For personal use only

Transcription

1 MARCH 2011 QUARTERLY ACTIVITIES REPORT ASX Release Thursday 21 April 2011 OAKLAND RESOURCES LIMITED Level 1 / 33 Richardson Street West Perth, Australia WA 6005 Tel: Fax: The Company is very pleased to report that it has continued to advance its exploration projects and commenced drill testing of one of its high priority gold targets. HIGHLIGHTS RC Drilling in progress at Spion Kop Prospect targeting high priority soil geochemical and IP geophysical targets. Nine drill holes for 528m have been completed with very encouraging sulphide mineralisation intersected in a number of drillholes. Oakland is firmly established in the emerging Silurian Gold Province of New South Wales. Contact: Mark Arundell Managing Director info@oaklandresources.com.au Tel: For the latest news: Directors / Officers: Vern Tidy Mark Arundell Tony Polglase Scott Funston Issued Capital 30 million shares 12.1 million options ASX Symbol: OKL Media: Fortbridge Bill Kemmery BOOROWA PROJECT Spion Kop Licence (EL 7412) An RC (Reverse circulation) percussion drilling programme of 3,000 metres at the Spion Kop Prospect is in progress. Management believes the Spion Kop Prospect has the potential to identify high grade and large tonnage deposits of gold ore and is located in an area that has outstanding infrastructure. The drilling programme is targeting high order geochemical soil anomalies and Induced Polarisation (IP) chargeability targets delineated by the Company (Figure 2). Nine holes have been completed for 528 metres. Disseminated sulphide mineralisation (pyrite ± arsenopyrite ± galena) has been observed in a number of the drill holes. The presence of sulphide mineralisation is considered very encouraging particularly as these drillholes are located metres west of the historic workings at Spion Kop and are located proximal to a geophysical (IP) target. Assay results are pending. Infill and extension soil sampling was completed in January (Figure 2). Sampling was conducted to the west of the current grid to confirm and delineate a 10ppb 1 gold anomaly noted in broad spaced sampling west of the main Spion Kop gold anomaly. Results have defined a robust 500m x 450m 10ppb gold anomaly 2 additional and separate to the main Spion Kop gold anomaly. 1

2 An electrical geophysical survey of dipole-dipole IP (Induced Polarisation) was completed in February for seven lines of IP covering the historic workings and the gold and arsenic soil anomalies previously defined by the Company. Spion Kop RC drilling The IP results from this survey defined three new targets (Figure 2),. The IP chargeability targets are co-incident with either anomalous gold or arsenic soil geochemistry. This outcome is considered very encouraging as it may indicate the presence of disseminated sulphide associated with the soil geochemistry and confirms them as valid targets. Additionally it demonstrates the geological similarity of the Spion Kop Prospect to the gold mineralisation at the Newmont/Alkane McPhillamys deposit since this is known to be associated with disseminated sulphide and IP chargeability anomalies 3. Bowning Licence (EL 7427) Day Dawn South East adit A programme of soil sampling has been completed at the Shell / Larsons Find Prospects. Sampling has been conducted to test significant gold values reported by previous workers including Shell 4 and Michelago Resources 5. All of the assay results from this work have been received. Some infill soil sampling was conducted on the Shell Find anomaly but the results obtained indicate no anomaly worthy of any immediate follow up. Regional Evaluation of other historic prospects and mines on the Boorowa Project area is progressing. Results are currently being compiled in order to plan follow up. MULLIONS RANGE PROJECT Cooma Proprietary Day Dawn Licence (EL 7713) Field inspection and sampling of the Day Dawn Prospects has been initiated (Figure 3). Reconnaissance rock sampling of the Day Dawn Gold RAB anomaly, Day Dawn South and Day Dawn South Prospects has been completed. Results are pending. An electrical geophysical survey of dipole-dipole IP (Induced Polarisation) is planned at the Day Dawn Gold RAB anomaly before drill testing in conducted. Livingstone Hill 2

3 Apsley & Mullions Creek Licences (ELA 4100& ELA 4145) The Company is awaiting grant of these tenements. The Apsley Licence (ELA 4100) encompasses two prospects highly rated by the Company - Cow Flat and Apsley. The Mullions Creek Project (ELA 4145) encompasses 300km 2 covering prospective Silurian stratigraphy. These areas complement and expand the Company s exploration program in the Mullions Range Licence. MICHELAGO PROJECT Michelago Licence (EL 7426) Soil sampling has been completed at the Cooma Proprietary and Livingstone Hill Prospects following up encouraging gold mineralisation detected in rock samples collected by Oakland. Results from this soil sampling work are pending and evaluation of other historic prospects and mines is planned. Bredbo Licence (ELA 4177) Industry & Investment NSW has accepted an exploration licence application totalling 230km 2 covering prospective stratigraphy in the emerging Silurian Gold Province of New South Wales south of Canberra. The Bredbo Licence (ELA 4177) encompasses a number of prospects highly rated by the Company including Billilingra South, Mt Allen Prospect and the barite workings at Colyers Creek (Figure 4). This area complements and expands the Company s exploration program of the Michelago Project. OAKLAND RESOURCES Aggressively exploring for gold deposits in the emerging Silurian Gold Province of New South Wales. Large ground position of ~1,400 km 2 in similar Silurian stratigraphy to that which hosts the 2,960,000 ounce McPhillamys Gold Deposit in New South Wales 6. The Day Dawn prospect occurs along strike from the McPhillamys deposit McPhillamys is the second largest gold discovery made in Australia over the last decade. Strong cash position Mark Arundell Managing Director 3

4 1. ppb : parts per billion 2. Gold analysed by ALS Orange. Method Au-AA21. 30g Fire Assay, AAS finish. Detection limit 2ppb 3. Alkane ASX release 5th December The Shell Company of Australia Limited Metals Division, Fifth Six-Monthly Exploration Progress Summary Report, Exploration Licences No Red Hill, 1669 Mundoonen and 1690 Snowdon, Yass Area, N.S.W., Geological Survey of NSW Open File Report GS1982/ Michelago Resources NL, Exploration Licence 5142, Rye Park, Annual Exploration Report for the period 31 October October 1997, Geological Survey of NSW Open File Report GS1998/ Alkane ASX release 5th July 2010 The information in this report that relates to Mineral Resources and Exploration Results are based on information compiled by Mr Mark Arundell who is a Member of the Australian Institute of Geoscientists. Mr Arundell is the Managing Director of Oakland Resources Limited. Mr Arundell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Arundell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Figure 1 : Oakland Resources NSW Projects 4

5 Figure 2: Boorowa Project. Spion Kop Prospect - gold and arsenic geochemical anomalies and IP targets 5

6 EL 7713 Figure 3: Day Dawn Licence Prospects 6

7 Spring Valley Prospect 5km Mt Allen Prospect Mctiernans Umber Mine Livingstone Hill Workings Australian Capital Territory ELA 4177 Cooma Proprietary Gold Mine Colyers Creek Workings New South Wales EL 7426 Billilingra Prospect Figure 4: Michelago Project New exploration licence Bredbo ELA