- Australian Potash (APC) reports “significant” gold results from diamond drilling undertaken at the Lake Wells joint venture in Western Australia
- Final assays have returned grades of up to 26.9 grams of gold per tonne
- The work will be followed by a planned 16-hole diamond drill program
- A field crew and drill rig will be mobilised in the first quarter of the 2022 financial year
- Shares are up by two per cent at 12.3 cents each at 3:31 pm AEST
Australian Potash (APC) has reported “significant” results from diamond drilling undertaken at the Lake Wells Gold Project in Western Australia.
The work was completed by APC’s joint venture partner and fellow ASX-player St Barbara (SBM) with final assays returning notable intercepts.
The results included 1.9 metres at 14.35 grams of gold per tonne (g/t) from 73.5 metres, which also contained one metre at 26.9g/t from 73.5 metres.
Follow-up drilling has since been planned to further comprehend the geographical scale of mineralisation at Lake Wells, with a field crew and diamond drill rig set to be mobilised in the first quarter of the 2022 financial year.
Commenting on the latest results, Australian Potash Managing Director and CEO Matt Shackleton said gold grades seen in only the second hole drilled at the project were very encouraging.
“The Yamarna Shear Zone hosts numerous gold deposits, including the Golden Highway, strongly supporting the exploration model being followed by St Barbara,” he said.
“We look forward to the 2022 financial year program and these additional diamond drill holes as we better understand the significance of what has been uncovered.”
The follow-up program will comprise up to 16 diamond drill holes over roughly 4200 metres.
The future work will be accompanied by associated assay and geochemical analyses, structural logging and lithological analysis to understand the scale and significance of the mineralisation discovered so far.
On Tuesday, shares were trading two per cent higher at 12.3 cents each at 3:31 pm AEST.