IGS - International Goldfields

Corvette's Plumridge Project is a 100% owned project comprising of 12 granted exploration licences covering 2,302km² and is located 260km northeast of Kalgoorlie.

The Plumridge Project lies in a new gold province, in metamorphic rocks of the Albany-Fraser Orogen on the eastern margin of the Yilgarn Craton. It is highlighted by the recent discovery of the 5 million ounce gold Tropicana-Havana deposit, 60 kilometres to the north of Plumridge.

The Corvette Prospect was located during a regional gold-in-calcrete auger geochemical programme at Plumridge, which commenced in 2007, and which was initially investigated by extensive aircore (AC) drilling by the Company in 2008.

http://www.corvetteresources.com.au

Re: CVX - Corvette Resources

Been watching this one since CFE and Sage got involved. Drilling results look interesting and they have a lot of cash on hand to continue prospecting.

This from The Age :

Garimpeiro's present interest in Cape Lambert's empire is Corvette Resources, owned 32.3 per cent by Cape Lambert and the group that merged with Tianshan Goldfields in February.

Corvette's shares have been on the skids since the merger was bedded down, closing on Friday at 7 a share for a market capitalisation of $35 million. Sage blames the selling on former Tianshan shareholders who were owners because of the now-gone Chinese gold exposure.

And he reckons that selling is about done. It would be a good time to get beyond that too because Corvette has just started a new drilling program at its wholly owned Plumridge gold project in Western Australia.

It is 60 kilometres south of the 5 million-plus ounce Tropicana-Havana gold deposit that AngloGold and Independence Group are planning to bring into production as Australia's next big gold mine.

The drilling program is targeting primary gold mineralisation in two priority zones with a view to establishing a maiden resource estimate. Development options for the remote region will be enhanced by the infrastructure upgrade that will come with the Tropicana-Havana development.

An earlier drilling program defined a new 2000 metre by 500 metre gold anomaly that remains to be tested along the strike and at depth. A bunch of holes will also be punched into the Stingray Zone where previous drilling returned good results, including seven metres at 3.38 grams of gold a tonne and three metres at 5.68 grams a tonne.

So there is going to be flow of results that could be worth watching in the months ahead.

The other point to make about Corvette is that has to be the best funded explorer on the boards. It has $26 million in the bank, meaning the current market is valuing its Plumridge project at just $9 million.

That cash holding is too big, so watch out for an acquisition."


http://www.watoday.com.au/business/african-gold-mining-company-to-split-20100829-13xm4.html

INITIAL RC DRILL RESULTS AT LATIN GOLD PROJECT, BRAZIL
• RC drill result received at Ana Prospect on first 9 holes totalling 737m of drilling in the 6,000m campaign. Better intercepts from 4m composite samples include;
o 4m at 8.49g/t Au from 24m and
4m at 1.59g/t Au from 88m in hole AR006
o 16m at 1.65g/t Au from 32m in hole AR007
• Channel sampling of mineralised zone returns 6m at 2.8g/t Au at surface above holes AR006 and AR007.
• Additional rock chip results received on continuing geological mapping program of the extensive surface gold anomaly at Ana with up to 35g/t Au values in recent assays.

EXPLORATION UPDATE FOR MALI SOUTH
• Nangalasso fire assay results for one-metre air core drill intervals confirm significant gold mineralisation in maiden drill program, with better intercepts including;
o 3m at 7.84g/t Au (previously reported 3m composite of 4.1g/t Au)
o 1m at 7.8g/t Au (previously reported 3m composite of 7.2g/t Au)
• Kounian and Balena Projects both return encouraging surface gold results in follow-up auger programs that tested extensions to surface gold anomalies.

DRILLING COMMENCES AT ANA DISCOVERY, BRAZIL
• RC drilling commences on 6,000m follow-up program targeting;
o resource delineation on defined quartz veins hosting high grade gold mineralisation and,
o Porphyry targets within extensive Au-Cu surface anomalism.
• Ana Prospect diamond drill results received on final four holes returning extensive gold anomalism in pervasive hydrothermal alteration.
• Final surface geochemistry results further extend >100ppb zone of anomalism to over 2.5km x 4km target area.
• Additional rock chip results with 17.4g/t and 4.5 g/t Au on newly identified vein structure in follow-up mapping of Ana Prospect