structural and lithological
re-interpretation of the project area has commenced. The data
has significantly enhanced the Company's ability
to define and trace prospective mineralised structures (Fig.
1).
www.bossresources.com.au
info@bossresources.com.au
Figure 1: Gourma Project tenements and structural
interpretation over 2VD aeromagnetic image
Wide spaced (400m x 400m) soil sampling commenced over the
Gourma project during the quarter with a total of 570 samples
(20% of the first pass program) collected to date out of a
planned 2,780. All samples have been submitted for gold and
multi-element analysis. Sampling is continuing.
Auger drilling also commenced within the Gourma Project
during the quarter in order to obtain base of alluvium
(interface) and bedrock geochemical samples beneath the
relatively limited areas of alluvial cover. Sahara
Geoservices have been contracted to complete the 1,800 hole
program at a 200m x 800m hole spacing. At quarter's end, 974
holes for 6,630m (50% of the program) had been completed. All
samples have been submitted for gold and multi-element
analysis. Bedrock geological descriptions are being used to
aid the lithological re-interpretation of the project
area.
A total of 47 rock chip samples were collected within the
Gourma Project during the regional reconnaissance mapping and
soil sampling. One sample returned a gold value of 11.6g/t Au
from an ore stockpile at the Tambiga Hill Prospect,
confirming the high grade gold potential of the extensive
artisanal workings in this prospect area.
www.bossresources.com.au
info@bossresources.com.au
Tenkodogo Project
Reconnaissance mapping and rock chip sampling was completed across the Bassare and Kassougou exploration permits during the quarter. Lithologies encountered during the reconnaissance work included strongly magnetic fine to medium grained granite and course grained granodiorite units. A strike extensive NNE-trending shear zone up to several hundred metres wide was encountered in the southern part of the Bassare permit. Three rock chip samples were collected but all returned <0.01g/t Au. Additional reconnaissance mapping is required.
CORPORATE:
During the quarter the Company issued 41,800,001 fully paid
ordinary shares at an issue price of $0.06 per share
("Shares"), together with 41,800,001 free attaching
options ("Options"), to various sophisticated investors and
clients of Indian Ocean Capital. The funds raised
(A$2,508,000) are being utilised in furthering Boss'
exploration programs in Burkina Faso and for working capital
purposes. The Options will be unlisted, exercisable at 12
cents per share and will expire 2 years after date of
issue.
Mr Roger Speers appointed as Exploration Manager effective
10th November 2011. Mr Speers is a highly qualified Geologist
with 15 years gold exploration experience including 10 years
in North and East Africa. He has been involved in the
discovery and development of numerous large gold deposits
including the 8Moz Sunrise Dam Gold Mine in Western Australia
(Acacia Resources), the 18Moz Geita Gold Mine in Tanzania
(AngloGold- Ashanti), and the 14Moz Sukari Gold Mine in Egypt
(Centamin Egypt).
Mr Joseph Obeid resigned as a director of the Company
effective 4th October 2011. Cash on hand at the end of the
quarter was $2.4 million.
For further information please contact:
Boss Resources Limited is a gold and oil shale exploration company focussed on increasing shareholder and other stakeholder wealth by exploring for and developing quality mineral resources. Evaluation and acquisition of additional highly prospective exploration projects in West Africa, especially in Burkina Faso, and the development of an oil shale processing facility in Tasmania is seen as critical to the growth of the company.
The information in this report that relates to exploration results is based on information compiled by Mr Leigh Ryan, the company's Managing Director, who is a member of the Australian Institute of Geoscientists. Mr Ryan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 Ryan consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
www.bossresources.com.au info@bossresources.com.au
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Documents associés | |
December 2011 Quarterly Activities Report |