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Ausgold (ASX:AUC) extends high-grade Jinkas South lode to over 600m
  • Ausgold's (AUC) latest reverse circulation (RC) drilling program at the Central Zone has extended the high-grade Jinkas South lode to over 600 metres
  • Ausgold has drilled 30 holes for 4520 metres across the Jinkas South, Jinkas and White Dam areas which are part of the Katanning Gold Project in WA
  • All areas returned gold mineralisation but Jinkas South was particularly impressive, intersecting high grades of up to 8.84 grams per tonne gold
  • Ausgold is hoping to add significant ounces to the current 1.2 million ounce gold resource at the Katanning Gold Project
  • Further drilling is being undertaken alongside various exploration programs
  • Company shares are trading flat at 3.8 cents

Ausgold (AUC) has received results from recent reverse circulation (RC) drilling at the Central Zone within its Katanning Gold Project in southwest WA.

Drilling has extended the exploration in the Jinkas South, Jinkas and White Dam resource areas with 30 holes for 4520 metres.

Jinkas South

A total of 17 holes for 2696 metres targeted areas along strike from previously intercepted high-grade gold mineralisation.

This drilling has intersected a broad zone of gold mineralisation at a much higher grade than the overall resource. Drilling has also extended mineralisation to over 600 metres north along strike on the eastern edge of the defined resource.

"New drilling shows high-grade gold mineralisation extends well beyond that estimated in the current Resource area which will further improve the project economics," Managing Director Matthew Greentree said.

Latest results include four metres at 2.03g/t gold from 114 metres including one metre at 7.46g/t gold, four metres at 2.25g/t gold from 30 metres including one metre at 7.84g/t gold and two metres at 4.62g/t gold from 102 metres including one metre at 8.84g/t gold.

Jinkas and White Dam

A total of 13 holes for 1824 metres was drilled within the Jinkas and White Dam resource areas. RC drilling targeted gold mineralisation where it has been previously poorly defined.

Latest results include 17 metres at 0.94g/t gold from 66 metres including one metre at 5.59g/t gold, eight metres at 1.41g/t gold from 109 metres including three metres at 3.17g/t gold and 20 metres at 0.87g/t gold from 139 metres including three metres at 2.66g/t and two metres at 1.51g/t gold.

These results provide further support for the addition of higher grade ounces to the current `1.2 million ounce gold resource at Katanning.

Outlook

Downhole electromagnetic (DHEM) programs on the latest drill holes have identified another 18 targets. Drilling is underway and will also aim to further extend the Jinkas South lode.

Following its $6.35 million capital raise last month, Ausgold is financially supported to conduct its current drilling programs as well as upcoming DHEM and other exploration programs.

Company shares are trading flat at 3.8 cents at 3:21 pm AEST.


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