Join our daily newsletter At The Bell to receive exclusive market insights
- Gateway Mining (GML) shares have spiked in the wake of a high-grade gold discovery in WA
- A wide-spaced reverse circulation (RC) drilling campaign uncovered the new gold zones at Gateway’s Gidgee Gold Project
- The program honed in on a 1.6-kilometre-long trend between two of Gidgee’s key gold deposits, where initial results peaked at 9.6 grams per tonne gold
- Moving forward, Gateway’s RC drilling rig will remain on-site at Gidgee until November 22 to complete an infill program and a limited campaign to follow up on the new discovery
- The next round of results should keep coming in around Christmas and even into the New Year
- Following today’s news, Gateway shares jumped 72.2 per cent to 3.1 cents each
Gateway Mining (GML) shares have spiked in the wake of a high-grade gold discovery in WA.
A wide-spaced reverse circulation (RC) drilling campaign uncovered the new gold zones at Gateway’s Gidgee Gold Project.
Gateway’s initial exploration program involved 37 RC holes, for 4448 metres, and targeted a 1.6-kilometre northwest mineralised trend between the cornerstone Montague and Whistler gold deposits.
The campaign proved successful: Gateway uncovered as much as 9.2 grams per tonne gold at the project.
Specifically, best results include 15 metres at three grams per tonne from 104 metres, 10 metres from 9.2 grams per tonne gold from 140 metres, and 10 metres at 2.5 grams per tonne gold from 114 metres.
And these are just the initial findings — while this was its priority target, exploration along this northwest trend forms part of a broader 13,000-metre RC campaign at Gidgee.
Today’s peak findings came from two RC holes, spaced 150 metres apart. Significantly, that means the mineralisation uncovered remains open in all directions — so Gateway needs to perform a follow-up campaign to test extensions to the assays and deepen its exploration targets.
“The quality of these intersections in terms of grade and thickness provide a clear demonstration that we are working on a very significant gold system along the margin of the Montague Granodiorite,” said Gateway’s Managing Director, Peter Langworthy.
“We consider this to be a major exploration breakthrough for the Gidgee Project. These results tell us that we have the right exploration model in place, and we are now in a position where we can effectively target key positions across the broader Gidgee Project with confidence. We will continue to be systematic with our approach to exploration, to ensure that we unlock the full potential of the Gidgee Project,” he continued.
Moving forward, Gateway’s RC drilling rig will remain on-site at Gidgee until November 22. From there, the rig will complete an infill program and complete a limited campaign to follow up on the new discovery.
The next round of results should keep coming in around Christmas and even into the New Year.
Following today’s news, Gateway shares jumped 72.2 per cent to 3.1 cents at 1:52 pm AEDT.
