Kimber Resources Inc. (TSX:KBR)
VANCOUVER, June 29 /CNW/ - Kimber is very pleased to report that a third
epithermal system has been identified on the Monterde property. Similarities
to the Carmen and the Carotare include a principal structure with hematite
alteration, breccia bodies, and old workings.
This new zone was discovered by following up an exploration hole drilled
on the El Orito target in 2004 where gold mineralization was intersected near
an old decline. Traced to the north, this zone ("El Orito, Norte") expands to
a width of up to 80 metres where it consists of silica-hematite breccia bodies
identical to those forming the high grade "ore-shoots" on the Carmen.
The approximate dimensions of the favourable alteration on the entire
zone are 750 x 750 metres. At least five separate structural/alteration zones
have been mapped and first pass rock chip sampling completed. There are
numerous short tunnels and prospect pits scattered throughout. Local
prospectors state that small scale "gambusino" mining has occurred
intermittently over the past 50 years. Drilling will begin as soon as permits
are issued and a drill available.
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The primary significance of this discovery is that it represents another
structurally-controlled epithermal system where drilling can be directed at
finding another deposit similar to the Carmen deposit (one million
gold-equivalent resource ounces: 2/3 Measured & Indicated, 1/3 Inferred). This
discovery is a significant step towards Kimber's objective of adding
substantially to the gold and silver resources on the Monterde property. As
shown on the map below, the new zone links the Carmen and the Carotare in a
belt of continuous hydrothermal alteration over three kilometres long in an
east-west direction. It may yet be extended to the north, where alteration has
been observed and where creeks are gold-bearing. Recognition of the dimensions
of the belt is particularly promising for the Monterde property because large
hydrothermal systems are more prospective for large deposits than are smaller
systems.
In January, 2005, after drilling on the Carmen became sufficient for
pre-feasibility studies to begin, Kimber redirected the greater part of its
drilling to finding additional resources. Four months after that decision, the
Carotare discovery was announced. Now, only two months later, the El Orito
Norte has been added. There are already several other exploration targets to
be investigated as well as a large proportion of the 28,000 hectare property
which has yet to be explored even by reconnaissance methods.
Kimber has C$3.8 million in the treasury. The exploration program
continues while pre-feasibility studies continue on the Carmen deposit.
Robert Longe, P.Eng.
President & CEO
Statements in this release may be viewed as forward-looking statements.
Such statements involve risks and uncertainties that could cause actual
results to differ materially from those projected. There are no assurances the
Company can fulfil such forward-looking statements and the Company undertakes
no obligation to update such statements. Such forward-looking statements are
only predictions; actual events or results may differ materially as a result
of risks facing the Company, some of which are beyond the Company's control.
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