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Gold Aura Limited (ASX code: GOA) is focussing on a global search for world class mineral deposits. This approach has enabled the Company to assemble a portfolio of projects which have outstanding potential. GOA has an experienced Board and Management team capable of advancing the projects from their current exploration stage into successful commercial mining projects.
While the immediate focus of GOA is on defining the potential of its exciting new Croydon discovery, any one of the other projects in the Company's portfolio has the potential to become a 'company maker'.
Croydon, Australia - The most recent success by GOA has been the discovery at Anomaly A2, in late 2006, of an extensive polymetallic vein-style mineralised system under some 115 m of cover rocks north of Croydon in NW Queensland. The area, designated the Croydon Zinc Project area, lies immediately to the north of the Croydon Goldfield where the Company's Croydon Gold Project tenements are located.
The Anomaly A2 mineralised system has been intersected in all nine holes over a zone 600m wide and at least 1,250m long and contains significant concentrations of zince, silver, tin, copper, lead and some gold hosted by laminated grey to dark grey shales. A 133m intersection in the first hole returned 1.1% zinc, 18.3 g/t silver, 0.15% tin and 0.035% copper, while a one metre interval in the second hole returned 3.87 g/t gold. Other intersections of interest are: 5.05m at 8.0% zinc, 180 g/t silver, 0.58% tin and 0.57% copper (Hole A2-001); 20.0m at 4.18% zinc, 49 g/t silver and 0.38% tin (Hole A2-006). There is strong evidence for metal zoning and GOA is of the view that economic concentrations of one or more of these metals could occur in various parts of the system.
The discovery hole was testing an aeromagnetic anomaly located on the margin of a regional gravity high. The intersected mineralisation is considered to be a sheeted vein style occurrence emanating from a granite intrusive at depth (inferred from the presence of tin, patchy tungsten, flourite and tourmaline).
Two holes have so far been drilled into a second aeromagnetic anomaly, Anomaly A1, located 8km to the NE, which have collectively intersected copper-silver and zinc-copper-silver veining. SIgnificant intersections obtained to date include 20.8m at 11.0 g/t silver and 0.35% copper; 7.0m at 0.54% zinc, 15.0 g/t silver and 0.15% copper.
Interpretion of a gravity survey undertaken in the Anomaly A2 area has identified two high priority (G1 & G3) and one low to medium priority (G2) residual gravity anomalies. GOA is particularly encouraged by these anomalies and considers that they have a significant chance of representing the presence of significant sulphide mineralisation.
IP traversing has been successful in detecting the drill intersected sulphide mineralisation under cover and will therefore be an important tool in determining if the gravity anomalies are associated with large sulphide bodies as interpreted.
The geophysical pattern is not dissimilar to that displayed at the world-class Prominent Hill and Carrapeteena IOCG discoveries in South Australia althought the mineralisation type is, of course, quite different. Tenements totalling some 3,300 square kilometres have been acquired to secure a further 36 similar prospective co-incident aeromagnetic/gravity data sets in the Croydon region.
The mineralised basement rocks in the Croydon Zinc Project area are considered to be of Proterozoic age and are interpreted to represent a NE extension of the block that hosts a number of world-class mines and resources in the Mt Isa district and as a consequence are considered to hold considerable and extensive potential for further mineral discoveries.
Fergusson Island, PNG - GOA is currently undertaking a 60-hole, 4,000m in-fill drilling programme at the Gameta Gold Project on Fergusson Island. To date, 22 holes for 2,795m have been completed. Early drilling results indicate a substantial downward thickening in the central part of the resource, with recent intersections of 65m at 1.22 g/t gold and 76.9m at 1.38 g/t gold. GOA has a substantial gold deposit at Gameta and if results continue to be encouraging, a Feasibility Study into possible commercial gold production could commence by the second half of 2008.
Tapajos Region, Brazil - Wholly owned subsidiary, Gold Aura do Brasil Minerasao Ltd has exercised its option over the high grade gold and base metal Sao Chico property in NOrthern Brazil to acquire an initial 60% interest. The property is now contained within a granted Authority to Prospect. Spectacular grades have been obtained from grab samples of the vein material with values of up to 283.0 g/t gold, 304.0 g/t silver, 52.8% lead, 15.9% zinc and 1.81% copper. A channel samples result of 1.0m at 347 g/t gold was also obtained. Preliminary metallurgical testing has indicated that most of the gold is free milling. The project offers early gold and base metal production.
Western Australian Tenements - An 80% interest in four properties in Western Australia have been acquired on favourable terms. These are collectively prospective for gold, base metals, uranium and iron ore.
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