When you are pondering about unusual or not readily explainable price movements of CZN, perhaps you may want to explore the daily fortunes of Vatukoula, see below:
RNS Number : 0030Q
Vatukoula Gold Mines PLC
12 October 2011
Vatukoula Gold Mines plc
('VGM' or 'the Company')
New Ore Zone Discovery at Vatukoula Gold Mine
Vatukoula Gold Mines Plc, the AIM listed (AIM:VGM) gold producer, is pleased to report the discovery of Baron d'Este, a new high grade ore zone at the Company's 100% owned Vatukoula Gold Mine in Fiji.
Highlights:
· Drilling has intersected three new high-grade mineralised structures at Vatukoula which form part of the new Baron d'Este ore zone.
· This is the first new discovery of a new high-grade ore zone at Vatukoula since the discovery of the Prince William ore zone in the 1980's.
· Significant composite intersections include:
124.7 grams of gold per tonne over 0.46 metres;
33.6 grams of gold per tonne over 2.86 metres;
25.46 grams of gold per tonne over 1.07 metres; and
39 grams of gold per tonne over 0.48 metres.
· The ore zone has been intersected between 300m to 700m below surface (11 to 23 levels).
· The new ore zone is open along strike and down dip.
· Drilling continues to further define the extent of this new discovery.
· The Baron d'Este ore zone sits approximately 300m north of the current mine workings.
David Paxton, CEO of Vatukoula Gold Mines, commented:
"The discovery of the Baron d'Este ore zone is highly encouraging as it represents the first new high grade ore zone discovery at our Vatukoula site for over 20 years. The discovery also substantiates our belief that our Fiji operation has excellent potential to expand its current resource and reserve base with high grade ore zones. Because of the ease of access of this new ore zone, we believe this discovery will assist in increasing our long-term production profile."
Exploration Update
On 10th May 2011 VGM announced the first results from its 2011 exploration programme targeting three main areas; extensions to existing as well as new surface oxide mineralisation, underground high grade ore bodies within the mine envelope and new exploration targets contained within current exploration licenses. A full update on the progress made during the year on these programmes will be provided by the end of 2011.
New Ore Zone Discovery
The Baron d'Este discovery is contained within the current Mining Leases and is approximately 300 metres north of current mine workings.
The ore zone has been drilled by three holes which have intersected up to four mineralised structures. Three of these structures are sub-vertical which have been intersected between 300m and 700m below surface (11 and 23 level), and the fourth is a horizontal structure approximately 700 m below surface.
The vertical structures are roughly orientated in a north-east south-west direction consistent with some of the local and regional controls. The horizontal structure is thought to be a faulted block of a flatmake structure which is typically mined at Vatukoula.
The three holes drilled targeting this ore zone were completed between the beginning of August 2011 and the end of September 2011 and consisted of a total of 3,116 metres. All three holes intersected mineralised structures, with the most significant composite intersections being 124.7 grams of gold per tonne over 0.46 metres; 33.6 grams of gold per tonne over 2.86 metres; 25.46 grams of gold per tonne over 1.07 metres and 39 grams of gold per tonne over 0.48 metres.
Summary of composite mineralised intersections:
