Join our daily newsletter At The Bell to receive exclusive market insights
- Auris Minerals (AUR) has reported high-grade gold results from its southeast Traverse prospect at the Sams Creek Gold Project in New Zealand
- Drilling was completed last month and was fully funded by fellow ASX-lister Sandfire Resources (SFR)
- Results from three out of four holes have been received and indicate shallow, high-grade gold results
- Significant results include 2.6 metres at 20.4g/t gold from 13.4 metres and one metre at 38.8g/t from 14 metres
- The company says the results are encouraging and indicate potential for expansion within the existing JORC resource base
- Auris is in the process of acquiring Sandfire’s interest in the project in a deal set to be finalised at the end of this month
- Auris is trading 1.11 per cent higher at 9.1 cents per share, and Sandfire is also in the green up 0.59 per cent at $6.02 cents per share
Auris Minerals (AUR) has reported high-grade gold results from its southeast Traverse prospect at the Sams Creek Gold Project in New Zealand.
Traverse is an isolated section of dyke approximately 600 metres long and 200 metres wide, forming part of an historic landslide that slipped downhill from the outcrop.
Drilling was completed last month and was fully funded by ASX-lister Sandfire Resources (SFR).
A total of four holes were drilled for 233.7 metres, spaced 90 to 100 metres apart at the prospect, where previous drilling intersected high-grade mineralisation.
Results for three of the holes have been received and all showed shallow, high-grade gold results.
Significant intersections include one hole with 12.6 metres at 5.53 grams per tonne (g/t) gold from 13.4 metres, which contained higher grade assays of 2.6 metres at 20.4g/t gold from 13.4 metres and one metre at 38.8g/t from 14 metres.
Another hole returned four metres at 4.53g/t gold from 53.5 metres, and the third returned 3.6 metres at 3.22g/t gold from 43.9 metres.
Auris Managing Director, Mike Hendriks says the results are encouraging and indicate potential for expansion.
“These are very encouraging results from the SE Traverse Prospect, which clearly point to significant expansion potential within the existing JORC Resource base at Sams Creek,” he said.
Mike continued, “Sandfire have confirmed the continuity of previously intersected high‐grade mineralisation within the SE Traverse Prospect, which remains open at depth, so our view that Sams Creek has the potential to host a much larger mineralised system continues to be reinforced.”
Results for the fourth hole are pending.
Furthermore, Sandfire has commissioned a revised JORC mineral resource estimate for the project, which currently stands at one million ounces of gold at 1.54g/t.
A desktop mining study for the Main Zone deposit is also in the works.
Auris is in the process of acquiring Sandfire’s interest in the project in a deal set to be finalised at the end of this month, subject to a number of conditions.
Auris is trading 1.11 per cent higher at 9.1 cents per share, and Sandfire is also in the green up 0.59 per cent at $6.02 cents per share at 1:51 pm AEDT.
