Martha Hill results ‘encouraging’

Press, 25 February 1981, Page 23

Martha Hill results ‘encouraging’

Assay results from six diamond drill holes at the Martha Hill prospect of Mineral Resources N.Z., Ltd, show positive results in both gold and silver. Amax Exploration (New Zealand) Inc., as manager of the joint venture with Mineral Resources and Green and McCahill Mining, Ltd, released a progress report yesterday. ; It said the partnership was maintaining a vigorous exploration programme at Martha Hill and had two diamond drills working. Drill holes numbers nine and 10 tire in progress. Ari assay result from number eight is expected within two weeks. The report gave results for holes two to seven which

were drilled on six separate sections within a strike distance of 285 metres (950 feet). The chairman of Mineral Resources (Dr J. S. Watt) said that although the results could be considered encouraging, it was emphasised that the evaluation programme was still at a very early stage and speculation as to the viability, of the project was premature. Amax had expended about $2 million on behalf of the Martha Hill joint venture to December 31, and expenditure of a further $1,075 million by April 30 was anticipated. The volume weighted average results of the main intersections of interest are:—

Hole No. From To Interval Grams a tonne •WHO 2 .... 39m 60m 21m 3.1 19.8 111m 132m 21m 1.0 14.0 ••WHO 3 66m 108m 42m 4.2 34.5 123m - 192m 69m 3.0 37.0 *"WHD 4 6m 60m 54m 4.0 31.0 WHD 5 .... 12m 33m 21m 2.06 11.0 1 78m 96m 18m 2.07 10.4 132m 138m 9m 2.03 15.1 WHD 6 .... 6m 33m 24m 2.09 8.0 42m 87m 45m 2.09 8.5 WHD 7 Om • 66m 66m 1.49 10.0 •WHD 2 contains 111 metres, averaging 12 grams a tonne stiver. •'WHD 3 contains 138 metres, averaging 31 grams a tonne silver. •'•WHD 4 contains 96 metres and 39 metres. ntervals averaging 25 and 24 grams a tonne silver. 1