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Gateway Mining (ASX:GML) - Managing Director, Peter Langworthy - The Market Herald
Managing Director, Peter Langworthy
Source: Boardroom Media
  • Gateway Mining (GML) has extended the gold mineralisation zone at the Achilles Target to more than 700 metres
  • Recent reverse circulation (RC) drilling successfully intersected significant shallow oxide gold mineralisation and showed the potential for mineralisation to continue
  • With results peaking at 2.9g/t gold, Gateway believes that Achilles forms part of a much larger gold mineralised zone
  • In addition to the work at Achilles, three RC holes were drilled at Caledonian North to follow-up on historical high-grade intercepts
  • While a significant shear zone with quartz veining was intersected, only slightly anomalous assays were returned with a lone intercept of one metre at 3.2g/t gold
  • Gateway is currently trading flat at 2.2 cents

Gateway Mining (GML) has extended the gold mineralisation zone at the Achilles Target to more than 700 metres.

Achilles lies within the Gidgee Gold Project in Western Australia.

This zone was identified via reverse circulation (RC) drilling program that returned significant results well beyond the limits of work completed last year.

A total of 12 RC holes, for 1218 metres, were drilled to test the gap between previous drilling and the NE Caledonian Pit.

This work successfully intersected significant shallow oxide gold mineralisation and demonstrated the potential for continuous mineralisation at length.

Significant new results include four metres at 2.9g/t gold from 64 metres, seven metres at 2.5g/t gold from 61 metres, and six metres at 1.5g/t gold from 45 metres.

Furthermore, the mineralisation remains open for a further 200 metres to the NE Caledonian Pit.

Gateway believes that Achilles forms part of a much larger gold mineralised zone on the north-western boundary of the Montague Granodiorite Dome.

In addition to the work at Achilles, three RC holes were drilled at Caledonian North to follow up on historical high-grade intercepts.

While a significant shear zone with quartz veining was intersected, only slightly anomalous assays were returned with a lone intercept of one metre at 3.2g/t gold.

"Our initial 4500 metre RC program at Gidgee continues to deliver exciting results, with the latest batch of assays demonstrating significant upside and growth potential at the previously identified Achilles Target," Managing Director Peter Langworthy said.

"This shallow, unmined oxide zone has now been extended over a strike length of at least 600 metres and it remains open both to the north and the south, with outstanding potential to define a coherent oxide gold deposit," he said.

"This could represent a lucrative source of shallow oxide ore feed in any future mining scenario, and therefore will be an important focus of our exploration efforts going forward," he added.

Gateway is trading flat and shares are trading for 2.2 cents each at 1:31 pm AEST.


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