MMS.L Regulatory News (MMS)

29 Jan 2008 07:00

Maghreb Minerals PLC29 January 2008 MAGHREB MINERALS PLC FURTHER ENCOURAGING RESULTS RECEIVED FROM DRILLING AT BOU JABEUR - GITE DE L'EST, TUNISIA Maghreb Minerals Plc ("Maghreb" or "the Company"), the AIM-quoted explorationcompany developing base metal and industrial mineral deposits in North Africa,is pleased to announce the outstanding zinc, lead, barium and fluorine assayresults from the completed first phase of the Company's verification and infilldrilling programme at the Gite de l'Est deposit, Bou Jabeur, Tunisia. Highlights • The outstanding assay results demonstrate continuity of mineralisationacross the gaps between the drill holes of the earlier Office National des Mines("O.N.M.") programme confirming strong zinc - lead mineralisation and definemore rigorously the north-eastern and south-eastern limits of the deposit. • Confirmed significant thicknesses of high-grade barite ("BaSO4") andfluorite ("CaF2") mineralisation, generally associated with the high-gradelead-zinc assay intervals which together add substantial value to the deposit. Verification and Infill Drilling Results The first phase of the verification and gap infill drilling programme (MBJseries) commenced in mid-March 2007 and was completed in Q4 of 2007. Alloutstanding assay results have now been received. The drilling programmeverified past O.N.M. results, delineated to some extent the limits of thedeposit and infilled gaps in the earlier drill programme. It also providesmetallurgical samples for test work, which will form part of the proposedpre-feasibility study. The results are as follows: Zinc - Lead Results DRILL HOLE FROM TO INTERVAL Zn Pb COMBINED (m) (m) (m) (%) (%) Zn%+Pb%MBJ7 Not Mineralised - North East Limit of Gite de l'Est deposit MBJ8 304.60 315.20 10.60 5.22 0.87 6.09Including 306.10 309.50 3.40 7.03 0.88 7.91Including 310.50 314.30 3.80 7.03 0.37 7.40Total 10.60 5.22 0.87 6.09 MBJ9 Not Mineralised - off to South East of Gite de l'Est deposit MBJ10 76.20 77.80 1.60 12.11 2.43 14.54 192.10 204.40 12.30 2.90 1.13 4.03Including 201.10 203.40 2.30 6.19 0.23 6.42Total 13.90 3.96 1.28 5.24 MBJ7 and MBJ9 define more rigorously the north-eastern and south-eastern limitsof the deposit respectively; MBJ10 demonstrates continuity of mineralisationacross the gap between MBJ1 and MBJ2, and MBJ8 (twinned with O.N.M. drill holeBJ26) verifies strong zinc - lead mineralisation. Barium and Fluorine Results DRILL HOLE FROM TO INTERVAL Ba %1 F %1 (m) (m) (m) MBJ1 151.80 153.10 1.30 14.86 5.14 154.20 156.00 1.80 10.71 9.99 183.60 184.90 1.30 31.48 9.44 187.50 188.75 1.25 27.99 4.27 219.80 225.70 5.90 35.73 5.45 Including 220.80 223.80 3.00 34.75 6.81 229.10 234.00 4.90 35.67 2.57 242.25 243.70 1.45 26.16 3.19 MBJ2 61.00 65.25 4.25 34.67 - 66.20 67.60 1.40 20.01 - 77.85 79.25 1.40 14.14 - MBJ3 180.40 221.60 41.20 40.75 5.69 Including 180.40 187.65 7.25 37.77 10.51 Including 189.15 192.80 3.65 37.79 5.31 Including 193.80 196.25 2.45 33.70 2.96 Including 198.45 203.65 5.20 44.4 6.03 Including 205.35 209.45 4.10 51.19 1.27 Including 219.35 221.60 2.25 35.65 0.97 MBJ4 206.15 224.70 18.55 24.18 7.11 Including 206.15 211.65 5.50 29.31 4.30 including 206.15 207.95 1.80 43.24 4.92 including 216.65 223.65 7.00 26.59 8.62 MBJ5 257.70 263.45 5.75 18.38 4.94 268.60 283.65 15.05 40.63 1.51 289.65 291.65 2.00 17.92 0.81 MBJ6 253.10 255.60 2.50 23.21 6.98 260.30 300.80 40.50 37.13 1.87 including 260.30 262.75 2.45 40.05 5.36 Including 273.40 274.50 1.10 37.72 7.45 including 285.50 288.25 2.75 42.18 1.61 MBJ7 NOT MINERALISED MBJ8 306.10 307.00 0.90 23.63 4.43 308.00 315.20 7.20 17.10 5.01 including 313.40 315.20 1.80 35.30 10.53 MBJ9 NOT MINERALISED MBJ10 76.20 77.80 1.60 23.69 12.26 190.10 199.50 9.40 22.22 3.40 Note 1: To convert Ba% to BaSO4 multiply by 1.70; to convert F% to CaF2 multiply by 2.055 The barium and fluorine results from the MBJ series verification drillholesconfirm the presence of significant thicknesses of high-grade BaSO4 and CaF2mineralisation generally associated with high-grade lead-zinc assay intervalswhich together add substantial value to the deposit. The core assay results from the first phase of the Maghreb drilling campaign (10MBJ series drill holes for a total of 3,404.50m) confirm and verify the previousO.N.M. drilling results, which showed the presence of significant thicknesses oflead and zinc mineralisation with zones of high-grade zinc mineralisation. Gordon Riddler, Executive Chairman, commented: "These results from the completed first phase of verification and infilldrilling are highly encouraging and significant in terms of delineating a zinc,lead, barite, fluorite resource. The Company is now engaged in an update of itspreviously announced resource statement for Gite de l'Est, incorporating thedata from the re-analyses of O.N.M. core and pulps previously announced togetherwith the MBJ drill hole series results, with the expectation that tonnage andgrade estimates may improve." *NOTE FOR EDITORS A 1996 O.N.M. report cited a "resource estimate" (not to JORC standard) of 5.8million tonnes ("Mt") with a grading of 3.6% Zn, 1.5% Pb, 33.80% BaSO4, and 9.3%CaF2, including possible, probable and certain categories (the latter being 3.4Mt at 3.6% Zn, 1.2% Pb, 10.6% CaF2, 39.2% BaSO4). It is estimated that lessthan 800,000 tonnes of the deposit has been mined. The Company reported in December 2007 an audited Inferred Mineral Resourceestimate, prepared in accordance with JORC (2004) reporting standards, usingonly the historical O.N.M. data for Gite de l'Est. At a 1% lead + zinc ("Pb+Zn")cut off grade, the resource contains 8.836Mt grading combined 3.16% Zn and Pb:2.17% Zn, 0.99% Pb, 5.06% CaF2 and 21.66% BaSO4, and at a 2% Pb + Zn cut offgrade, 5.172 Mt grading 4.40% combined Zn and Pb: 3.15% Zn. 1.25% Pb, 6.42% CaF2and 27.76% BaSO4. Based on the above estimate, the in situ value of the mineral resource at the 1%Pb + Zn cut off grade is estimated to exceed US$925 million at December 2007metal prices. A significant increase in both tonnage and grade estimates for the Gite de l'Estdeposit is expected when the block model is updated to include Maghreb Minerals'MBJ verification drilling and the results from the re-assaying of a significantquantity of recently discovered O.N.M. core and pulps and when thegeostatistical methodology for the block modelling is optimised. An updatedresource statement is scheduled for completion in the first quarter of 2008. The Gite de l'Est deposit is still open laterally and in depth and two drillrigs are testing possible extensions to the known lead-zinc mineralisation. ENQUIRIES: Maghreb Minerals Plc Tel: +44 (0) 20 7556 0940Gordon Riddler, Executive Chairman Hanson Westhouse Limited Tel: +44 (0) 20 7601 6100Tim Metcalfe / Anita Ghanekar Bankside Consultants Tel: +44 (0) 20 7367 8888Michael Padley / Michael Spriggs The sources of some of the information in relation to the Bou Jabeur mine weresourced from O.N.M. The Company has not been able to independently verify theaccuracy of some of this information. The technical content of this press release has been reviewed by the ExecutiveChairman of Maghreb Minerals plc, Gordon Riddler, BSc, MBA, FIMMM, CEng, CSci.who has 40 years of experience in the mining sector and is a Fellow of theInstitute of Materials, Minerals and Mining, a recognised professionalassociation. This information is provided by RNS The company news service from the London Stock Exchange