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- Iceni Gold (ICL) confirms a second syenite intrusion at the 14 Mile Well project in WA
- The company has received initial assays from a portion of a drill hole at the TOTK prospect which is part of the North-1 target area
- No economic gold was found, however anomalous gold was intersected which shows the alteration zone contains gold and confirms the syenite hydrothermal system carries gold
- Iceni says while on one hand it’s disappointed, it’s pleased the anomalous gold demonstrates the “enormous potential” of the TOTK target area
- Company shares are down 11.1 per cent to trade at 24 cents
Iceni Gold (ICL) has confirmed a second syenite intrusion at the 14 Mile Well project in the Laverton district of Western Australia.
The newly-identified syenite was found through diamond drill core from the TOTK prospect which lies within the North-1 target area. North-1 is one of seven priority target areas defined at the project which are being drilled.
Iceni Gold received an initial gold-only assay result for a portion of one hole. While no economic gold intersection was identified, anomalous gold was intersected in this portion. ICL said the anomalous gold shows the alteration zone beneath the TOTK vein contains gold which is considered encouraging as it confirms the syenite-associated hydrothermal system carries gold.
The company is waiting on the remainder of gold assays from the same hole, along with multi-element assays, to identify pathfinder elements that indicate orogenic and intrusion-related gold mineralisation.
“The first initial assay result returning only anomalous gold in the upper portion of FMDD0012, though on one hand disappointing, on the positive side demonstrates the enormous potential of the TOTK target area,” Executive Chair Brian Rodan said.
“The fact that we have discovered gold within the alteration zone of a composite intrusion that includes syenite, porphyries and lamprophyres (which are associated with known large gold deposits in the Laverton District), further enhances the prospectivity of the 14 Mile Well tenement package.”
Based on the initial results, Iceni Gold will complete a 121-hole aircore drilling program over the TOTK target to outline the broader alteration patterns to help locate orogenic or intrusion-related gold deposits.
Company shares were down 11.1 per cent to trade at 24 cents at 2:48 pm AEDT.
