July 17, 2012 (Source: Yahoo Finance) – Perth, Australia, Archer Exploration Limited (ASX:AXE.AX – News) advises that the RC component of resource drilling over the Campoona Shaft portion of the Campoona Graphite Deposit has been completed. The Company's 100% owned Campoona Graphite Project is located approximately 12km north of the township of Cleve on Eyre Peninsula, South Australia.
Drilling in February and again in April 2012 confirmed the presence of a discrete intense graphitic shear zone hosted in lower grade graphitic proto-gneiss. The high grade graphite unit averages from 10m to over 40m in true width with the hangingwall section particularly high grade averaging over 15% graphitic carbon and carrying visible flake.
The latest RC drilling program was designed to drill out the Campoona Shaft portion of the deposit at a 50m x 20m drill nominal spacing to a vertical depth of 100 metres.
Results received to date from the resource drilling program are consistent with the previous exploration programs and reinforce the Ccompany's confidence in the Campoona Graphite deposit. The intersection 27m @ 18.5%TGC in hole CSRC12_041 is the highest grade intercept recorded in drilling to date at the project.
The first assays results from the RC drilling confirm previous observations regarding the thickness and grade of the graphite mineralisation. (To see results, see link at bottom of release).
A program of HQ diamond drill holes commenced on 27th June 2012 over the Campoona Shaft. Six to eight diamond drill holes are planned in order to provide samples across the length, breadth and depth of the deposit for metallurgical test work. The test work will define the basis of product type and product recovery needed to support JORC Measured and Indicated Resources and JORC Reserves.
Two diamond drill holes have been completed.
The first diamond drill hole, CSDD12_003, drilled at -80o on an azimuth of 120o to a depth of 106.5m, intersected intense graphite mineralisation from 24m to the base of the drill hole at 106.5m. The graphite intercept included one small interval of graphitic gneiss. The hole was terminated in graphite due to drilling difficulties.
The second diamond drill hole, CSDD12_004, was completed on 16th July 2012. The hole was located 150m south of CSDD12_003 and intersected intense graphite mineralisation from 16m to the end of hole at 115m. This hole was terminated as a precautionary measure as it intersected the same pronounced graphitic kaolinised shear that caused the drilling problems in hole CSDD12_003.
The diamond drill program is expected to take a further 3-4 weeks to complete. Progressive announcements will be made as and when results come to hand.
The airborne EM survey commenced but was postponed due to equipment malfunction. The survey is expected to recommence on the 18thJuly 2012 and be completed within 7-10 days.
To view the complete Archer Exploration announcement including Figures, please click the link below:
About Archer Exploration Limited:
Archer Exploration Limited (ASX:AXE.AX – News) is a copper, gold and uranium explorer focused on the discovery of world-class ore deposits.
The company has carefully acquired a portfolio of projects, covering an area in excess of 7,000 km2, in the highly prospective Gawler Craton and Adelaide Fold Belt regions of South Australia. All projects are 100% owned by the company.
The company's flagship Evelyn Dam prospect in the West Roxby Project is an iron ore-copper-gold-uranium (IOCG-U) target which has a gravity anomaly similar in size to the nearby Olympic Dam operations.
Archer Exploration Limited has an experienced board and management team and has the ability to maximise the potential of the company's world-class projects.
Archer Exploration Limited