Total
0
Shares
Zuleika Gold (ASX:ZAG) - Managing Director, Annie Guo - The Market Herald
Managing Director, Annie Guo
Source: 6PR
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold explorer Zuleika Gold (ZAG) has spiked on the ASX today after announcing the results of a drilling program at its Paradigm East project in WA
  • The project is part of the company's wider namesake Zuleika Project near Kalgoorlie
  • Zuleika drilled 29 holes, for 1774 metres, as part of the latest aircore program, meaning it has now drilled 97 holes for 5578 metres at Paradigm East
  • The best results from the latest bout of drilling include a four-metre intersection grading 17.5 grams per tonne of gold from 75 metres
  • Meanwhile, Zuleika also announced results from drilling at the Browns Dam, Little T and Carnage prospects in the Zuleika project area
  • Zuleika said the next step in the drilling program will include reverse circulation (RC) at some key targets in the project area, as well as some aircore drilling at a new prospect
  • Shares in Zuleika Gold closed 13.5 per cent higher today at 4.2 cents each

Gold explorer Zuleika Gold (ZAG) has spiked on the ASX today after announcing the results of a drilling program at its Paradigm East project in WA.

This flagship project is part of the company's wider namesake Zuleika Project near Kalgoorlie. Results from Paradigm East were announced alongside composite sample results from the Browns Dam, Little T and Carnage prospects within the project area.

Zuleika drilled 29 holes, for 1774 metres, as part of the aircore drilling program at Paradigm East, with the best results including a four-metre intersection grading 17.5 grams per tonne of gold from 75 metres. This intersection included a one-metre zone grading 66.1 grams per tonne of gold from 76 metres.

Further to this, drilling in a parallel mineralised system returned an 11-metre hit at 3.89 grams per tonne of gold from 48 metres. This intersection included a six-metre zone grading 6.57 grams per tonne of gold at 52 metres.

For all of the significant four-metre sampled zones, Zuleika now plans to resample and assay them on one-metre splits to further define the mineralised zones.

Zuleika has now drilled 97 holes, for 5578 metres, at Paradigm East since the start of 2021.

Other key prospects

Sampling from aircore drilling at some other key prospects in the Zuleika Project has also returned encouraging results, according to the company.

At the Browns Dam project, Zuleika drilled 47 aircore holes, for 2979 metres, with the best results including a 10-metre intercept grading 0.39 grams per tonne of gold from 36 metres, which itself included a one-metre zone at 1.45 grams per tonne of gold.

At the Little T prospect, 28 aircore holes were drilled, for 725 metres. From this program, the best results included a nine-metre hit at 0.59 grams per tonne of gold from 24 metres.

Finally, from the Carnage prospect, Zuleika drilled 20 holes, for 1133 metres. The company said a four-metre hit at 0.38 grams per tonne of gold from 16 metres indicates that there is gold present within the area.

Zuleika Managing Director Annie Guo said the aircore program was designed to test gold anomalies evident from historical data on the four prospects.

"Following completion of ~10,000-metre of this season's 30,000-metre program, we are becoming increasingly confident of further exploration success due to the persistent presence of hydrothermal systems with anomalous gold along the Zuleika Shear and elsewhere along parallel and intersecting structures," Annie said.

"Results from this program have shown the presence of gold mineralisation on all four prospects and confirms the excellent potential of Zuleika Gold's 230-square-kilometre tenement package," she added.

She said the next part of the program at the Zuleika project will be mostly reverse circulation (RC) drilling to target strong intersections in some key areas, though the program will include some further reconnaissance aircore drilling on a new prospect.

"The Zuleika Gold exploration team continues to generate new targets within our highly prospective tenure along the Zuleika Shear by way of reconnaissance aircore drilling programs and a precise regional soil sampling and assaying technique," she concluded.

Shares in Zuleika Gold closed 13.5 per cent higher this afternoon at 4.2 cents each. The company has a $16 million market cap.

ZAG by the numbers
More From The Market Herald
Thor Mining (ASX:THR) - Managing Director, Nicole Galloway Warland (right) - The Market Herald

" Thor Mining (ASX:THR) begins drilling at Alford East

Thor Mining (THR) has begun drilling at the Alford East Copper-Gold Project in South Australia.
Pursuit Minerals (ASX:PUR) - Managing Director, Mark Freeman - The Market Herald

" Pursuit Minerals (ASX:PUR) receives heritage clearance for drilling at Warrior

Pursuit Minerals (PUR) has officially received heritage clearance to undertake drilling at the Phil’s Hill prospect which is part of its Warrior Project
Macarthur Minerals (ASX:MIO) announces gold and copper assets spin out

" Macarthur Minerals (ASX:MIO) announces gold and copper assets spin out

Macarthur Minerals (MIO) is planning to spin out its Pilbara-based gold and copper assets into its subsidiary Infinity Mining.
Victory Mines (ASX:VIC) begins RC drilling at Coogee

" Victory Mines (ASX:VIC) begins RC drilling at Coogee

Victory Mines (VIC) has begun a 6000-metre reverse circulation (RC) drilling program at its Coogee Project.