Fire assays confirm gold grades at Plumridge ANNOUNCEMENT 22 May 2008 HIGHLIGHTS • 1-metre re-samples of previously reported 3-metre composite samples have confirmed initial assays and shown higher values from aircore drilling on the southern portion of the Corvette Prospect . • Gold fire assays returned higher grade one-metre intervals to a maximum 1.75 g/t Au Mineral Sands Ltd (ASX:MSN) have received the first fire assay re-samples from its initial drilling program at the Plumridge project in the Eastern Goldfields, which have confirmed the promising gold grades identified on the priority Corvette Prospect. The program included one-metre fire assay re-samples of the three-metre composite samples from the initial aircore drilling program at the Corvette Prospect. On 1 May 2008 MSN announced the assays from the first 70 holes of a 119 hole aircore drilling programme on the Corvette Prospect. Those assays were for 3-metre composites. Composites assaying more than 0.1 g/t were resampled at 1-metre intervals and assayed by fire assay, which uses a more complete digestion method. The samples are all from the southern part of the Corvette Prospect (Figure 1). Three samples recorded > 1 g/t Au. These were 1 m at 1.75 g/t Au from 39 metres depth, and 1 m at 1.32 g/t Au from 42 metres depth in hole PLAC 181, and 1 m at 1.06 g/t Au from 30 metres depth in PLAC 218. Hole location details are tabled below: Table 1: Hole locations containing > 0.1 g/t Au for which one metre re-samples have been received. HOLE NORTHING(m) EASTING(m) TOTAL DEPTH(m) PLAC 181 6681996 633892 50 PLAC 183 6681999 633699 38 PLAC 185 6682014 633413 35 PLAC 205 6681000 635393 45 PLAC 218 6679996 633608 64 PLAC 219 6679995 633396 43 PLAC 223 6679007 634207 51 PLAC 225 6679015 634602 38 PLAC 234 6683000 634203 38 Note: Projection GDA94, all holes vertical The composite sample results and the peak 1-metre fire assay repeat sample results are tabulated below for comparison: Table 2: Composite samples and one-metre re-sampling peak Au values HOLE From(m) To(m) 3m composite Au (g/tAu) Peak 1m fire assay(g/T Au) Interval PLAC 181 39 42 0.21 1.75 39 to 40 m PLAC 181 42 45 0.41 1.32 42 to 43 m PLAC 183 33 36 0.16 0.28 34 to 35 m PLAC 185 27 30 0.15 0.67 27 to 28 m PLAC 205 33 36 0.36 0.71 35 to 36 m PLAC 218 30 33 0.26 1.06 30 to 31 m PLAC 219 36 39 0.17 0.64 38 to 39 m PLAC 219 39 42 0.22 0.38 41 to 42 m PLAC 219 42 43 0.17 0.14 42 to 43 m PLAC 223 39 42 0.14 0.12 40 to 41 m PLAC 225 30 33 0.22 0.2 31 to 32 m PLAC 234 33 36 0.10 0.14 34 to 35 m Note: 3m composites assayed by aqua regia digestion, graphite furnace atomic absorption spectrometry: 1m samples assayed by standard fire assay fusion 50 g charge, flame atomic absorption spectroscopy. The re-sample Au results by the fire assay method have confirmed the initial assays and have delineated the higher grade portion of the composite sample where the supergene gold mineralisation is best developed. The supergene mineralisation is typical of responses associated with remobilisation of gold from bedrock lodes subjected to deep weathering. Figure 1: Plumridge Project, Corvette Prospect Location Plan BACKGROUND Mineral Sands Ltd holds the Plumridge Project exploration licences, totalling 2,220 sq.km. The project is situated on the margin of the Albany Fraser Province and the reworked transitional margin of the Yilgarn Block, which hosts the 4 Moz Tropicana-Havana gold project. These assay results are from a first-pass aircore drilling program, which was completed in April 2008, The drilling was designed to investigate the Northern Anomaly, a large calcrete gold anomaly. FUTURE WORK The results of 1-metre re-samples of a further 9 holes recording >0.1 g/t Au in 3-metre composites in the northern portion of the Corvette Prospect are awaited. A 25,000 metre aircore program consisting of follow-up work at the Corvette Prospect, and firstpass reconnaissance drilling of the Southern Calcrete Au Anomaly will commence in May 2008. Authorised by: Patrick McManus Managing Director DATE: 22 May 2008 The information in this report that relates to Exploration Results is based on information compiled by Mr Mark Teakle, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Teakle is an Executive Director of Mineral Sands Ltd and has sufficient relevant experience 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 Teakle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. About Mineral Sands Limited Mineral Sands Limited (“Minsands”) has established a portfolio of 100% owned projects covering approximately 20,000km2 across Australia, in addition it has entered into Joint Ventures where it sees opportunities to increase value to shareholders. Minsands primary project is Plumridge, which is a developing gold project in a prospective location in the Albany Fraser Block. Minsands also has a number of Mineral Sands projects under investigation in WA, Victoria, Queensland and NSW. Minsand’s acquisition strategy has been to secure advanced project areas containing previously identified resources that exhibit potentially favourable mining and processing options and good infrastructure. In addition, exploration projects have been secured in provinces with potential for high value deposits.
MSN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
