IPO closed on July 12 and Kimber initially called for trading on July 16. Active on a Chihuahua precious metal play.
Kimber Resources Inc. KBR (TSX)
Started as a privately held company based in Vancouver. (In 2001 company also owned 16% of Bright Star Metals Inc. BHT:CDNX). NOTE: Kimber's prospectus (available on the SEDAR Website) was approved by BC Securities Commission on June 6, 2002.
Monterde Property, Chihuahua. Option to earn 100% interest, free of royalties on Sierra Madre former underground Au-Ag producer. Previously inferred open-pit resource estimated 10.5 M tonnes at 2.1 gpt Au and 72 gpt Ag based on underground workings (1937-1943) trenching (1995) and limited drilling (1998). The Monterde property covers a low-sulphidation, epithermal, oxide gold-silver deposit. Inferred resources, confirmed by Mr. A. Burgoyne, P.Eng., independent geologist and described in the Company's Prospectus for its IPO, are 6,900,000 tonnes grading (at a 0.5 g/t gold cut-off) 2.26 g/t gold and 106.6 g/t silver in an open pit configuration with an estimated 4.4 to one strip ratio. Drilling (3000m) is planned for September - November, 2002. First results are expected in October.
News Release Sept. 27, 2002: The fall field program of drilling and exploration on its Monterde gold-silver project in Mexico is proceeding as planned. Drill sites have been constructed for 18 reverse circulation (RC) drill holes totaling approximately 1500 meters of drilling. Drill sites for the balance of the program, an additional 1500 meters of drilling, will be designed and constructed as the program progresses. 250 meters have been drilled in the first three holes, one of which is approximately half complete. The width and alteration intensity of the mineralized zone as observed in the completed holes is consistent with the geologic model. Samples are in transit to the assay laboratory and assay results are expected to be available in approximately three weeks.
On completion of the drill sites, the bulldozer began clearing old access roads along the mineralized trend to the northwest. The mineralized structure has been observed in numerous locations over the 3 to 4 kilometers of road that have been cleared. The field crew will be taking a scheduled break at the end of this week and will be returning to the site on October 6, 2002. Operations on resumption of work will include the continuation of the planned RC drilling program, trenching, sampling and topographic and geologic mapping. The work is being carried out under the direction and guidance of one of the Qualified Persons on Kimber's technical team.
News Release, Sept. 18, 2002
Kimber Resources is pleased to announce the results of recent silver re-assays and preliminary metallurgical tests conducted as part of the process of developing its Monterde gold-silver property in the Sierra Madre of northern Mexico. The work was carried out under the direction and guidance of one of the Qualified Persons on Kimber's technical team. Silver assays: As described in the Prospectus it was determined in 2001 that standard assay techniques using aqua regia leach were under-reporting silver. 145 samples were selected from the mineralized envelope used in the resource estimate. High grade samples previously treated by fire assay were not re-assayed. Results using four-acid digestion show that previous determinations did indeed under report the silver. Comparison of the re-assays to the originals range from no change to many hundreds of percent, averaging 140%. This is best summarized by the best fit trend-line which on average values the re-assay as 6% greater than the old, plus 41 g/T. For example on average a former assay of 50 g/t silver can be expected to increase to 94 g/t (50 x 1.06 + 41). The actual significance of this increase to silver grades will not be known until the resource estimate has been revised. Metallurgy: Four recent bottle roll tests were carried out on a composite sample split into four size fractions. Results for gold are very satisfactory and suggest that recovery by cyanidation will range between 70% and greater than 90%. Silver recovery, which ranged between 13% and 58% in the bottle roll tests, conflict with the cyanide assays (58% to 97%) and with the cyanidation recovery rates (65%) achieved when the property produced from underground. Reliable estimates of silver recovery are not possible at present. Testing will continue as soon as samples are available from the current drill program.
Propaganda at 2001 PDAC