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- Dacian Gold (DCN) has provided an exploration update for its Mt Morgans Gold Operation in Laverton, Western Australia
- The current $15 million exploration program is well underway with aims to grow the current mineral resource and ore reserve
- Drilling focused on the Phoenix Ridge, McKenzie Well, and Mt Marven deposits and initial results have indicated a strong potential for mineral resource growth
- Additionally, a diamond drilling program is scheduled to begin at the Cameron Well deposit in late July
- Dacian is up 4.76 per cent on the market this morning and shares are trading for 33 cents each
Dacian Gold (DCN) has provided an exploration update for its Mt Morgans Gold Operation in Laverton, Western Australia.
The current $15 million exploration program is well underway with aims to grow the current mineral resource and ore reserve.
Drilling focused on the Phoenix Ridge, McKenzie Well, and Mt Marven deposits and initial results have indicated a strong potential for mineral resource growth.
Phoenix Ridge
A total of 38 diamond holes, for 11,300 metres, were completed at Phoenix Ridge with aims to upgrade the maiden mineral resource of 481,000 tonnes at 8.1g/t gold for 125,000 ounces.
Significant results include 1.7 metres at 16.7g/t gold from 96 metres, two metres 12g/t gold from 224.2 metres, and 2.7 metres at 5.5g/t gold from 292.7 metres.
In addition to these holes, an extra 14 diamond holes, for 4000 metres, were also drilled to further increase the drilling density.
Best results from this program include 8.7 metres at 74.7g/t gold from 286.4 metres, 14.9 metres at 12.5g/t gold, and 5.2 metres at 9g/t gold from 309.6 metres.
Gold grading up to 715g/t was also encountered within a sequence of banded iron formation (BIF), parallel to Phoenix Ridge.
Finally, 33 reverse circulations (RC) drill holes were completed to test for near surface expression and results have indicated that the is no significant near surface mineralisation.
It is hoped an update to the mineral resource will be provided in 2H CY20.
McKenzie Well
A 51 hole program RC program, totalling 5400 metres, was completed at the McKenzie well deposit and results have identified mineralised BIF along a length of 400 metres.
Results include seven meters at 2.8g/t gold from 78 metres, eight metres at 2.3g/t gold from 53 metres, and six metres at 2.4g/t gold from 47 metres.
Dacian is planning a follow-up RC program to confirm the orientation and distribution of the gold grades.
Mt Marven
Five diamond holes were drilled at the Mt Marven deposit below the current mineral resource and ore reserve.
This program aimed to test for grade continuity and structure below and east of the mineral resource. Results will also provide data for future exploration.
Highlights include one metre at 13.2g/t gold from 199 metres, one metre at 4.5g/t gold from 171 meters, and 1.2 metres at 3.2g/t gold from 80.6 metres.
“The initial results from our exploration program mark the beginning of our renewed commitment to testing the potential of our large tenement package at Mt Morgans,” Managing Director Leigh Junk said.
“These results are exciting for the company as they highlight the size of the opportunity on our door step across the numerous exploration projects we have in our pipeline. We intend on pursuing and developing these projects in earnest throughout the year,” he added.
Cameron Well
A diamond drilling program is scheduled to begin at the Cameron Well deposit in late July with aims to improve Dacian’s understanding of the mineralisation and the structure.
This program will consist of 11 holes for 4000 metres.
Dacian is up 4.76 per cent on the market this morning and shares are trading for 33 cents each at 11:31 am AEST.
