Kimber Intercepts 4.9 Metres of 78.4 G/T Gold And 127.9 G/T Silver Below Carmen
Gold-Silver Deposit, Monterde Project
Second
high grade intercept, 100 metres below previous
drilling and 100 metres south-east of the high grade
intersection in previously reported hole MTRD-477
Vancouver, British
Columbia - Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) is pleased to announce the results of
two new drill holes from its ongoing drill program at the Carmen deposit at its
Monterde Project in Mexico. These holes were
drilled with the objective of expanding and upgrading mineral resources
potentially amenable to underground extraction (�Carmen Deep� target). Drill
hole MTRD-476 was collared on section 30 and was designed to intersect the
Carmen structure at a vertical depth of 425m below surface, in an area never
previously tested by drilling. This hole intersected
high grade mineralization averaging 78.4 g/t gold and 127.9 g/t silver over 4.9
metres, including 1.5 metres
of 152.5 g/t gold and 282 g/t silver. This important new intercept is hosted
within a semi-massive to massive-sulphide breccia between 565.5 and 570.4 metres
down hole and is interpreted to correlate with the downward projection of the
Carmen structure.
Assay results from
holes MTRD-475 and 476 are tabulated below:
Drill hole
|
Section
|
From (m)
|
To (m)
|
Intercept* (m)
|
Gold (g/t)
|
Silver (g/t)
|
Gold equivalent**(g/t)
|
MTRD-475
|
41
|
38.0
|
48.0
|
10.0
|
0.2
|
55.3
|
1.1
|
and
|
|
273.0
|
276.0
|
3.0
|
1.3
|
1.4
|
1.4
|
MTRD-476
|
30
|
328.0
|
330.0
|
2.0
|
3.1
|
91.4
|
4.6
|
and
|
|
376.3
|
377.6
|
1.3
|
2.9
|
1.1
|
3.0
|
and
|
|
560.3
|
561.8
|
1.5
|
8.1
|
3.4
|
8.1
|
and
|
|
565.5
|
570.4
|
4.9
|
78.4
|
127.9
|
80.5
|
including***
|
|
565.5
|
566.6
|
1.1
|
11.1
|
15.8
|
11.4
|
including***
|
|
566.6
|
568.1
|
1.5
|
64.1
|
49.4
|
64.9
|
including***
|
|
568.1
|
569.6
|
1.5
|
152.5
|
282.0
|
157.2
|
including***
|
|
569.6
|
570.4
|
0.8
|
63.2
|
150.0
|
65.7
|
* True widths are expected
to range between 65% and 85% of the intervals reported on the table above.
**Gold equivalent grade
assumes equivalence of 60 grams of silver to one gram of gold.
*** Gold grade confirmed by
1kg screened fire assay.
�The latest
intercept of 4.9 metres of 78.4 g/t gold and 127..9
g/t silver from hole MTRD-476 is an outstanding result and potentially very
significant for the future of the Monterde project,�
said Gordon Cummings, President and CEO of Kimber Resources.
�This high grade gold-silver mineralization was intersected in the Carmen
structure over 100 metres deeper than any prior
drilling and the massive-sulphide breccia
is indicative of a different and potentially significant style of
mineralization,� he said. �The extremely high grade gold-silver intercept of
hole MTRD-476 and results of previously reported hole MTRD-477 indicate
potential for a significant expansion of high grade gold-silver mineral
resources in Carmen Deep areas, below the existing mineral resources, in sulphide-rich veins. New drill holes are being planned to
test the extent of this high grade gold-silver mineralization.� As previously
reported on May 26, 2011, drill hole MTRD-477 had multiple intercepts,
including 5.2 metres of 51.9 g/t gold plus 1,076.7
g/t silver, 2.0 metres of 25.2 g/t gold and 725 g/t
silver, 0.9 metres of 44.5 g/t gold and 38.2 g/t
silver and 1.2 metres of 28.2 g/t gold and 26.0 g/t
silver.
Description
of Mineralization
The mineralization intercepted between 565.5 and 570.4 metres
down hole in hole MTRD-476 consists of coarse-grained sphalerite
and galena associated with pyrite and silicification,
with moderate hematite and limonite.. The high grade sulphide zone in hole MTRD-476 is located approximately 100
metres below and 100 metres
south-east of the massive-sulphide intersection in
hole MTRD-477. Brecciated veins of massive-sulphide were observed in drill hole MTRD-477, however, the
massive-sulphide breccia in
hole MTRD-476 is a new style of mineralization for the
Carmen deposit. Exploration is ongoing with further drilling planned on
sections 30 and 31 designed to test the sulphide breccia along strike and down dip. The drill results from
holes MTRD-476 and MTRD-477 demonstrate the excellent potential for high grade
mineralization at depth at Carmen.
Sulphide-rich precious metals systems are an important source
of gold production and include a number of operating mines across the world,
including notable examples in Mexico and in Peru. In the Sierra Madre epithermal
precious metal belt of northwest Mexico, high grade gold-silver mineralization
has been encountered in several deposits and mines at the transition between
the Upper and Lower Volcanic series and is commonly accompanied by increased
base metal grades. This transition from the Upper to the Lower Volcanic series
at Monterde lies below the existing Carmen
underground workings, an area not previously tested by drilling. The results
reported above are consistent with this pattern of vertical metal zoning and
suggest potential for the definition of a zone of high grade gold-silver
mineralization below the Carmen deposit, and initial exploration results to
date clearly warrant additional drilling to evaluate this potential.
Images
A plan view of the
location of the drill collars of each hole, a vertical section of hole MTRD-476 showing a selection of intercepts detailed in
the table above and a photograph of the drill core from 566.35 metres to 570.05 metres down hole
of MTRD-476 are available via the following links:
Plan
View Map - http://files.newswire.ca/969/El_Carmen.gif
Vertical Section Showing
Drill Hole MTRD-476 - http://files.newswire..ca/969/PR-MTRD-476.gif
Photograph of segments
of Core from Drill Hole MTRD-476 - http://files.newswire.ca/969/mtrd-476-v2.bmp
Hole
MTRD 475 intersected the Hilos structure at 273 metres to 276 metres down hole
with 1.3 g/t gold and 1.4 g/t silver. The Carmen structure was intersected
between 401 metres and 406 metres
down hole with elevated levels of gold and silver but not with significant
grade.
The drilling of the
Carmen Deep targets utilizes a combination of reverse circulation drilling at
the top of the hole and diamond drilling in the lower part of the hole to
improve the quality of geologic information. All drill holes are surveyed for
down-hole deviation. Additional drilling is underway in the Carmen Deep target
area.
About Kimber
Kimber
owns mineral concessions covering in excess of 39,000 hectares in the
prospective Sierra Madre gold-silver belt, including the Monterde
property, where three gold-silver mineral resources have already been defined.
The most advanced of these, the Carmen deposit, has been extensively drilled
and has undergone detailed geologic modeling. The completion of the Preliminary
Assessment for Monterde in 2010 represented a
significant step forward for Kimber and is expected
to lead to further development and more advanced economic studies at the Monterde deposits including the completion of a
pre-feasibility study during 2011.
FOR FURTHER
INFORMATION PLEASE CONTACT:
Matthew Hamilton
Manager of Investor Relations
or
Gordon Cummings CA
President and CEO
North America Toll
Free: 1-866-824-1100
Tel: (604) 669-2251
Fax: (604) 669-8577
Website: http://www.kimberresources.com
Email: news@kimberresources.com
Forward
Looking Statements
Statements in this release
may be viewed as forward-looking statements, including statements regarding
estimates of mineral resources at Monterde, the
preliminary assessment of the Monterde project, the
conversion of inferred mineral resources to measured and indicated mineral
resources, the conversion of mineral resources to mineral reserves, life of
mine estimates, the potential for gold and silver mineral resources in the
Carmen and Veta Minitas
deposits and other targets within the Monterde
project, the further development, expected results and future economic
assessments of the Monterde project. When used in
this press release, the words �expect�, �intend�, �hopes�, �should�, �believe�,
�may�, �will�, �if�, �anticipates� and similar expressions are intended to
identify forward-looking statements. Such statements involve risks and
uncertainties that could cause actual results to differ materially from those
projected. Such risks and uncertainties include, among others, uncertainty of
mineral reserve and resource estimates, risks relating to fluctuations in the
price of gold, the inherently hazardous nature of mining-related activities,
potential effects on Kimber�s operations of
environmental regulations in the countries in which it operates, risks due to
legal proceedings, risks relating to political and economic instability in
certain countries in which it operates, risks related to the use of inferred
mineral resources in the preliminary assessment, and uncertainty of being able
to raise capital on favourable terms or at all, as
well as those risk factors discussed under the headings �Cautionary Note
Regarding Forward-Looking Statements� and �Risk Factors� in Kimber�s
latest Annual Report on Form 20-F as recently filed on SEDAR and EDGAR. There
are no assurances the Company can fulfil such
forward-looking statements and the Company undertakes no obligation to update
such statements, except as required by law. Such forward-looking statements are
only predictions; actual events or results may differ materially as a result of
risks facing the Company, some of which are beyond the Company�s control.
The
technical information in this news release has been prepared in accordance with
Canadian regulatory requirements set out in National Instrument 43-101 and
reviewed by Mr. Petrus (Marius) Mare P.Geo., Vice-President Exploration of the Company.
The exploration activities at the Monterde project
site are carried out under the supervision of Mr. Mare, who is the designated
Qualified Person under National Instrument 43-101 for the Monterde
project. Mr. Petrus (Marius) Mare, Vice-President
Exploration, is the designated Qualified Person (Q.P.) for the Monterde project being responsible for quality control and
has verified the data being disclosed. He has determined that the laboratory
reports matched the drill sample logs and that the quality control assays fall
within reasonable limits. QA/QC procedures incorporate blanks and duplicates
inserted at the drill and standards inserted after sample preparation. Sample
preparation was done by ALS Chemex at its Chihuahua
laboratory. Pulps are analyzed by ALS Chemex at
its laboratory in North Vancouver, British Columbia, using 50 gram sub-samples,
using fire assay with an AA finish for gold and four-acid digestion and ICP
finish for silver from a 0.4 gram subsample. High grade gold or silver
intervals are re-assayed by fire assay with gravimetric finish.
Cautionary
Note to U.S. Investors - The United States Securities and Exchange Commission
permits U.S. mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally extract or
produce. Kimber Resources uses certain terms on its
website (and certain press releases), such as �measured,� �indicated,� and
�inferred,� �resources,� which the SEC guidelines strictly prohibit U.S.
companies from including in their filings with the SEC. U.S. Investors are
urged to consider closely the disclosure under the heading �Cautionary Note to
U.S. Investors Regarding Mineral Reserve and Resource Estimates� in our latest
annual report on Form 20 F which may be secured from us, or from the SEC�s
website at http://www.sec.gov/edgar.shtml.