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MENAFN - ProactiveInvestors - Australia - 17/12/2012

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(MENAFN - ProactiveInvestors - Australia) Invictus Gold (ASX: IVG) has identified potential drill targets from a recent ground geophysical survey at Target T1, part of the Himmetdede South Gold Project in Turkey, a region that hosts multi-million ounce gold mines.

The Himmetdede South Gold Project lies adjacent to Koza Gold's Himmetdede gold deposit, which is currently in development and schedule to come into production in late 2013.

Koza Gold's deposit is tipped to produce about 500,000 ounces of gold over a seven year mine life, with total revenues of up to 750 million and an operating cash margin of about 1,000 per ounce, based on a gold price of 1,500 per ounce.

A drill program of about 1,200 metres of diamond drilling is due to begin at Target T1 within the next few days.

The induced polarisation geophysical survey has highlighted coincident chargeability and resistivity anomalies up to 200 metres wide at a depth of between 200 metres and 400 metres below surface, and directly beneath the soil geochemistry anomaly.

The anomalies are interpreted as a possible zone of disseminated sulphide and silica (quartz) alteration and are direct drill targets.

The geophysical survey was completed over the central and eastern parts of gold anomaly Target T1 in the northeast of the project area and previously identified by Invictus in a soil geochemistry survey.

Invictus has an option to wholly acquire the Himmetdede South Project.

The KS prospect, owned by a private Turkish company, is located 3 kilometres southwest of Invictus Gold's Himmetdede South Project and is also hosted by the same limestone unit as Koza Gold's Himmetdede gold deposit.

Drilling 10 years ago at the prospect reported grades of up to 2 metres at 225 grams per tonne associated with quartz veins and silicified zones in the limestone.

Meanwhile, robust operating margins are also being achieved at the two largest gold mines in Turkey " Alcer Gold's 80%-owned Copler Mine and Eldorado Gold's Kisladag Mine.


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