(MENAFN - ProactiveInvestors - Australia) Australian-American Mining Corporation (ASX: AIW) has intercepted wide zones of copper-gold-silver mineralisation, including high grade copper, at the Blue Bell project in Arizona.
Copper equivalent grades as high as 12.8% have been discovered in the maiden drilling program.
Australian-American Mining has received the results from the first three holes of a 30-hole program, with all three returning two zones of copper-gold-silver mineralisation.
- 9 metres at 2.2% copper equivalent (1.8% copper, 0.3 grams per tonne (g/t) gold and 19.6g/t silver) from 8 metres;
- 8 metres at 0.8% copper equivalent (0.7% copper, 0.1g/t gold and 3.3g/t silver) from 21 metres; and
- 40.4 metres at 0.8% copper equivalent (0.7% copper, 0.1g/t gold and 5.5g/t silver) from 14 metres.
Zones of mineralisation included high grade components of:
- 1 metre at 12.8% copper equivalent (11.2% copper, 0.6g/t gold and 93.2g/t silver) from 11 metres;
- 4.5 metres at 2.3% copper equivalent (2% copper, 0.3g/t gold and 7g/t silver) from 16 metres; and
- 3 metres at 1.9% copper equivalent (1.4% copper, 0.3g/t gold and 19.8g/t silver) from 31 metres.
The first three holes of the program were designed to test the down dip potential of an earlier hole that returned results of 38 metres at 1.2% copper, 0.5g/t gold and 25.1g/t silver (1.9% copper equivalent).
These results further validate the exploration model of a lower grade stock work mineralisation surrounding higher grade massive sulphide lenses and support the recently published exploration target for the project.
There are currently assays from six holes at the laboratory with results from these holes expected to be received by the end of February.
To date Australian-American Mining has completed 11 holes for a total of 2,300 metres.
The company is targeting a maiden JORC Resource by the September quarter of 2013.