Newsletter No 1, 17 January 2017

Brisbane Queensland Australia, 17 January 2017:MY Mining Limited (“Company” or “MYM”) is pleased to provide the following update regarding its 100%-held Cawarral Gold project (via its wholly owned subsidiary, Zhong Hao Mining Pty Ltd).

 

  • Three field trips to the project area in 2016 were conducted by a contracted Professional Geologist to investigate historic workings and undertake sampling and mapping.
  • 13 out of a total of 56 samples collected returned significant gold values associated with quartz and feldspar veining as well as with a fine grained sheared serpentinite.

 

The area focused on for field study encompassed the northern and western perimeter of a trachyte intrusion mapped as Mt Wheeler, traditionally known as Gawula. The geologic model targeted is intrusive related gold deposits hosted within the surrounding serpentinized gabbroic unit. There are numerous historic gold workings in the project area and southward through Cawarral towards Mt Chalmers. The project area was determined based upon the geologic potential while consideration was given to minimising land management and property access issues by limiting the inclusion of smaller landholdings.

Extensive ground reconnaissance was undertaken during three separate field expeditions. This primarily included locating and sampling at as many historic showings as could be found. Random sampling of outcrops and showings was undertaken during the collecting of the SGH samples on a 150 metre grid pattern. On the third trip to the project area focused sampling and structural mapping was undertaken.

Field mapping included the collecting of strike and dip measurements of outcropping strata and the orientation of historic diggings where possible. It has been noted that the individual sheared zones associated with historic diggings did not seem to coincide with a preferred orientation although numerous showings seem to occur along the same strike set most probably indicative of a deeper structural control of emplacement along a common break. Cognisance has been afforded to this in the interpretation of the SGH survey for drill targeting where local shearing has been measured north south while the mineralized trend strikes east west.

13 out of 56 samples collected returned significant gold values associated with quartz and feldspar veining as well as with a fine grained sheared serpentinite as shown in Table 1. This later specimen bodes well for the possibility of an overlooked depositional environment during contemporary “quartz vein centric” exploration efforts. All sample locations are shown in Figure 1.

The highest gold assay returned was from a sample of Hibernia shaft spoil at 174 g/t Au by screened metallics fire assay (FAS30K). The fire assay results (FAA505) for the same sample averaged 85.2 g/t Au indicating a nugget effect caused by coarse gold in the sample that was detected by the screened metallics fire assay method.

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Table 1. Significant Assay Results

There were substantial silver amounts assayed in association with samples carrying gold values with 52.9 g/t Ag returned from the higher grade Hibernia spoil sample. Another two samples had silver values that exceeded the average gold content of the same samples in grams per tonne.

When viewing the available historical, mapping and geophysical data, there is a distinct linear trend set of abandoned gold mines striking northwest to southeast from the Galawa to the Last Rose of Summer. Ground mapping and sampling proved to be more complex than primarily anticipated and finding consistent values in any one rock type appeared improbable. The high gold value assayed in sample number 1375110 at 42.7g/t is of specific interest as rock sampled was a finely sheared serpentinite with iron alteration staining and no visible mineralization.

Fine talcy textured serpentine and similar ultramafic volcanic rocks are renowned for their ability to trap microscopic gold under favourable conditions. Mineralized zones conform to sheared sections which if extensive can tend towards a larger tonnage low grade scenario. When compared to narrow vein quartz vein systems such as was sampled on the Hibernia, although 174g/t Au is a substantial value, the potential for defining an economic deposit on narrow vein targets is less favourable than the mineralized sheared serpentinite deposit model. When available, drill core will be extensively bulk sampled in order to identify any large tonnage deposit potential.

MY Mining Limited

For further information please contact:

Dr Hsin Wei Wu
T: +61 7 3377 6734
E: hww@mymining.com.au

 

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Figure 1. Geology, Assay Positions & Abandoned Gold Mines

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