Page 1 of 9 ASX ANNOUNCEMENT ASX: DML AIM: DME BSE: DML Liebherr Excavator and Caterpillar dump truck Discovery Metals Limited Mango Prospect defined over 36 kilometres of strike length Highlights: New zone of higher grade copper‐silver mineralisation intersected at the south west extension of the recently discovered Mango Prospect. Copper‐silver mineralisation now confirmed along 20 strike kilometres of the 36 kilometre prospective horizon at the Mango Prospect. Significant intercepts from 11 drill holes include: o MGDD1387 – 4.4 m @ 3.2% Cu & 561 g/t Ag; o MGRC1677 – 6.0 m @ 1.0% Cu & 153 g/t Ag. Higher silver grades intersected including an intercept of 561 g/t over 4.4 metres. Drilling programme continues with further results anticipated in the first quarter of 2012. Discovery Metals Limited (‘Discovery Metals’ or ‘Company’) reports further highly encouraging results from the ongoing drill programme at the recently discovered Mango Prospect. Mango is situated within the Company’s 100% owned Prospecting Licences in the Kalahari Copperbelt in north‐west Botswana (Figure 1), and is located within the Boseto Zone (Figure 2) approximately 30 kilometres south of the concentrator at the Boseto Copper Project. Discovery Metals’ Managing Director, Brad Sampson said, “These higher grade intersections at South West Mango further demonstrate the prospectivity of the Kalahari Copperbelt and encourages us that multiple mineralised areas may exist that can contribute to a larger and longer life Boseto Copper Project. 5 December 2011 MARKET CAPITALISATION Shares on Issue 440m Share Price A$1.37 Market Cap A$603m Cash 30 Sep US$118m Project Debt US$115m ABN 29 104 924 423 For personal use only
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Page 1 of 9
ASX ANNOUNCEMENT
ASX: DML AIM: DMEBSE: DML
Liebherr Excavator and Caterpillar dump truck Discovery Metals Limited
Mango Prospect defined over 36 kilometres of strike length
Highlights:
New zone of higher grade copper‐silver mineralisation intersected
at the south west extension of the recently discovered Mango
Prospect.
Copper‐silver mineralisation now confirmed along 20 strike
kilometres of the 36 kilometre prospective horizon at the Mango
Prospect.
Significant intercepts from 11 drill holes include:
o MGDD1387 – 4.4 m @ 3.2% Cu & 561 g/t Ag;
o MGRC1677 – 6.0 m @ 1.0% Cu & 153 g/t Ag.
Higher silver grades intersected including an intercept of 561 g/t
over 4.4 metres.
Drilling programme continues with further results anticipated in the
first quarter of 2012.
Discovery Metals Limited (‘Discovery Metals’ or ‘Company’) reports further highly encouraging results from the ongoing drill programme at the recently discovered Mango Prospect. Mango is situated within the Company’s 100% owned Prospecting Licences in the Kalahari Copperbelt in north‐west Botswana (Figure 1), and is located within the Boseto Zone (Figure 2) approximately 30 kilometres south of the concentrator at the Boseto Copper Project. Discovery Metals’ Managing Director, Brad Sampson said, “These higher grade intersections at South West Mango further demonstrate the prospectivity of the Kalahari Copperbelt and encourages us that multiple mineralised areas may exist that can contribute to a larger and longer life Boseto Copper Project.
5 December 2011
MARKET CAPITALISATION Shares on Issue 440m Share Price A$1.37 Market Cap A$603m Cash 30 Sep US$118m Project Debt US$115m
ABN 29 104 924 423
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Boseto Zone ‐ South West Mango Prospect Drilling Programme Results for 11 drill holes located at the south‐western end of the Mango Prospect have been received covering a strike length of approximately 10 kilometres (Figure 3). The most southerly drill hole MGDD1387, returned a higher grade intercept comprising 4.4 m @ 3.2% Cu and 561 g/t Ag from 53.0 m to 57.4 m (Figure 4). Approximately 10 kilometres to the north east, drill hole MGRC1677 intersected 6.0m @ 1.0% Cu and 153 g/t Ag. The remaining drill holes are spaced approximately 1.6 kilometers apart along this 10 kilometres of strike length. The portion of South West Mango reported here is approximately 36 kilometres south‐west of the north‐eastern end of the Mango Prospect, where Discovery Metals announced mineralisation over a one kilometre strike length on 27 September 2011 (Figure 5). All higher grade intercepts will require further follow up infill drilling given the broad spacing of these initial drill holes and all higher grade zones currently remain open along strike and down dip. Further, aeromagnetic data has been obtained over the trend, with a number of anomalies identified that potentially relate to higher grade zones of mineralisation, which the Company intends to investigated with further drilling. The Company intends to drill test the entire 36 kilometres of prospective strike length at Mango over the next six months, with the intention of identifying areas of copper silver mineralisation that may support either open pit or underground mining or both. The drilling programme along the Mango Prospect continues and further results are anticipated within the first quarter of 2012.
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Table 1: SW Mango Prospect drilling results.
HoleID Section
Northing/ Easting (m) WGS84 SUTM34
Dip/Azi Total Depth (m)
Min. From (m)
Min. To (m)
Geochemical Results over down hole thickness (0.3% Cu cut‐off)
MGDD1387 16800N 7693112 701384
‐60 to 320 65.9
53.0 57.4 4.4 m @ 3.2% Cu & 561 g/t Ag
including
54.0 57.4 3.4 m @ 4.0% Cu & 723 g/t Ag
MGDD1389 17300N 7693399 701792
‐60 to 315 71.7 48.0 71.0 No significant intercepts
MGDD1392 16800N 7693073 701409
‐60 to 320 113.8
87.0 88.0 1.0 m @ 0.4% Cu & 30 g/t Ag
94.6 97.4 2.8 m @ 0.9% Cu & 179 g/t Ag
including
96.1 97.4 1.3 m @ 1.8% Cu & 317 g/t Ag
MGDD1667 18300N 7694059 702567
‐60 to 320 134.9 89.0 132.0 No significant intercepts
MGRC1368 16800N 7693112 701381
‐60 to 319.5 60.0
49.0 53.0 4.0 m @ 1.8% Cu @ 144 g/t Ag
including
50.0 53.0 3.0 m @ 2.2% Cu & 183 g/t Ag
MGRC1373 18300N 7694061 702569
‐60 to 314.5 160.0 18.0 160.0 No significant intercepts
MGRC1374 18300N 7694087 702538
‐60 to 314.5 61.0 4.0 61.0 No significant intercepts
MGRC1386 20000N 7695217 703779
‐60 to 314.5 90.0 77.0 79.0 2.0 m @ 0.6% Cu & 32 g/t Ag
MGRC1390 21550N 7696289 704943
‐60 to 320 85.0
59.0 62.0 3.0 m @ 1.3% Cu & 65 g/t Ag
including
60.0 62.0 2.0 m @ 1.7% Cu & 91 g/t Ag
MGRC1671 24950N 7698629 707374
‐60 to 319.5 76.0 60.0 61.0 1.0 m @ 0.5% Cu & 22 g/t Ag
MGRC1677 26500N 7699737 708507
‐60 to 319.5 106.0
87.0 93.0 6.0 m @ 1.0% Cu & 153 g/t Ag
Including
88.0 90.0 2.0 m @ 1.8% Cu & 312 g/t Ag
97.0 99.0 2.0 m @ 0.5% Cu & 71 g/t Ag
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Baobab tree at Kgwebe Hills
Sunset from Kgwebe Hills
Clearing Boseto Plant site
Clearing Boseto access road
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Process Plant
Liebherr 9350 Excavator
Process Plant and Tailings Dam
Managing Director, Brad Sampson, addressing staff in Gaborone
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Wallace Gordon Mackay who is a Member of the Australian Institute of Geoscientists. Mr Mackay is a full‐time employee of Discovery Metals Limited. Mr Mackay has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify 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 Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Discovery Metals Background
Discovery Metals is an ASX/AIM/BSE listed copper exploration and development company focused on the emerging Kalahari Copperbelt in northwest Botswana. The Company is a near‐term copper producer currently developing its 100% owned Boseto copper project towards production in the first half of 2012.
The Kalahari Copperbelt sediment‐hosted mineralisation of the Boseto copper project is similar in style to the well‐known and large deposits of the Central African Copperbelt of Zambia and the Democratic Republic of the Congo.
Discovery Metals has prospecting licences covering 8,877 km2 along the Kalahari Copperbelt.
Further information on the Company including Mineral Resources and Ore Reserves is available on our website: www.discoverymetals.com
Forward looking statements
This release includes certain statements that may be deemed “forward‐looking statements”. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that Discovery Metals expects, are forward‐looking statements. Although Discovery Metals believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward‐looking statements.
For further information on this release and Discovery Metals Limited, please contact: Brad Sampson Managing Director Ph: +61 7 3218 0200 [email protected]
AIM Nominated Advisor – Fairfax I.S. PLC, Contact Ewan Leggat/Laura Littley Ph: +44 20 7460 4389 or 7460 4387 UK PR – Tavistock PR, Contact Jos Simson/Emily Fenton Ph +44 207 920 3150 or +44 778 855 4035
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Kgwebe Hills
gwebe Hills
o Plant site
o access road
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Kgwebe Hills
gwebe Hills
o Plant site
o access road
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Kgwebe Hills
gwebe Hills
o Plant site
o access road
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Kgwebe Hills
gwebe Hills
o Plant site
o access road
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Kgwebe Hills
gwebe Hills
o Plant site
o access road
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