Clifford Outlines New Gold Resource

Sydney Morning Herald

Tuesday October 6, 1987

By BRAD NORINGTON

Junior gold explorer Clifford Minerals Ltd has hopes of proving up an economically recoverable resource at its Mount Quanby prospect near Cloncurry in Queensland with joint venturer and associate company Arcadia Minerals Ltd.

Clifford managing director Mr Peter Ho said yesterday the company had outlined "an area of significant gold mineralisation" following the drilling of 74 rotary percussion holes.

Among the best intersections were 16.82 grams a tonne over 4.5 metres, 5.06 grams a tonne over six metres and 9.95 grams a tonne over 4.5 metres.

Mr Ho conceded that the drill holes were very shallow, with the deepest hole down to 20 metres.

But he said minimum overburden and some "very good grades" meant that construction of a mine was considered feasible.

The company's Mount Quanby prospects are near old gold mine workings, mainly inside a conglomerate area of magnetite ironstone.

Mr Ho said five gold and copper bearing areas also had been outlined outside the conglomerate that needed further work.

The announcement of a potentially viable resource at Mount Quanby comes as Clifford's share price is down, at 23c, compared with 31c at the end of August.

© 1987 Sydney Morning Herald

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