- Carawine Resources (CWX) has received assay results from the last 12 holes of its first drilling program at the Hercules prospect
- The advanced gold prospect lies within Carawine's 90 per cent owned Thunderstruck Joint Venture in WA's north-eastern goldfields
- Drilling encountered multiple lodes and best results included a combined interval of 18 metres at 11.3g/t gold across two lodes
- The gold and base metals explorer is planning a follow-up program to test for extensions to mineralisation at the prospect which remains open
- Shares are up 17.7 per cent to 40 cents
Carawine Resources (CWX) has received assay results from the last 12 holes of its first drilling program at the Hercules prospect.
The advanced gold prospect lies within the Thunderstruck Joint Venture in which Carawine holds a 90 per cent interest and Thunderstruck investments holds the remaining interest.
The joint venture project forms part of the Carawine's larger Tropicana North Project in WA's north-eastern goldfields, covering 80 kilometres of strike across the Tropicana Belt.
Drillhole TNRC020 encountered multiple lodes and returned a combined interval of 18 metres at 11.3g/t gold from 136 metres across two lodes.
Importantly, the interval extended the upper high-grade zone into an area previously considered to be low-grade, based on historical drilling results.
Carawine Managing Director David Boyd said results from the reverse circulation (RC) program exceeded expectations and added to the company's confidence in Hercules.
"Our last set of results from Hercules were very exciting, so to have the last hole from our maiden drilling program at the prospect return the best results from the prospect to date is fantastic."
"We have also repeated the new multiple high-grade lode system announced last week, indicating the potential for this wider 'blow-out' zone to extend throughout the prospect," he explained.
"We are planning a follow-up drilling program to test for extensions to the mineralisation, which remains open, with the potential to increase the strike length with depth."
The gold and base metals explorer is also expecting assay results in the coming weeks from aircore drilling at Don King and along the Hercules Shear Zone as well as from RC drilling at Atlantis.
Shares are up 17.7 per cent to 40 cents at 10:40 am AEDT.