Parmelia Resources encounters gold, zinc, copper in Mongolia
Parmelia Resources (ASX: PML) has hit the heights at the Darvii Naruu Copper Gold project in Govi Altai province, western Mongolia with drilling results encountering encouraging mineralisation and potential for the presence of a porphyry hosted mineral system.
The company was previously known as Sentosa Mining and the change of its ASX ticker code from SEO to PML was effective 9 January 2014.
A scout drilling programme began in October 2013 with 2,020 metres of reverse circulation drilling being completed in 18 holes at six different prospects.
One hole, DNRC 016 intersected 16 metres at 1.01 g/t gold, including 8 metres at 1.87 g/t gold and 1.7% zinc, while the first hole DNRC015 (200m) intersected two broad zones of alteration.
The first was a 20 metre zone of silicified volcanics with a sulphide content varying between 1% to 4% sulphides between 40 to 60 metres downhole.
Further high grade copper mineralisation identified at surface from Anomaly 13, with 19.5% copper and 9.4% copper was identified in outcrop.
The takeaway from the initial drill program at the prospect named Mushroom Reef and Anomaly 13 is one of significant encouragement for Parmelia Resources encountering significant mineralisation and highly prospective geology at both prospects.
To wit, a preliminary petrography study also lends support to the hypothesis that the geology at Darvii Naruu has potential to host a porphyry hosted mineral system.
While early days, if the latter holds, it could be off to the races for this lightly valued explorer with a market cap of circa <$1 million.
The company was previously known as Sentosa Mining and the change of its ASX ticker code from SEO to PML was effective 9 January 2014.
A scout drilling programme began in October 2013 with 2,020 metres of reverse circulation drilling being completed in 18 holes at six different prospects.
One hole, DNRC 016 intersected 16 metres at 1.01 g/t gold, including 8 metres at 1.87 g/t gold and 1.7% zinc, while the first hole DNRC015 (200m) intersected two broad zones of alteration.
The first was a 20 metre zone of silicified volcanics with a sulphide content varying between 1% to 4% sulphides between 40 to 60 metres downhole.
Further high grade copper mineralisation identified at surface from Anomaly 13, with 19.5% copper and 9.4% copper was identified in outcrop.
The takeaway from the initial drill program at the prospect named Mushroom Reef and Anomaly 13 is one of significant encouragement for Parmelia Resources encountering significant mineralisation and highly prospective geology at both prospects.
To wit, a preliminary petrography study also lends support to the hypothesis that the geology at Darvii Naruu has potential to host a porphyry hosted mineral system.
While early days, if the latter holds, it could be off to the races for this lightly valued explorer with a market cap of circa <$1 million.
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