- Ausgold (AUC) updates the market regarding ongoing exploration at its Katanning Gold Project in Western Australia
- Both reverse circulation (RC) and diamond drilling has been completed at the Jinkas South and Olympia deposits
- Grades peaked at 24.40 grams of gold per tonne (g/t) from Jinkas South and 6.89g/t gold from Olympia
- Drilling is now being undertaken at the Rifle Range zone to target the untested 2.5 kilometre strike
- Ausgold is up 4.65 per cent on the market and shares are trading at 4.5 cents at 12:50 pm AEST
Ausgold (AUC) has updated the market regarding ongoing exploration at its Katanning Gold Project in Western Australia.
Katanning lies 275 kilometres southeast of Perth and covers over 4000 square kilometres of the Katanning Greenstone Belt in the Yilgarn Craton.
Both reverse circulation (RC) and diamond drilling is continuing with work extending the gold mineralisation at the Central Zone.
Ausgold has recently drilled four diamond holes for 650 metres and 52 RC holes for 7201 metres, at Jinkas South, to test the continuity of the lode.
Best new results include six metres at 4.50 grams of gold per tonne (g/t) from 32 metres, including one metre at 24.40g/t gold; and four metres at 3.32g/t gold from 28 metres.
These results show the continuity of the gold mineralisation along strike and south beyond the resource upgrade.
Further drilling is now underway to test east of the current work where the lode is likely to extend.
Two diamond holes for 553 metres and 11 RC holes for 2202 metres have been drilled at Olympia to determine the northern extensions of the deposit.
Drilling was partially funded under the Western Australian Government’s Exploration Incentive Scheme.
New results include one metre at 6.89g/t gold from 38 metres; four metres at 2g/t gold from 166 metres; and eight metres at 1.30g/t gold from 22 metres.
“These new results demonstrate extensions to mineralisation and importantly show continuity as we focus on building scale of the Katanning Gold Project,” Managing Director Matthew Greentree said.
“New RC and diamond drilling at the Central Zone, Jinkas North and Olympia all highlight the potential to further add resource ounces beyond the recent 1.54 million ounce resource upgrade.”
Drilling is now being undertaken at the Rifle Range zone to target the untested 2.5 kilometre strike.
Ausgold was up 4.65 per cent on the market with shares trading at 4.5 cents at 12:50 pm AEST.