Join our daily newsletter At The Bell to receive exclusive market insights
- DiscovEx Resources (DCX) has confirmed that follow-up work at the Hornet Prospect has indicated the potential for a significant gold discovery
- The Hornet Prospect is part of the Edjudina Project which lies within the southern portion of the Laverton District which hosts a number of major gold deposits
- Single metre re-split sampling confirmed high-grade gold mineralisation, and panning of these intervals has produced fine-grained visible gold
- The company will conduct an aircore drilling program in the coming weeks to test for extensions to the mineralisation
- DiscovEx’s shares have soared 77.8 per cent this morning and are trading for 0.8 cents each
DiscovEx Resources (DCX) has confirmed that follow-up work at the Hornet Prospect has indicated the potential for a significant gold discovery in the region.
The company conducted a maiden target definition air core drilling program at Hornet, which was followed up by single metre re-split sampling. This confirmed the high-grade gold mineralisation present in several end-of-hole intersections is within weathered, primary bedrock.
Panning of these intervals has also produced fine-grained visible gold, which provides further confidence that the mineralisation is in-situ and potentially responsive to conventional processing.
Best intersections from the re-split sampling include; two metres at 3.0g/t gold from 50 to 52 metres within hole HOAC012 which included one metre at 5.3g/t gold from 51 to 52 metres, and seven metres at 1.4g/t gold from 40 to 47 metres within hole HOAC032 which included three metres at 2.8g/t gold from 42 to 45 metres.
“It’s such an exciting time to be involved in a greenfields project in a largely overlooked area of the Laverton District. I was recently on site soil sampling and was panning gold from our drill-holes, the feeling of seeing gold in the pan is like nothing else, it’s fantastic!” Managing Director Bradley Drabsch exclaimed.
The Hornet Prospect is part of the Edjudina Project. Edjudina is situated within the southern portion of the Laverton District, about 700 kilometres northeast of Perth. The area hosts multiple major gold deposits, including AngloGold Ashanti’s Sunrise Dam, Saracen Mineral’s Carosue Dam and Matsa Resources’ Red October Project.
Several gold-in-soil anomalies were identified during previous exploration programs conducted in the 1970s and 1980s, in particular at two prospect locations, Phantom and Hornet.
DiscovEx is planning an additional air core drilling program to test for extensions, both north and south of the significant mineralisation at Hornet. Drilling is expected to commence in the coming weeks once ground preparations are completed and a drill rig becomes available. Once this program is completed, the company intends to follow up with reverse circulation drilling.
An application has been submitted for a diamond drill hole, as part of the environmental impact statement (EIS) and co-funded exploration drilling scheme run by the Western Australian Department of Mines, Industry Regulation and Safety.
If DiscovEx receives this funding, it would go towards deeper testing at the Hornet Prospect and help to attain valuable geological information for future exploration.
DiscovEx’s shares have soared 77.8 per cent this morning and are trading for 0.8 cents each at 11:12 am AEST.
