Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sampling has identified an extensive gold anomalism that stretches over 10 kilometres of strike at Golden Mile’s Benalla Gold Trend
  • The scale of the anomalies could indicate the presence of a significant gold deposit
  • Priority targets will be identified for follow-up drill testing

Golden Mile has received all assay results from an extensive auger sampling program at the Benalla Gold Trend (BGT) in Western Australia.

Sampling outlined a coherent gold anomalism stretching over more than 10 kilometres of strike. It also confirmed that the BGT contains a significant gold mineralised system and further verified exploration potential within the tenement area.

Preliminary evaluation indicates that the sampling defined several discrete, northwest and northeast trending zones of gold mineralisation.

These anomalies have a strike length and grade continuity that is similar to known gold deposits located further to the west.

The Benalla Gold Trend is located approximately 40 kilometres to the east of Leonora in Western Australia and covers the western side of a broad structure containing historical gold workings and numerous undocumented gold occurrences.

Previous work at Benalla included mapping and prospecting which identified the extensive gold mineralised trend.

Most of these gold occurrences have not previously been explored using modern exploration techniques nor has the remainder of the area been systematically tested.

The auger sampling program consisted of 854 shallow, vertical auger holes on a 400 by 100 metre spaced grid. Each of the holes was 0.5-2.5 metres deep and a sample was collected at the end of the hole for analysis.

Results show widespread, coherent near-surface gold anomalism. These anomalies confirm Golden Mile’s interpretation that the BGT contains a significant gold mineralised system.

The scale of these anomalies is sufficient to potentially indicate the presence of a significant gold deposit.

“The Company is very excited about the scale and extent of the new gold anomalies discovered by the auger drilling over the Benalla Gold Trend, a prospective area which has largely remained untested by drilling and has limited previous historical exploration,” Managing Director Lachlan Reynolds said.

“We have now outlined a very large area of coherent gold anomalism in consecutive auger holes and across multiple widely-spaced sample lines.”

Golden Mile has commenced work to further refine the interpretation of the anomalies and to plan necessary follow up work. This follows up work will include the identification of key targets for future air-core or RC percussion drill testing.

In conjunction with this Golden Mile plans to test gold mineralisation targets further to the north

G88 by the numbers
More From The Market Herald

" Beacon Minerals (ASX:BCN) declares fully franked dividend

Beacon Minerals (BCN) has declared a fully franked dividend of 0.125 cents per share.

" Alchemy’s (ASX:ALY) subsidiary wins tenement ballots at Lake Rebecca

Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.

" Tigers Realm Coal (ASX:TIG) recounts positive September quarter

Tigers Realm Coal (TIG) has released its quarterly report for the three months ending September 30.

" Chase Mining’s (ASX:CML) Red Fox applies for more tenements in Queensland

Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.