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Auzex finds encouraging gold assays from Lyell and Kirwan
12 May 2008, Source: Auzex Resources and Lindsay Clark - The Australian and New Zealand mineral explorer Auzex Resources has reported highly encouraging gold assays from its Lyell gold field’s permit which is a northern extension of the Reefton gold field.
Auzex says in its three month report to March 31 2008 that among 511 soil samples collected at the Lyell gold prospect, five assays of over 1.00 g/t of gold and spot assays of 39.4 g/t and 10.05 g/t of gold were made.
Auzex says the results were sufficiently encouraging that drilling will be fast-tracked.
The gold is also associated with high arsenic values up to 6,750 ppm As, suggesting the anomalous gold is related to bed rock mineralisation, similar to that found at Reefton.
The soil anomaly straddles the interpreted trace of the anticline axis that hosts the historical Alpine gold quartz reefs (96,500 oz gold production) and is associated with quartz vein stockworks that have been mapped over a 200 m wide zone.
Auzex says the best gold grades were found where E-W striking, north-dipping faults cross-cut the anticline fold-hinge, leading to steeply north-plunging ore shoots that have been mined to a depth of one kilometre.