Total
0
Shares
Australasian Gold (ASX:A8G) - Non-Executive Director, Qingtao Zeng - The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Australasian Gold (A8G) identifies a magnetic anomaly within its May Queen project in Queensland ahead of a planned 1000-metre drill programme
  • The anomaly spans approximately 500 metres by 400 metres and is speculated to carry associated gold and copper mineralisation
  • Upcoming drills are hoped to investigate the source of the anomaly and test other features identified in the survey
  • Australasian Gold Managing Director Qingtao Zeng says the workings have given the company confidence they are in the right area for drilling
  • Australasian Gold shares were up 3.03 per cent and trading at 17 cents

Australasian Gold (A8G) has identified a magnetic anomaly within its May Queen project in Queensland ahead of a planned 1000-metre drill programme.

Geological mapping undertaken at the prospect has given way to what A8G describes as suggestions of pervasive magnetite-related mineralisation that could carry associated gold and copper mineralisation.

A8G describes this particular discovery as an "intense magnetic anomaly" approximately 500 metres by 400 metres in dimension.

The find comes ahead of the ASX-lister's 1000-metre planned diamond drill programme at the project, which is set to test features relating to the ground magnetic surveys.

Drills are hoped to extend known mineralisation below the current approximate 50 metre depth, test additional parallel northwest to southeast trends and investigate the actual source of the anomaly.

Australasian Gold Managing Director Qingtao Zeng said recent historical workings have given the company confidence they are in the right area for drilling.

"There is shallow high-grade gold mineralisation defined by historical RC holes, and these diamond holes will test the immediate dip extension and potential parallel structures both to the east and west," he explained.

Australasian Gold shares were up 3.03 per cent and trading at 17 cents at 12:18 pm AEST.

A8G by the numbers
More From The Market Herald
Peako (ASX:PKO) commences drilling at East Kimberley

" Peako (ASX:PKO) expands East Kimberley footprint

Peako (PKO) has applied for additional ground in Western Australia’s East Kimberley region to expand the company’s total tenement package to 3335 square
Aeris Resources (ASX:AIS) - Executive Chairman, Andre Labuschagne - The Market Herald

" Aeris Resources (ASX:AIS) raises $50.4M to advance its copper and gold assets

Aeris Resources (AIS) has completed an institutional placement to raise roughly $50.4 million.
Syrah Resources (ASX:SYR) - Managing Director and CEO, Shaun Verner - The Market Herald

" Syrah Resources (ASX:SYR) issues $28M convertible note to AustralianSuper

Syrah Resources (SYR) has elected to issue a proposed $28 million convertible note to AustralianSuper.
Oakdale Resources starts drilling at Nevada gold project

" Magnum Mining & Exploration (ASX:MGU) begins offtake discussion with Anglo American

Magnum Mining & Exploration (MGU) has begun offtake discussions for its Buena Vista Iron Ore Project with Anglo American.