Anchor Resources Limited : Tyringham Gold Prospect Exploration Results

02/03/2012 | 08:12am
ASX ANNOUNCEMENT DATE: 3rd February 2012 Anchor Resources Limited ASX Code: AHR ABN 49 122 751 419 Anchor Resources Limited is an Australian company listed on the Australian Securities Exchange. It is exploring for copper, gold, antimony and other metals in eastern Australia. The Company's most advanced project is on the Dorrigo Plateau in north eastern NSW where it has established resources of antimony, gold and tungsten at the Bielsdown Project

Key Projects

Bielsdown Antimony, gold & tungsten Blicks Gold Birdwood Copper & molybdenum

Directors

Mr Ian Price Managing Director Mr Jianguang Wang Chairman Mr Steven Yu Executive Director Mr Vaughan Webber Director Mr R N (Sam) Lees Director

Address

Suite 2114, Tower 2

201 Sussex St Sydney 2000 NSW

Investor & Media Enquiries

Ian Price Managing Director

+61 438 937 644 ian.pric 1 e@anchorresources.com.au

TYRINGHAM GOLD PROSPECT EXPLORATION RESULTS

Anchor Resources Limited is pleased to announce that the first diamond core hole intersected significant widths of low grade gold mineralisation at the Tyringham gold prospect within the 100% owned Blicks Project (EL 6465) located in northeast New South Wales.
The Tyringham gold prospect consists of two spatially separate soil geochemical gold anomalies known as Tyringham West and Tyringham East.
The first hole, diamond core hole TDD001, was drilled to a depth of 464.8m to test the Tyringham West gold anomaly. This hole intersected:

• 129m of gold (Au) mineralisation averaging 0.23g/t Au;

• Multiple, wide zones of low grade gold mineralisation, generally averaging 0.2 to 0.4g/t Au, within a gold mineralised core;

• Infrequent narrow zones of higher grade gold mineralisation of greater than 1g/t Au and up to 1m wide within the multiple wide zones of lower grade gold mineralisation;

• A broad halo of geochemically anomalous gold mineralisation extending to approximately 450m down hole depth;

• Gold mineralisation remains open to the north, south, east and at depth;

• A large, low grade gold mineralised system is suggested.

A summary of gold intersections at a nominal 0.1g/t Au cut-off grade are shown in Table 1 below:

Table 1: Tyringham Gold Prospect TDD001 Summary Gold Intersections Nominal 0.1g/t Au cut off

From (m)	To (m)	Interval (m)	Au (g/t)
0.0	7.0	7.0	0.26
12.0	25.5	13.5	0.21
37.0	58.0	21.0	0.18
62.0	64.0	2.0	0.77
67.0	81.2	14.2	0.41
89.0	97.0	8.0	0.21

Details of the drill hole collar coordinates for TDD001 are provided in Table 2 below:

Table 2: Tyringham Gold Prospect TDD001 Summary of Diamond Drill Hole Collar Coordinates

Easting (m)	Northing (m)	RL (m)	Dip	Azimuth Mag N	Depth (m)
451525	6658360	917	-60°	259°	464.8

Drill hole coordinates in UTM Zone 56, MGA 92 datum
The geochemical gold anomaly at Tyringham West is the first target to be tested by a deep diamond core hole during the current drilling program. TDD001 intersected 129.0m averaging 0.23g/t Au from surface to a down-hole depth of 129.0m at a zero gold cut-off grade. Multiple, long intervals of low grade gold mineralisation are associated with a complex vein array, together with anomalous bismuth and tungsten geochemistry, and low sulphur values. The style of gold mineralisation, associated geochemical indicator elements, host rock association, and tectonic setting continue to provide confidence in the postulated geological model for intrusion-related gold mineralisation at Tyringham.
The second diamond core hole was drilled at Tyringham East to a depth of 476.8m. This core is currently subject to detailed geological logging and sampling procedures prior to assay. Assay results will be announced when received.
The results from both core holes will then be subject to comprehensive interpretation prior to planning further exploration to evaluate the gold grade and define the limit and extent of mineralisation within this large, intrusion-related gold system.

Notes:

• Assay values are determined on continuous half sawn diamond drill core at nominal 1m intervals or to geological boundaries following orientation and geological logging. The core is marked with a continuous cutting line along the middle and parallel to the long axis of the core to prevent any sample bias during sampling

• Sample dispatches include Certified Reference Material (CRM) and Sample Blanks randomly inserted into the sample stream. CRMs are certified for gold and copper

• Drill hole samples are bagged and retained in a secure area prior to shipment

• Assays are completed by ALS Brisbane. Au assayed by Method AA23 (30gram fire assay - Atomic Absorption Spectroscopy finish). Other elements assayed by ME-MS61 (48 element four acid ICP-MS). ALS Brisbane has NATA Registration and ISO 17025 accreditation

• Intersections quoted are length weighted averaged assay values (calculated as [Sum of each interval x gold grade] / Total length of interval)

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• Mineralised intersections are quoted as down hole lengths

• Quality control and quality assurance checks on core sampling and analytical quality are satisfactory

• Diamond drill core size is PQ3 (83.0mm) to 17.9m, HQ3 (61.1mm) to 210.5m, HQ (63.5mm)

to 373.75m and NQ2 (50.6mm) to 476.8m with total core recovery of 98%.

Ian L Price Managing Director Anchor Resources Limited Declaration and JORC Compliance

The information in this report relating to Exploration Results is based on information compiled by Graeme Rabone MAppSc, FAIG. Mr Rabone is Exploration Manager and a fulltime employee of Anchor Resources Limited. He has sufficient experience relevant to the assessment of the style of mineralization and type of deposit under consideration to qualify as a Competent Person as defined in the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves- The JORC Code". Mr Rabone consents to the information in the report in the form and context in which it appears.

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