- Gibb River Diamonds (GIB) was down as much as 50.3 per cent today despite doubling the mineralisation strike length at the Neta Lodes prospect in WA
- Phase two drilling was undertaken throughout November to define the strike extent of mineralisation at the Neta Lodes and Gawler prospects
- Positively, the strike length at Neta doubled from 80 metres to 160 metres
- But while Gibb intersected up to 5.41g/t gold from Neta Lodes, the latest grades were generally lower than its phase one program, which saw Gibb River's share price jump 267 per cent after 35g/t gold was intersected
- Reverse circulation drilling will now begin in late February to early March at both prospects to follow-up on the phase two program
- Gibb River is still down 50.3 per cent with shares trading at 8.7 cents
Gibb River Diamonds (GIB) was down as much as 50.3 per cent today despite doubling the mineralisation strike length at the Neta Lodes Prospect.
Neta Lodes lies within the Edjudina Gold Project, which is situated 145 kilometres northwest of Kalgoorlie in Western Australia.
Phase two drilling was undertaken throughout November with aims to define the strike extent of the mineralisation at the Neta Lodes and Gawler prospects.
150 holes, for 6162 metres, were drilled, and since none of the holes were drilled deeper than 68 metres from surface, mineralisation remains fully open at depth.
Drilling at Neta Lodes aimed to define the strike extent of the mineralisation which was discovered in October during phase one work.
This was achieved, with the strike length doubling from 80 metres to 160 metres.
Best results include one metre at 5.41g/t gold from one metre, three metres at 1.2g/t gold from surface, and nine metres at 0.95g/t gold from 31 metres.
While these results are generally lower than phase one work, these results include significant widths of mineralisation.
In early October, Gibb River saw its share price rise 276 per cent after a best result of one metre at 35g/t gold from seven metres was intersected at Neta.
Phase two work also aimed to test a gold-in-soil anomaly to the northwest of Neta Lodes, with three holes drilled and returned an intercept of 30 metres at 0.32g/t gold from surface.
This mineralisation remains open 450 metres along strike to the south and remains untested 80 metres to the northwest.
This area has been named the Staunton prospect and will be a target for follow-up drilling in 2021.
During phase one work at Gawler, nine holes were drilled across the original workings which produced an average grade of 47.2g/t gold.
In this phase two follow-up drilling, four lines were drilled across the same strike as the phase one drilling.
Multiple shallow stopes were intersected and deeper drilling is required to define the grade of the mineralisation.
Deeper reverse circulation (RC) drilling will now be undertaken at Neta Lodes and Gawler, with work scheduled to begin in late February to early March 2021.
This will follow-up on the phase two work which was recently completed.
A contract has already been signed with a drilling contractor to undertake the work.
Gibb River is still down 50.3 per cent with shares trading at 8.7 cents at 2:00 pm AEDT.