Join our daily newsletter At The Bell to receive exclusive market insights
- Australasian Gold (A8G) completes the initial field work program at the Mt Clermont polymetallic and Capella gold projects
- High-priority targets were identified at both projects with drilling expected to begin early next year
- Work at Mt Clermont has identified gold grading up to 2.2 g/t and an untested prospect 1.5 kilometres south of the Retro Extended Prospect
- More than 66 reverse circulation holes have been drilled at Capella with further drilling planned to test the shallow priority targets
- Shares in Australasian Gold are down 0.83 per cent on the market and were trading at 59.5 cents
Australasian Gold (A8G) has completed the initial field work program at the Mt Clermont polymetallic and Capella gold projects.
High-priority targets were identified at both projects with drilling expected to begin early next year.
Mt Clermont Project
The Mt Clermont Project lies within the Anakie Province if the Drummond Basin in Central Queensland.
It has been subject to more than 6700 metre of historical drilling, showing the potential for a high-grade polymetallic epithermal system.
Mt Clermont hosts the Retro, Retro Extended and Nanya prospects which are associated with the Retro Fault Zone.
Retro
Field work at the Retro Prospect has highlighted that quartz veining is epithermal in texture and spans a zone measuring 400 metres in width.
Only four holes have been drilled and Australasian Gold believes they did not properly test the veining.
Retro Extended
Field work at Retro Extended identified and mapped epithermal veins extending at least 400 metres south of the most southern hole drilled.
Previously drilled holes did not intersect the down-dip extension of the vein, however up to 2.21 grams per tonne (g/t) of gold was intersected in recent rock chip sampling.
Future drilling will aim to extend the mineralisation to the south and test the vein system that was not intersected by previous drilling.
Retro South
No historical work has been undertaken at Retro South and Australasian Gold will carry out an auger geochemical sampling program.
Capella Project
More than 66 reverse circulation (RC) holes have been previously drilled at the Capella Project.
Additionally, a recently completed data study has identified multiple targets with potential for further mineralisation that remain open along strike and down-dip.
Australasian Gold will test these targets for possible extensions to the mineralisation.
“We are encouraged by the historical results at both projects which highlight areas of highly anomalous gold mineralisation that warrant further investigation,” Managing Director Dr Qingtao Zeng said.
“This gives us confidence that both the Mt Clermont and Capella projects have good potential to define a maiden resource through further drilling.”
Shares in Australasian Gold were down 0.83 per cent on the market and were trading at 59.5 cents at 1:52 pm AEDT.
