Ni-Cu-Au-U TYPE AIRBORNE ANOMALIES OUTLINED

Transcription

1 ABN ASX ANNOUNCEMENT (ASX Code: JUT) 29 February 2008 Ni-Cu-Au-U TYPE AIRBORNE ANOMALIES OUTLINED Tay - Munglinup Project: near Ravensthorpe in the SW of Western Australia SkyTEM data have been interpreted in conjunction with regional GSWA aeromagnetic and radiometric data. Interpretation of a 2050 line kilometre electromagnetic (EM) survey has indicated approximately 30 EM anomalies of interest which show potential for sulphide Ni-Cu-Au type targets. A number of near surface palaeo-channels have been identified throughout the survey area which are potentially prospective for roll-front style uranium mineralisation. Weak uranium-channel radiometric anomalies are associated with some of the mapped palaeo-channels. Companies such as Uranex NL, Image Resources, Australian Mineral Fields / Teck Cominco and BHP Billiton Nickel / QNI Western Australia hold tenements adjacent to the option area held by Jutt. Figure 1: Location Map of Jutt Holdings Limited WA Projects

2 Geophysics has played a significant role to date: Approximately 2,650 line kilometres of airborne electromagnetic (EM) surveys have been flow at the company s Onslow Cu-Pb-Ag, Liberty Indee Cu-Zn-Pb-Ag-Au and Tay Munglinup Ni-Cu-Au-U projects. The Electromagnetic (EM) survey technique has proven to be a versatile tool in discovering and outlining drill identified mineral targets. Tay Munglinup Project Summary: Finalisation of a 4Q/07 airborne EM survey has outlined a number of EM targets associated with radiometric and magnetic anomalies from an earlier airborne survey. The targets of greatest interest will need to be followed up in A large number of electromagnetic anomalies have been identified. Approximately 30 of these are considered to be due to bedrock conductors, and could potentially be associated with massive sulphide mineralization or graphitic units. The vast majority of anomalies appear to be associated with regolith features and palaeodrainages. The most convincing bedrock conductor occurs in the south of the SkyTEM survey area, and has an approximate strike extent of 500 m. The conductor has a moderate dip towards the northwest. The strongest anomaly from this conductor has a time constant of ~2.5 ms, indicating a good-quality conductor. A number of other bedrock conductors, particularly within the southern part of Area 4 (Figure 3 below) are located in close proximity to major contacts or structures identified from regional aeromagnetic data. Their favourable magnetic setting means these anomalies should be given high priority for future follow-up. Palaeodrainages have been identified within all five SkyTEM survey areas, with the largest palaeochannel system closely associated with Lake Tay in the north of the survey area. In some cases, electromagnetic anomalies are closely associated with modern drainages, and likely indicate palaeo-channels at depth beneath modern creeks and rivers. A number of anomalies are not associated with any modern drainage. These have been interpreted as palaeo-channels based on their dendritic or sinuous nature, and because they cross-cut the known geological strike indicated by regional magnetic data. The palaeo-channels identified by the SkyTEM survey may be prospective for roll-front style uranium, particularly where ground-waters within the channels have been in contact with known areas of uranium anomalism or uraniumradiogenic granites. A number of the palaeo-channels identified by the SkyTEM survey are associated in part with weak uranium-channel (Bi-214) radiometric anomalies. The radiometric anomalies measured during airborne surveying are sourced from the very near surface (< 30 cm depth). The absence of uranium anomalies associated with the mapped palaeo-channels does not preclude the presence of deeper blind uranium mineralization.

3 Figure 2: SkyTEM survey areas. Jutt Holdings tenements are outlined in red. Hatched areas (1 5) were surveyed using SkyTEM. Radiometric anomalies and palaeo-channels in the north are also associated with immediate neighbours Uranex NL and Image Resources. Coincident EM and Magnetic anomalies exist as primary Ni-Cu-Au-U targets. Numerous EM features following structural and magnetic signatures sharing with neighbours BHP Billiton Nickel / QNI Western Australia. A distinctive linear scatter of EM anomalies associated with a distinct magnetic anomaly along a structural change and dyke intersection at Survey Area 4 is a very interesting locality, sharing with immediate neighbours Australian Mineral Fields / Teck Cominco. Magnetic anomaly that has associated EM responses associated with a dyke like feature and structural change Figure 3: Tay Munglinup Area 4 magnetic anomalies with EM responses

4 Jutt Holdings Limited has an option to acquire 60% equity in the Tay-Munglinup Nickel Project with ASX-listed Minemakers Limited ( Minemakers ). Approximately 2050 line kilometres of an airborne electromagnetic (EM) survey has been flown with the SkyTEM system of Geoforce Pty Ltd which has successfully outlined worthy follow up targets. Onslow Project: of Western Australia near Onslow in the West Pilbara region At the Onslow Project a pre-jorc estimation of resource has been determined from historical drilling. Reverse circulation (RC) and Diamond (DDH) drilling is planned to outline a JORC resource in % Pb (lead) intercept and a buried electromagnetic anomaly with Pb mineralisation confirmed from RC drilling. 7 metres 6.4% Pb, 28 g/t Silver (Ag), 0.23% Copper (Cu), 0.25% Zinc (Zn) Pb mineralisation from audit RC drill hole confirms historical drill results. Diamond drilling a stratigraphic DDH drill hole with visual mineralisation is confirmed as Pb with Zn mineralisation awaiting further laboratory results on additional core samples. Further RC and DDH drilling planned for 1&2Q/08 Liberty Indee Project: near Whim Creek in the West Pilbara region of Western Australia At the Evelyn Prospect a JORC resource is planned for EM targets exist and outlined for future drilling. Remnant magnetic anomaly R1 remains a potential nickel target. Magnetic BIF was discovered in nearby Copper Mine Range. RC drilling has been delayed owing to adverse weather conditions and drilling has now been rearranged to occur as soon as possible, once a drill rig is available. High grade copper to 20% and zinc to 13% were recovered from one drill hole with a 10 metre intercept averaging 6.45% copper, 3.24% zinc, 1.05% lead, 0.86g/t gold and 67 g/t silver between 33-43m for drill hole JER006. Grades of significance were repeated in another drill hole along strike with a 6 metre intercept averaging 1.5% copper, 2.8% zinc, 0.53% lead, 0.62 g/t gold and 40 g/t silver between 46-52m (DDH: JER008) and similar poly-metallic mineralisation confirmed in two other drill holes (JER003,004). A 210 metre strike of Cu-Zn-Pb-Au-Ag mineralisation has been interpreted to date A second RC drilling program is scheduled to begin as soon as possible to outline a JORC code resource definition on its Evelyn Prospect. RC drilling has been delayed owing to adverse weather conditions and drilling has now been re-arranged to occur as soon as possible, once a suitable drill rig is available.

5 About Jutt Holdings Jutt Holdings Limited (ASX: JUT) is an Australian listed resources exploration company, focused on several base and precious metals exploration projects in Western Australia. Jutt Holdings has the rights to acquire major participating interests in three projects. Two projects occur in the Pilbara region of Western Australia, the Onslow and Liberty- Indee Projects and the Tay Munglinup Project in the south west Ravensthorpe region. The Onslow Project consists of two granted Mining Leases over two prospects, being the Range lead-silver prospect and the Turtle copper-lead-silver prospect. The Company is currently drilling on its Onslow project. The Liberty-Indee Project consists of two granted exploration licences. A target generation study has identified eight highly ranked VTEM targets and other targets prospective for copper, lead, zinc, nickel and gold mineralisation with JORC resource drilling on its Evelyn Prospect in 2007 & Visit: The information in this announcement that relates to exploration results is based on information compiled by Jutt Holdings Limited and is based on information provided by Mr Cyril Leslie Geach BSc (Hons-Geology) who is a member of the Australian Institute of Geoscientists. Mr Geach 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Geach is an Executive Officer of Jutt Holdings Limited and consents to the inclusion in the announcement of the matters based on his information in the form and content in which it appears