22
April 2008
Dwyka Resources Limited (‘Dwyka’ or the
‘Company’)
SwaziGold Results Update
__________________________________________________________________________________
Highlights
·
Core drilling at Daisy
Prospect returns gold values of 3.39 g/t over 10m
·
High grade intersection of
16.56 g/t over 1m
·
Trenching at Kobolondo Prospect returns several significant gold
intersections
__________________________________________________________________________________
The
Directors of Dwyka Resources Limited (“Dwyka” or “the Company”) today announce
an update on its exploration programme at the SwaziGold
Project in Swaziland.
The SwaziGold Project is a 435 square
kilometre gold exploration project located in Swaziland on the extension of the
highly prospective Archaean Barberton Greenstone
Belt, historically a producer of 11.5m ounces of gold. Drilling has
commenced at SwaziGold’s Daisy and Kobolondo prospects and the results continue to encourage
the Company’s view that from historical and current workings there is the
potential for the Project to host several million tonnes of high grade gold mineralisation.
Daisy
Prospect
Drilling
Core
drilling is currently underway at the Daisy Prospect and the assay results for
the first hole (SG03D) returned significant gold values located between 116 and
126m. The 10m intersection returned an average gold content of 3.39 g/t
which includes a high grade intersection of 16.56 g/t over 1m. The second
drill hole (SG04D) is currently at a depth of 152.63m
and is expected to intersect the mineralized zone approximately 50m deeper than
SG03D.
Good
core recoveries are being achieved at the Daisy Prospect and the core drilling
will continue as per the planned work programme.
Soil
Geochemistry
Infill
soil geochemistry on a 100m x 50m grid was completed in the south-western
portion of the Daisy Prospect during the current quarter (209 new
samples). These results, together with previous results as reported on 3
December 2007 have defined a 1250m x 500m >100ppb gold in soil anomaly (peak
1560ppb) to the south-west of the Daisy mine. The North-Eastern part of
this anomaly corresponds with the old Gordon Mine. The sampling program corresponds with the old Gordon workings, plant area and some of the
historical pits and trenches. The soil geochemistry also identified
additional RC Drilling targets located to the north of the known Daisy
Prospect.
Kobolondo Prospect
Trenching
To
date, a total of eight trenches have been excavated on the Main Shear Zone (the
main gold bearing structure) in the 450m strike length. Trench spacing
ranges from 30 - 70m. Mineralisation in the Main
Shear Zone has been closed-off to the south-west but remains open to the
north-east. The following table summarises the intersections >1g/t Au:
Trench 1: 2.59g/t Au over 11m
(including 6.30g/t Au over 4m)
Trench 2:
1.09g/t Au over
3m
Trench 3:
No intersections >1g/t Au
Trench 4:
1.38g/t Au over 2m
Trench 5:
6.59g/t Au over 4m; 1.56g/t Au over 2m;
2.72g/t Au over 2m
Trench 6:
1.12g/t Au over 1m; 1.06g/t Au over 2m;
1.64g/t Au over 1m
Trench 7:
2.60g/t Au over 2m ; 4.84g/t Au over
1m
Trench 8:
5.08g/t Au over 3m ; 1.27g/t Au over
1m
Drilling
Ground
conditions at the SwaziGold Project are typical of
the Barberton
style of geology. In particular, the
ground conditions at Kobolondo are poor, suggesting
that there has been plenty of geological activity. This activity, in the
form of weathering and oxidation, implies plenty of potential for larger trap
sites and zones prone to preferential mineralisation.
After initial core drilling with Triple Tube Core Barrels at Kobolondo, it has been decided to move to RC (reverse
circulation) drilling to obtain better results, as Kobolondo
remains an important target. This will commence as soon as a rig is
available.
Equity
Earn-in
Under
the terms of the Agreement with Swazi Gold Ventures (Pty) Limited, Dwyka is required to expend US$750,000 on the Project by
the end of June 2008 in order to increase its equity in the Company to
70%. Dwyka is on track to achieve this hurdle
with approximately US$300,000 to be spent during this period.
The technical exploration and mining information contained in the above
announcement has been reviewed and approved by Ed Nealon,
who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he is qualified 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
Nealon is a Dwyka Resources
Limited Director and meets the criteria of a qualified person under the AIM
guidance note for mining, oil and gas companies.
Ed Nealon consents to the inclusion in this announcement of
such information in the form and context in which it appears.
For further information please contact:
Bernard Olivier +614 0894 8182
Ed Nealon +618 9324 2955
Melissa Sturgess +618 9324 2955
Dwyka Resources Limited
Richard Brown (+44) 20 76344700
Ambrian Partners Limited
Press Enquiries
Charlie Geller/Leesa Peters
(+44) 20 7429 6604 or (+44) 7970 067 320
Conduit PR
or visit http://www.dwyresources.com
Notes to editors:
Dwyka is focusing on the diversified minerals sector, primarily nickel and
gold, in order to achieve maximum value for shareholders during the ongoing
resources boom.
Nickel
To that end, Dwyka has a
major nickel exploration project underway in Burundi. Dwyka
acquired all of the shares in Danyland Limited ('Danyland'), the owner of the Muremera
Nickel project in Burundi, Africa, in January 2007. The Muremera
project is located within one of the world's principal nickel provinces, only 2
kilometres from, almost adjacent to and in the same
geological sequence as, the giant Xstrata/Barrick Kabanga deposit in Tanzania. The Kabanga deposit is thought to be the world's largest
undeveloped nickel sulphide deposit and has similar
geophysical anomalies to those at Muremera. An
exploration permit has been granted in relation to Muremera
and access for exploration activities is good. The project's prospectivity has led to a commitment from BHP Billiton to spend at least US$5.2million as part of sole
funding arrangements to earn up to a 50% interest in Danyland.
Gold
Pursuant to a Shareholders and Earn-in Agreement dated
16 July 2007, Dwyka has the right to earn up to a 90%
interest in Swaziland Gold (Pty) Ltd ('SwaziGold'),
which in turn owns the SwazigGold Project in Swaziland, Africa.
The project is a large (435 square kilometre)
gold exploration play in the highly prospective Archaean
Barberton Greenstone Belt in Swaziland,
historically a producer of 11.5 million ounces of gold.
In the Barberton Greenstone Belt, extensive, shallow,
historic workings, plus a lack of modern exploration, have presented Dwyka with an ideal opportunity. Previous owners drilled
some 13,500 metres of the project area, providing the
Company with a drill database that includes numerous gold intersections.
These have allowed Dwyka to establish immediate
targets for both infill drilling and the development of extensions to established
zones of mineralization. In the current favourable
resources climate, it is believed that Dwyka's gold
exploration activities will accelerate.
Diamonds
Dwyka has a shareholding of 48% in KimCor Diamonds
Plc, an AIM-listed diamond explorer and producer with a portfolio of projects
in Southern Africa.
