- Santana Minerals (SMI) has received pleasing assays from drilling undertaken at the Bendigo-Ophir Project on New Zealand's South Island
- The latest results are from three hole drilled at the Come in Time deposit and returned gold grading up to 7.65 and 9.67 grams per tonne
- The Come in Time, Shreks, and Rise and Shine deposits make up an inferred resource of 252,000 ounces of gold, which Santana is looking to increase
- Up to 4500 metres of drilling is expected to be completed by March and will support the site's upcoming mineral resource upgrade
- Company shares dropped 2.78 per cent to trade at 17.5 cents at market close
Santana Minerals (SMI) has announced pleasing results from drilling conducted at its Bendigo-Ophir Project late last year.
The Bendigo-Ophir Project is located on the South Island of New Zealand within the Central Otago Goldfields. It is also situated around 90 kilometres northwest of Oceana Gold's (OGC) Macraes Gold Mine, which is the largest gold mine in New Zealand.
The project has an inferred mineral resource of 10.2 million tonnes at 0.8g/t gold for 252,000 ounces (uncut). This resource is spread across the Shreks, Rise and Shine and Come in Time deposits.
Santana's goal is to increase the existing resource by drilling the down plunge extensions of known mineralisation.
The latest assays are from three reverse circulation (RC) holes that were drilled at the Come In Time deposit in December.
Best results include 21 metres at 2.14g/t gold from 63 metres including two metres at 7.65g/t gold from 64 metres, 12 metres at 2.04g/t gold from 75 metres including two metres at 9.67g/t gold from 76 metres, and 12 metres at 1.08g/t gold from 106 metres including six metres at 1.72g/t gold from 106 metres.
Assays are pending for four RC holes and one diamond hole.
Positively, these intercepts have extended mineralisation at the deposit at least 250 metres down plunge in a zone that is 100 to 200 metres wide. Once modelling has been completed, Santana expects this mineralised zone will materially increase the Come in Time resource.
"As we had hoped this program suggests there is strong potential to materially extend the resource size and increase the grade profile of the existing Come-in-Time inferred resource which represents just one of the multiple prospects we have to drill along the Rise and Shine Shear Zone," Executive Director Dick Keevers said.
Santana Minerals is undertaking between 4000 and 4500 metres of RC and diamond drilling which is expected t be completed in March.
Drilling is testing the continuity of mineralisation 200 metres down plunge from the drill results as well extensions of mineralisation at Rise and Shine, Shreks and Shreks East. It is hoped this will accelerate a resource increase ahead of infill drilling.
After this drilling phase, Santana will complete the mineral resource upgrade.
Company shares dropped 2.78 per cent to trade at 17.5 cents at market close.