Ausgold (ASX:AUC) - Managing Director, Matthew Greentree
Managing Director, Matthew Greentree
Source: Matthew Greentree/LinkedIn
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  • Ausgold (AUC) identifies further near-surface, high-grade gold mineralisation at its Katanning Gold Project (KGP) in Western Australia
  • AUC has completed its 30,000-metre drilling program that was designed to add near-surface resource ounces and support mine planning as part of a pre-feasibility study
  • Results come from drilling completed along the Jackson and Jinkas lodes with grades peaking at 9.64 g/t gold and 3.98 g/t gold, respectively
  • A further 2500 metres of drilling is now underway to test additional near-surface mineralisation on the Jinkas and Jackson lodes
  • Ausgold is up 0.75 per cent with shares trading at 6.8 cents

Ausgold (AUC) has identified further near-surface, high-grade gold mineralisation at its Katanning Gold Project (KGP) in Western Australia.

AUC has completed its 30,000-metre reverse circulation (RC) drilling program that was designed to add near-surface resource ounces and to support open-pit mine planning as part of a pre-feasibility study (PFS).

Results have been received for 15,000-metres of drilling completed along the Jackson and White Dam lodes.

The best result comes from the Southern Jackson area with drilling identifying further down-plunge potential which remains open at depth.

Notable results include 13 metres at 2.62 g/t (grams per tonne) gold from nine metres, including three metres at 9.64 g/t gold, and two metres at 3.92 g/t gold from 52 metres.

High-grade gold was also intersected at Jinkas with results including 15.4 metres at 1.55 g/t gold from 125 metres including five metres at 3.98 g/t gold, and 9.2 metres at 1.7 g/t gold from 99 metres including four metres at 3.06 g/t gold.

Ausgold is encouraged by these results and the additional oxide mineralisation combined with the gold will support further open-pit mine planning.

“Our completed 30,000-metre drill campaign has identified near-surface high-gold mineralisation and has clearly demonstrated further growth potential with identified extensions to the KGP Resource remaining open at depth,” Managing Director Matthew Greentree said.

“New drilling along strike has also demonstrated continuous mineralisation beneath the old tailings dam and the Southern Jackson area which will be included in the resource upgrade planned for Q2 CY2022.

“Importantly, we continue to see outstanding results that continues to validate a pathway on our ambition to establish a multi-million-ounce resource at Katanning.”

A further 2500 metres of drilling is now underway to test additional near-surface mineralisation at the Jinkas and Jackson lodes as well as downhole electromagnetic targets which show underground potential at Jinkas.

Additionally, a resource upgrade is on track for late April and completion of the pre-feasibility study is targeted for late Q2 2022.

Ausgold was up 0.75 per cent on the market with shares trading at 6.8 cents at 12:03 pm AEST.

AUC by the numbers
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