Join our daily newsletter At The Bell to receive exclusive market insights
- Ausgold (AUC) has begun a high impact reverse circulation (RC) drilling program at its Katanning Gold Project in Western Australia
- This program will consist of 21 holes and will target downhole electromagnetic targets identified within the Central Zone
- Ausgold will also be undertaking drilling at the Burong Prospect to target a broad zone of gold mineralisation that returned gold grading up to 6.49 grammes per tonne
- Following this, an aircore program will begin along the eastern extension of the prospect
- Ausgold has ended the day 7.14 per cent in the red with shares trading for 1.3 cents each
Ausgold (AUC) has begun a high impact reverse circulation (RC) drilling program at its Katanning Gold Project.
The Katanning Gold Project is located 275 kilometres southeast of Perth and 40 kilometres northeast of Katanning in Western Australia.
It covers 4031 square kilometres of the Katanning Greenstone Belt which is located in the Yilgarn Craton and is known for hosting some of Australia’s biggest and best gold deposits.
This RC program will consist of 21 holes, for 3200 metres, and will target downhole electromagnetic (DHEM) targets identified within the Central Zone.
These targets are high in sulphide content and are located along strike from areas of high-grade gold mineralisation intercepted at the Jinkas South and Jinkas areas.
Previous drilling at Jinkas South has intersected high-grade gold mineralisation spanning more than 400 metres in length.
Recent results from this area include 26 metres at 6.60g/t gold from 117 metres including 4 metres at 37.2g/t gold, and 16 metres at 6.21g/t gold from 114 metres including 4 metres at 22.4g/t gold.
Six of the holes are planned to target the down-dip portion of Jinkas where there is limited past drilling.
“This new round of RC drilling follows up on targets identified in the recent rounds of drilling which have combined DHEM programs with recent drilling,” Managing Director Matthew Greentree commented.
“The new EM targets have identified several potential strike extensions of the high-grade Jinkas South lode which potentially extends for over one kilometre north beneath the current Jinkas resource,” he said.
Ausgold will also be undertaking RC drilling at the Burong Prospect.
This program is co-funded by the EIS (Exploration Incentive Scheme) and will target a broad zone of gold mineralisation that intersected 1 metre at 6.49g/t gold from 101 metres in previous drilling.
Following this, an aircore program will begin along the eastern extension of the prospect.
Ausgold has ended the day 7.14 per cent in the red with shares trading for 1.3 cents each in a $15.48 million market cap.
