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Exploration Results Update

ASX Media Release

10 December 2001

Australian exploration, production and marketing company, Gympie Gold Limited today reported significant drill intercepts at its wholly owned gold subsidiary Gympie Eldorado. These intercepts in the vicinity of the new Lewis Mine indicate the Company is progressing its plan to expand mineral resources in high-grade ore during 2001-02.

Drill Results Expand the Resource Boundary at Gympie

A new high grade ore shoot on the Inglewood Lode has been drilled up to 500 metres north of the previous resource-boundary (see Figure 1 overleaf and drill intercepts in Table 1).

This zone of the Inglewood Lode has been named the “Aurelia Shoot” and is within easy reach of the new Lewis Mine decline access route. Plans are being developed to accelerate the evaluation and early exploitation of this new ore shoot via the Lewis decline mine openings.

In addition, drill intercepts within the current resources envelope at the south end of the Lewis Mine area also suggest the presence of another high grade zone in the Inglewood Lode - the “Museum Shoot”.

Table 1: Recent Significant Drill Intercepts


North of Lewis Mine outside current resources


south end of Lewis Mine inside current resources

Hole B055 1.9 metres @ 6.4 g/t

Hole B059 1.1 metres @ 15.7 g/t

Hole B072 2.5 metres @ 5.0 g/t

Hole B075 1.3 metres @ 10.9 g/t

Hole G023 3.2 metres @ 4.2 g/t

Hole G138 1.5 metres with abundant visible gold

Hole G019 0.5 metres @ 11.2 g/t

Hole M085 2.2 metres @ 6.2 g/t

Hole M082 2.2 metres @ 11.4 g/t

Hole C004 0.8 metres @ 15.9 g/t

Lewis Mine Development Exposes New Stockwork Ore

Exploratory development of stockwork zone 7 mineralisation outside the resource envelope and in the vicinity of Rands Dyke has exposed an 8 metre-wide face assaying 12.5 g/t gold (assays cut at 250g/t) or 49 g/t (uncut). The potential strike length appears to be up to 140 metres but the vertical and horizontal dimensions of this stockwork are unknown. Deeper in the Monkland Mine, stockwork orebody 6A contains 134,000 ounces of gold at about 12 g/t with ore widths up to 40 metres. Stockwork orebodies are ideal bulk mining targets for the Lewis Mine.

Independently audited Mineral Resources (inclusive of Ore Reserves) as at 30 June 2001 were 675,000 ounces. These new drill results indicate that the Company’s progress is consistent with our 01-02 target to increase Mineral Resources to 1 million ounce in high-grade ore. Estimations will again be compiled and independently audited at the end of the financial year as at 30 June 2002.

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Last Modified: Friday, 23-Aug-2002 08:55:16 EST