Total
0
Shares
Gibb River Diamonds (GIB) - Executive Chairman Jim Richards
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gibb River Diamonds (GIB) reports the latest results from phase four drilling at the Edjudina Gold Project in Western Australia, following month long wait
  • With the latest results, GIB says the program is successful in discovering further shallow mineralisation and delineating areas for further drilling
  • In particular, a new, wide area, named the Morphy Lode, has been discovered with twin zones of mineralisation including 27 metres at 0.73 g/t
  • Future work is set to include pegging a mining lease over the Neta prospect as well as additional aircore and reverse-circulation drilling
  • Shares are trading down 15.5 per cent at 6 cents each at 3:13 pm AEST

Gibb River Diamonds (GIB) has reported the latest results from phase four drilling at the Edjudina Gold Project in Western Australia.

The project is north-east of Kalgoorlie in the Goldfields region of WA and the drilling program comprised a total of 137 holes across a number of prospects.

With the latest results, GIB said the phase four drilling program was successful in discovering further shallow mineralisation at the prospects and delineating areas for further drilling.

In particular, mineralised extensions to the high-grade core at the Neta prospect were discovered, including 18 metres at 1.63 grams of gold per tonne (g/t) from 21 metres.

At the eastern edge of Neta, a new, wide area with twin zones of mineralisation has been discovered. Named the ‘Morphy Lode’ it includes 27 metres at 0.73 g/t from 15 metres.

Over at the Perseverance prospect, the aircore drilling uncovered a high grade quartz vein which included two metres at 11.83 g/t from 22 metres.

Additionally, infill drilling at the Gawler prospect returned 12 metres at 2.42 g/t from 12 metres.

The company said Gawler continued to produce significant drill results from each campaign and was a highly prospective area for future work.

Last month the company announced in a statement that it was eagerly awaiting the results of this program after sending a total of 1,346 samples to the lab for assay.

GIB said assay turnaround time for this phase four campaign was slower than for previous campaigns, which had led to a longer lead time in reporting.

Looking forward, the company is planning follow-up work which will include pegging a mining lease over the Neta Prospect as well as further metallurgical test work at the prospect.

A deeper reverse-circulation drilling program is also scheduled at Neta with the aim of better defining the geometry of the mineralised body.

Additionally, GIB plans to carry-out mapping of old workings and acquiring remote sensing data to generate new drill targets.

Further aircore drilling is also planned for the new targets, including those under alluvial cover.

The company said it was in an excellent financial position to execute the ongoing work programs with $3.03 million cash on hand as of 31 March 2021.

Shares were trading down 15.5 per cent at 6 cents each at 3:13 pm AEST.

GIB by the numbers
More From The Market Herald

" Red River Resources (ASX:RVR) commences drilling program at Thalanga

Red River Resources (RVR) has commenced a drilling program targeting gold areas near its Thalanga Operations in northern Queensland.
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.