April 26, 2012 (Source: Arafura) — Additional assaying of magnetite-rich samples from 2008 RC drilling program defines high grade Fe-V-Ti zones at a further three prospects and discovers anomalous Au-Pt-Pd mineralisation;
New assays of vanadium-bearing magnetite mineralisation from the Casper, Coco, Prince and RD prospects average 0.45% V2O5, 22.2% Fe and 4.76% TiO2.;
Significant Fe-V-Ti drill intervals include:
35 metres at 0.6% V2O5 in UNRC043 at Coco,
23 metres at 0.5% V2O5 in UNRC044 at Coco, and
34 metres at 0.4% V2O5 in UNRC057 at RD;
Concentrate grades from drill samples average 1.45% V2O5, 65.9% Fe and 3.78% TiO2;
Anomalous Au-Pt-Pd results include:
47 metres from 26 metres at 0.6 g/t Au+Pt+Pd (including 4 metres at 1.4 g/t) in UNRC032 at Casper,
16 metres from 47 metres at 0.5 g/t Au+Pt+Pd in UNRC057 at RD, and
15 metres from 70 metres at 0.4 g/t Au+Pt+Pd in UNRC052 at RD.
Australian Rare Earths company, Arafura Resources Limited (ASX: ARU) (“Arafura” or“the Company”) has been exploring its Jervois Project for magnetite-hosted vanadium mineralisation since 2005. The project is located approximately 290 kilometres northeast of Alice Springs in the Northern Territory (Figure 1).
A reconnaissance drill program in 2006 encountered several significant intervals of vanadium-bearing magnetite mineralisation. Assay, recovery and metallurgical results from the 2006 program were reported by Arafura in 2007 (ARU: ASX 19/06/07; 11/07/07).
A second-phase drill program, comprising 45 RC holes for 4,840 metres, was completed in 2008 to better outline the extent of mineralisation intersected in 2006, and to test new target areas. Drill hole depths ranged from 40 metres to 120 metres, and the majority of holes were inclined at 60° to the west. As was the case in 2006, a number of substantial intersections of strong magnetite mineralisation were made.