- Metalsearch has been given disappointing results from drilling at its Kraaipan Gold Project in Botswana
- Seven holes were drilled, but no significant gold was hit
- The company said it may bring on a partner to help test the project further
- Currently, its focus is on its recently bought HPA project in Queensland
- Metalsearch’s share price is down 7.69 per cent, with shares trading at 1.2 cents
Metalsearch has provided results of a drilling program completed at the Kraaipan Gold Project in Southern Botswana.
A total of seven reverse circulation (RC) holes were drilled for 522 metres to investigate potential extensions of historic gold mineralisation. The drill holes were completed in two blocks in the southern section of the project area.
The company sent 248 samples to the ALS Global Laboratory in Johannesburg for multi-element analysis.
In today’s announcement, Metalsearch reported several holes did not intersect any significant gold mineralisation.
Two holes, however, did show slightly more encouraging results. One in particular suggested gold mineralisation intersected in a historical hole has been enhanced by surficial weathering processes and decreases in thickness and grade at depth.
Results include: one meter at 2.25 grams per tonne gold from 48 metres and 2 metres at 0.84 grams per tonne gold from 63 metres.
The Kraaipan Project is part of the larger north-north-west trending Amalia-Kraaipan-Greenstone-Terrane of the Kaapvaal Craton. This area is generally interpreted to be highly prospective for lode-gold mineralisation. However, recent results say otherwise.
The company intends to find a partner for the Kraaipan Gold Project to continue testing a number of gold and nickel-copper targets which Metalsearch has generated from historical data.
Metalsearch continues to ramp up its preparations for its first drilling program on the Abercorn HPA project in central Queensland.
This HPA project is currently the prime focus of the company’s since announcing its acquisition in August this year.
Metalsearch’s share price is down 7.69 per cent, with shares trading at 1.2 cents at 3:17 pm AEDT.