22 April, 2008
MEDIA RELEASE
MASSIVE
SULPHIDES CONFIRMED AT LIBERTY
INDEE
PLACEMENT &
ENTITLEMENTS ISSUE TO RAISE $1.28 MILLION
___________________________________________________________
Liberty-Indee
Project Highlights
- Potential new Volcanogenic Massive
Sulphide Province
- 19 metres @ 2.6% Cu, 5.1% Zn, 0.5% Pb, 61gpt Ag, 1.3gpt
Au
- 15 metres @ 1.8% Cu, 0.8% Zn, 0.2% Pb, 38 gpt Ag,
0.7gpt Au
- Massive sulphides previously confirmed
- 10 metres @ 6.4% Cu, 2.4% Zn, 67gpt Ag, 0.86gpt Au
- Open ended 6 metres @ 1.5% Cu, 2.8% Zn, 0.53% Pb, 40gpt
Ag, 0.62gpt Au
- 300 metres of strike associated with disseminated
Volcanogenic Massive Sulphide (VMS).
- VMS mineralisation associated with electromagnetic
(VTEM) anomaly modelled
- beyond 200 metres depth extent for Evelyn (VMS drilled
to 106m)
- Larger VMS target of 400 metres strike and 200 plus
metres depth adjacent to
- Evelyn prospect to be tested
- 6 kilometres of strike containing 42 VTEM anomalies
targeted for VMS style mineralization
Reverse Circulation (RC) drilling (160mm drill bit diameter
at 60 degrees) has recently been conducted by Mount Magnet Drilling as a second
phase of infill drilling on the poly-metallic
(Cu-Zn-Pb-Ag-Au) Evelyn Prospect.
Preliminary results from RC drill holes JER020 and JER011
confirms continuation of massive sulphides at
depth between 87-106m (19m drill length) and 85-100m (15 metre drill length) from
earlier reported RC drilling.
Massive sulphide content between 87-106m averaging 72%
sulphide ore including pyritic sulphides for JER020 defines a core of massive sulphide ore so far determined
with true widths between 9.5m, 7.5m and 5.0m for drill holes JER020, JER011 and
JER006 respectively and 3 metres true width (open ended drill hole) in JER008
over 40 metres lateral extent as part of a broader 300 metre system of
mineralisation observed at surface and down dip from drilling.
Identified from drilling to date is a north stoping east dipping massive sulphide (VMS)
and disseminated shoot of 120-150 metres extent varying between 5 to
25 metres width in the main body as well as including a halo extended beyond
the massive sulphide core of disseminated sulphides. Future results will be
modelled for a JORC resource estimate to include VMS and VMS disseminated ore.
Ground geophysics is being introduced to determine the
continuation of the identified VMS system at greater depth to the drilling.
The VMS mineralisation at Evelyn is associated with an
outlined electromagnetic anomaly (VTEM 9) target. Drilling of the VTEM
geophysical anomaly at Evelyn defines a new
volcanic massive sulphide discovery modelled by geophysics to occur
beyond 200 metres in extent. To date, drilling has ended at 106 metres and
still in mineralisation.
Geophysical modelling of EM targets from a 2007 airborne
VTEM survey has confirmed a larger VMS target
(VTEM 10,11) adjacent to the Evelyn Prospect of about 400 metres strike extent
and modelled to 200 plus metres in vertical extent.
New VMS Province
Vision
VMS deposits are commonly found to occur in clusters within
a field of several hundred square kilometres. The 2007 VTEM survey has outlined
a field of 42 identified VTEM anomaly targets with promising conductor
anomalies that predominantly occur along
a six kilometre corridor representing an opportunity for VMS encountered at
Evelyn (which is as an evolving model) to re-occur.
Exploratory RC drilling by Jutt has confirmed base metal
mineralisation is associated with other VTEM targets, apart from Evelyn, which
will require further deeper drilling in due course.
The Evelyn Prospect is considered by Jutt to be a new
Australian volcanogenic massive sulphide (VMS) poly-metallic style
(Cu-Zn-Pb-Au-Ag) of mineralization occurrence based on drill results and
geochemistry to date.
Two phases of RC drilling at the Evelyn Prospect (23 RC
drill holes for 2467m to date) has outlined VMS with the deepest being a 19m
intersection of VMS identified in a 60 degree drill hole (JER20), so far
confirmed to 106 metres, coincident with an identified 200 metre spaced
airborne electromagnetic geophysical anomaly (VTEM 9), modeled to 200+ metres
dip extent.
A further VTEM conductor (VTEM anomalies 10 and 11) has been
modelled to extend for a strike of 400 metres to the north east of VTEM 9 and
is either thought to be part of the Evelyn VMS system or a separate conductor.
Down hole and fixed loop ground geophysics are planned for
late April 2008 to more accurately identify targets to drill test the
identified VMS at Evelyn to greater depth (200m) and identify drill targets to
test anomalies VTEM10 and VTEM11. Drilling will be planned thereafter to test
the results of the geophysical survey.
Positive drilling results to date requires Jutt to carry out
further drilling in the near future on Evelyn and other VTEM anomalies
identified from the geophysical survey.
VMS style deposits worldwide are characteristically found in
clusters. The Jutt VMS discovery at Evelyn and associated VTEM targets (42 in
total) mostly along a 6 kilometre corridor offers potential that a number of
the conductor anomalies identified by the VTEM survey are due to VMS
mineralisation similar to that encountered at Evelyn.
Kooline and Tarrawarra Projects
The Company has entered into an option agreement with an
unlisted, unrelated third party to acquire the Kooline and Tarrawarra Projects on
or before 31 December 2008. Should the option be exercised, Jutt will benefit
by a retained royalty, cash and shares.
Placement & Entitlements Issue
Jutt is pleased to advise that it has completed a placement
of 5 million shares at $0.06 to raise $300,000 predominantly to Craig Burton,
Argonaut Equity Partners and AFM Perseus Fund Limited. In addition, the Company
intends to proceed with an underwritten non renounceable entitlements issue to
raise approximately $980,000 before costs. The terms of the issue are one (1)
new share at an issue price of $0.06 for every three (3) shares held.
In addition, for every share validly applied for, one option
will be granted for no additional consideration. Based on the Company’s
issued capital post the placement, approximately 16.33 million shares and
options will be issued raising $980,000. The options will be exercisable at
$0.10 on or before 15 June 2009. Jutt will apply for quotation of these options
on ASX. Argonaut Capital Limited has agreed to conditionally underwrite the
entitlements issue. The Company expects to lodge a prospectus with ASIC in due
course.
Section 708A(5)(e) Notice
In accordance with sub-section 708A(5)(e) of the Act, the
Company advises that it completed a placement of 5 million shares (as referred
to above) on 22 April 2008 and as required by sub-section 708A(6) confirms
that:
i. Jutt issued
securities without disclosure to investors under Part 6D.2 of the Act;
ii. this notice is
given pursuant to sub-section 708A(5)(e) of the Act;
iii. as at the date of this
Notice, Jutt has complied with:
a) the provisions of
Chapter 2M of the Act as they apply to Jutt; and
b) section 674 of the
Act; and
iv. as at the date
of this Notice, there is no information which is excluded information as defined in sub-sections
708A(7) and 708A(8) of the Act.
Company Meeting
Jutt intends to convene a general meeting of shareholders as
soon as practicable to:
i. respond to
requests by shareholders to consider resolutions to appoint two directors (Ivor
Findlay and David Archibald) and remove two directors (Charles Waite Morgan and
Ayaz Khan) as disclosed on 17 April 2008; and
ii. ratify previous
issues of securities to refresh the Company’s 15% capacity under the ASX
Listing Rules.
About Jutt Holdings
Jutt Holdings Limited (ASX: JUT) is an Australian listed
resources exploration company, focused on several base and precious metals
exploration projects in Western
Australia.
Jutt Holdings has the rights to acquire major participating interests
in three projects. Two projects occur in the Pilbara region of Western Australia, the
Onslow and Liberty- Indee Projects and the Tay Munglinup Project in the south
west Ravensthorpe region.
The Onslow Project consists of two granted Mining Leases
over two prospects, being the Range lead-silver prospect and the Turtle
copper-lead-silver prospect. The Company is currently diamond core drilling on
its Onslow project.
The Liberty-Indee Project consists of two granted
exploration licences. A target generation study has identified highly ranked
VTEM targets and other targets prospective for copper, lead, zinc, nickel and
gold mineralisation with JORC resource drilling on its Evelyn Prospect in 2007
& 2008. High grade intersections of up to 20% copper and 19% zinc have been
recovered. A 300 metre strike of Cu-Zn-Pb-Au-Ag mineralisation has been
interpreted to date.
Magnetic BIF (banded iron formation) has also been
identified at the company’s neighbouring Copper Mine
Range prospect which is a
10 kilometre strike length of sediments.
At the Tay Munglinup Project, bedrock conductors (15
priority from 30 selected anomalies), radiogenic granites, highly recommended
U/Th anomalies, palaeochannels with potential for roll-front style uranium
deposits have been identified.
Visit: www.juttholdings.com
The information in this announcement that relates to
exploration results is based on information compiled by Jutt Holdings Limited
and is based on information provided by Mr Cyril Leslie Geach BSc
(Hons-Geology) who is a member of the Australian Institute of Geoscientists. Mr
Geach has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is
undertaking to qualify as a competent person as defined in
the 2004 edition of the “Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves”. Mr Geach is an Executive
Officer of Jutt Holdings Limited and consents to the inclusion in the
announcement of the matters based on his information in the form and content in
which it appears.
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