MIL Resources confirms high grade gold zones at Poi

Business, Normal

The National, Tuesday, May 24, 2011

PNG-focused mineral exploration company and Australian securities exchange-listed MIL Resources has confirmed multiple high grade gold zones, through a geological consultant review, with drilling expected to begin later this year at the Poi project in Alotau, Milne Bay.
In a statement yesterday by MIL, the review identified scope for multiple intrusion related high grade structure and breccia hosted gold zones.
Three key drill targets had been identified in the review that includes,  Aladdins, Wallaby Ridge and Morti.
The review found that Aladdins had mineralised breccias and high level intrusions localised more than 1,000m by 500m.
Wallaby Ridge has a gold copper molybdenum soil anomaly measuring over 1,000m by 200m.
At Morti, magnetite skarn exposed over a 300m interval assaying better than 0.5g per tonne (g/t) gold over 9m -38m in several of the trenches.
The company has developed a work programme to define specific drilling for each of the high priority target zones including focused geochemical sampling and a detailed ground magnetic survey.
MIL estimates this work would define drill holes for a 3,000m drilling programme at the project with drilling expected to commence in the September quarter.
International geological consultant Simon Meldrum reinterpreted the 2008 geophysical surveys conducted by another consultant.
Poi is wholly-owned by MIL Resources subsidiary Titan Metals Ltd, a PNG company which controls five granted exploration licences and six exploration licence applications covering over 8,000 square kilometres.