reasonably good drilling results released yesterday:
"Pacrim’s initial 7 hole RC drilling programme at the Redcliffe Pit prospect were designed to assist validation of previous exploration data and to test for extensions of gold mineralisation beyond previous mining.
Encouraging oxide intersections included:
• 8m @ 4.09g/t
• 6m @ 4.46g/t
• 4m @ 3.65g/t
• Several gold intercepts were returned from fresh rock at Redcliffe Pit in association with the presence of fresh sulphides. These included:
• 4m @ 3.10g/t
• 5m @ 2.05g/t
• All holes at Redcliffe Pit returned multiple gold intercepts within a broader mineralised zone which was shown to continue at depth over a strike length in excess of 300 metres."
These results confirm the northerly strike of the gold bearing structure that runs from Navigators (NAV) tenement. [PRE tenement adjacent to north of NAV]. I am encouraged by these results. The company has stated its preference to rapid resource definition (7 Aug 2007):
"Work by previous explorers has focused on supergene mineralisation exploitable by shallow open pits. In addition to seeking near surface gold deposits, Pacrim’s exploration philosophy for the area is based on the potential for the grades of the extensive gold mineralised systems to increase significantly at depth in association with sulphides. Further support for this has been afforded by Pacrim’s positive exploration results and those of a neighbouring explorer [insert - NAV].
The Mertondale Shear Zone, including Pacrim’s Redcliffe Gold Project, is considered by Directors to be an important emerging gold camp undergoing a significant resource definition phase."
Exciting times ahead.