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PACRIM ENERGY LIMITED - ASX: PRE
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Description
Pacfrim Energy Limited is concentrating exploration efforst on the 100% owned Redcliffe (gold) Project located near Leonora, Western Australia.
Redcliffe Project
The Project covers approximately 65 kilometres of strike length of the Mertondale Shear Zone along with parallel and associated structures. An estimated 400,000 ounces of gold has been produced from the Mertondale Shear Zone from historic mines and pits that operated in the 1980s and 1990s. These include the shallow Nambi and Redcliffe pits that produced in excess of 90,000 ounces from within the Pacrim project area.
The Company’s Redcliffe Gold Project exploration led to the initial resource estimate of 151,000 ounces of gold, (consisting of an Indicated Resource of 385,000 tonnes @ 3.42g/t gold and an Inferred Resource of 1,678,000 tonnes @ 2.0g/t), with the Board confident of increasing the figure through further exploration.
Building on a very active exploration phase in 2008 Pacrim Energy Limited has recommenced field exploration since years-end.
Pacrim’s focus continues to seek further gold discoveries and to add to gold resources at the Redcliffe Gold Project. This will include the upgrading of the Golden Terrace South gold resource, further RC drilling, and advancement of planning for development of the most readily accessible and potentially economic gold mineralisation.
Northern Sacramento Basin Project, California (12.5%)
Pacrim Energy retains a 12.5% free carried interest through exploration in the plus 60,000 acre Northern Sacramento Basin project in California with the Nahabedian Exploration Group (NEG) and others.
The operator, NEG, previously advised the Company that the Worthington 2-8 well reached a total depth of 13,506 ft. Electric logs identified multiple target zones that warrant testing. Casing was then set to 13,474 ft.
Pacrim was advised in April 2008, that a test rig was in place and testing of the objective sandstone target at approximately 13,000 feet commenced. This was followed sequentially by the testing of several additional zones and the test rig was still on site as at the end of the June Quarter. Several zones of interest in the objective sandstones proved to be tight sandstones. The presence of gas was however detected in the hole with accompanying pressure build up.
It has been explained to Pacrim that plans had been to re-enter the hole to shoot further perforations, and change over to water in to stimulate the ingress of gas to enhance the flow. These efforts were inhibited by technical difficulties and implements became stuck in the hole and though freed, the well could not be reentered beyond the casing and is now only suitable as a possible sidetrack to re-drill the zone of potential. Pacrim has been further informed that a decision has been made to plug the hole and suspend operations as of late July.
Mine For
gold, oil, gas
Location of operation(s)
Western Australia, Victoria
Address
566 Elizabetth Street
MELBOURNE, VIC, AUSTRALIA
Phone
(61 3) 9349 1488
Website
http://www.pacrimenergy.com.au/
Last Updated
21/02/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
