ASX RELEASE REVIEW OF GLANDORE DATA TO DEFINE DRILL PROGRAM

Transcription

1 ASX RELEASE 4 April 2007 REVIEW OF GLANDORE DATA TO DEFINE DRILL PROGRAM The Directors of Hemisphere Resources Limited ( Hemisphere or the Company ) are pleased to announce that a review has been conducted of data relating to our Glandore Project. The Glandore Project is located 40km east of Kalgoorlie-Boulder and contains several advanced gold exploration targets. The Company has an extensive database for the project including geology, geophysics, geochemical and drilling. The available plans and sections were examined for the purpose of establishing a drilling program to test the numerous significant gold mineralised target areas that were outlined in the prospectus. The review has confirmed that the favourable localisation of gold mineralisation is controlled by the intersection of the magnetite enriched, dolerite and gabbroic phases of the Glandore Sill, with the axial-planar faults and shear zones within the hinge zone of the Glandore Antiform. (Figures 1 and 2). The Company believes this is a similar structural setting to the Golden Mile in Kalgoorlie and a number of other important gold deposits in Western Australia. The potential for gold mineralisation at depth increases from south to north along the tenements due to the plunge of the anticline which has been interpreted to be 20 to the north. The first drill program is designed to test three near surface targets, including the Supergene advanced exploration target (previous intersections include 4.6g/t from 12m), and also the Central Zone (previous intersections include 4.2g/t from 13m and 2.22g/t from 1m). Hemisphere Resources has entered into an agreement with Mr Bob Watchorn (consulting geologist) for the provision of geological services. Mr Watchorn is a highly experienced geologist who has previously held senior positions within Western Mining Corporation and other Australian mining companies. His experience includes exploration and mining for both nickel and gold, particularly in the Eastern Goldfields of Western Australia. 1 of 5

2 Figure 1 Plan view of Glandore project area showing targets 2 of 5

3 Figure 2 Cross section mN showing generalized geology and targets About the Glandore Project The Glandore project comprises granted prospecting licences P25/ , P25/1620, P25/ ; mining lease applications MLA25/327, MLA25/329, MLA25/330 over the granted prospecting licences and prospecting licence applications PLA25/1806 and PLA25/1807. The project is located 40km east of Kalgoorlie-Boulder. Previous production from the location was from small shafts during the original goldrush of the East Coolgardie goldfield. The project area was more recently explored by major companies and this exploration identified a number of advanced exploration targets. The advanced exploration targets identified within the Glandore Project include the Axial Planar Fault and the Supergene Zone. Several under-explored, prospective exploration targets have further been identified in the Central Fault zone. There is also a significant intersection along strike of old workings that requires testing. 3 of 5

4 Axial Planar Fault The Axial-Planar Fault Zone has been intersected by drilling over a strike length of approximately 400 metres, to a maximum depth of around 150 metres below surface and is open at depth. Previous drilling suggests that gold has been depleted in the upper, approximately 30 metres of weathered rock. Below this zone of depletion, gold mineralisation exists with intercept gold grades of approximately 1 to 10 g/t. The most significant existing intersection in this area is 10.25m at 10.3g/t from 58m. The Supergene Zone The Supergene Zone, which has been intersected over an area of approximately 50 metres by 130 metres, lies 6 to 25 metres below surface. Drilling to date has shown intercepts of approximately 2 to 11 metres vertical thickness at intersections of 0.6 g/t to 5 g/t. This target is within the boundary of Lake Yindarlgooda and is overlain by approximately 1m of lake sediments. The most significant intersection to date in this zone from 12m (including from 18m). The Central Fault Zone The Central Fault Zone is marked by anomalous soil sample results, coincident with a strong TFMMR conductor. Limited drilling to date shows, near surface intersections of significant gold grade. Within the database, there is an intercept of 23 metres at 2.2 g/t from 1 metre below surface. The most significant intersection in this area is 4.22g/t from 13m below surface. About Hemisphere Resources Limited The Company listed on the ASX on 23 February The Company aims to become a successful explorer and producer. Current activity is exploration for nickel on the Mulgarrie project and gold on the Glandore project. The Glandore project described above is 100% owned by the Company. The Mulgarrie project is a joint venture between Hemisphere (70%) and Falcon Minerals Limited (30%). It comprises granted exploration licence E27/314. The project has been explored to a level where drilling targets have been identified by the use of geophysical techniques. Hemisphere is exploring the Mulgarrie project for Archaean komatiite hosted nickel sulphide mineralisation. Nickel and copper anomalies have been demonstrated on the tenement. The project is within a nickel production belt bounded by the Scotia, Carr Boyd and Silver Swan nickel mines. 4 of 5

5 Enquiries - Mr Danny Costick Managing Director Contact Phone: Fax: Website The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Bob Watchorn, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Watchorn is employed by Bob Watchorn & Associates Pty Ltd. Mr Watchorn 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 Watchorn consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 5 of 5