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Aben Reports Final Drill Results from 2019 Exploration Program and Completes Earn-in for the Forrest Kerr Gold Project in BC’s Golden Triangle
Forrest Kerr Project, Golden Triangle, B.C., location map:
2019 Forrest Kerr Program Highlights:
- 9622 meters (“m”) in 25 holes, 214 soil samples, 128 rock samples and 173 line-km’s of magnetic geophysical survey completed during 2019
- High-grade gold mineralization reported in numerous holes at North Boundary Zone within a broad mineralization & alteration halo
- 500m-long gold-mineralized corridor delineated at South Boundary Zone, open in all directions
- Drilling at South Boundary encountered sediment-hosted rift-related VMS style mineralization within rocks analogous to the Eskay Creek precious metal deposit, located 30 km to the southeast of Forrest Kerr
- 100% earn-in completed, with overall project area now encompassing over 23,000 hectares
- Numerous high-priority drill targets remain untested
2019 Phase 2 Drill Hole summary:
Holes FK19-64 & 65, drilled in a scissor pattern, further delineated a consistently gold- mineralized corridor at South Boundary that measures greater than 500 meters along strike by 150 meters across. The mineralized corridor shows consistent mineralization which has been encountered in multiple (7) drill holes. The zone remains open to the north, south and at depth. The zone disappears under considerable cover to the north but geophysical data indicates that it likely extends several hundred meters toward the high-grade gold occurrence discovered at North Boundary (1.5 km North). FK19-64 averaged 0.17 g/t Au over 100m (31.0-131.0m depth), with gold values ranging from trace to a high of 4.09 g/t Au over 1.0m. FK19-65 returned an average grade of 0.13 g/t Au over 71.0 meters (274.0-345.0m downhole depth).
A cross-sectional view of the gold mineralization present in holes 62 through 65 is linked below.
Forrest Kerr Cross Section for Holes FK19-62 to FK19-65:
Holes FK19-66 to 68 tested the outer margins of a complex structural zone that dominates the southern extent of the Boundary valley. Hole 66 intersected widespread moderate to strong alteration associated with breccias and sheared horizons. A 1m wide quartz vein at 133.0m depth returned 0.65 g/t Au, 33.60 g/t Ag, 3070 ppm Pb and 13,150 ppm Zn within a 6m envelope that averaged 8.10 g/t Ag. Hole 67 encountered anomalous 1m gold values of up to 0.12 g/t, while Hole 68 (drilled from the same pad) intersected intermittent anomalous gold values ranging from trace to 0.54 g/t Au.
Forrest Kerr South Boundary Zone Drill Hole map:
The final two drill holes of 2019 were completed at the Forrest zone, located 14km south of the Boundary Valley. Targeting a strong gold-in-soil anomaly and a distinct conductive anomaly identified in a 2013 airborne VTEM geophysical survey, Hole FK 19-69 encountered intrusive and sedimentary rocks with strong to moderate alteration throughout. The hole was stopped at a downhole depth of 392m in a strongly sheared limestone unit due to difficult drilling conditions and allowed for only a partial test of the geophysical conductor. The hole did not encounter significant mineralization. Hole FK 19-70 intersected the upper portion of the soil anomaly and returned 0.46 g/t Au and 1.13 g/t Ag over 10 meters (93-103m depth) from a quartz-veined horizon.
The completion of drilling satisfies the final expenditure requirements outlined in the 2016 Option Agreement on the Forrest claim block and thereby enables Aben to claim 100% ownership of the Forrest Kerr Property.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.5 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Continues to Expand Mineralized Footprint at the North Boundary Zone at the Forrest Kerr Gold Project in BC’s Golden Triangle
Highlights from hole FK19-52 include a 16 meter (m) interval (between 323-339m) that averaged 2.22 g/t Au, 2.39 g/t Ag and 3050 ppm Cu. Included in this zone are two separate 1m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag & 14900 ppm Cu. This mineralized zone was encountered roughly 100m below and 50m southward of historic high-grade gold mineralization discovered in 1991 (reported as 326.0 g/t Au over 1m by Noranda). Other discrete 1m intercepts from hole 52 include highs of 20.1 g/t Ag, 6.0% Cu, 0.76% Pb and 0.87% Zn. Hole FK19-53 intersected multiple zones of anomalous gold (>0.2 g/t) with the most coherent zone between 346-364m (18m) returning average values of 1.24 g/t Au, 2.47 g/t Ag and 3459 ppm Cu. Included in this zone are two 1m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag and 5860 ppm Cu and 8.09 g/t Au, 5.40 g/t Ag & 14200 ppm Cu. This zone is significant as it occurs on the West side of the Nelson Creek fault, which previously lacked evidence of precious and base metal mineralization. Hole FK19-54 was drilled in the same direction at a steeper dip angle (-60) than hole 53 and also intersected several 1 to 2m intervals of modest grade polymetallic mineralization. Between 203-215m (12m) gold averaged 1.05 g/t, silver 1.71 g/t and copper 2108 ppm (with individual highs of 7.14 g/t Au, 4.80 g/t Ag and 11550 ppm Cu over 1m). The mineralization encountered in holes 53 & 54 was discovered roughly 450m south of the main high-grade gold discoveries at North Boundary.
Base and precious metal mineralization has now been defined over an area measuring in excess of 600m x 250m at North Boundary (see map link below). Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May 2019. The 2019 drill program will focus on increasing the mineralized footprint in the Boundary valley and will seek to discover a heat and mineralizing source for the robust hydrothermal system present on this part of the property. As a result, analytical results are expected to continue to exhibit a range of values from trace to high-grade.
Forrest Kerr North Boundary Mineralized Plan View map:
https://abenresources.com/site/assets/files/1/ABN-N-Boundary-Min-Plan-View.jpg
Over 8000 meters have now been drilled in 21 holes with a projected seasonal total close to 10,000 meters by the end of September. Thus far, drilling at Forrest Kerr has only tested a small portion of known targets defined by rock, soil and geophysical anomalies. A brief summary of all of the holes included in this release can be found below.
Forrest Kerr North Boundary Zone Drill Hole map:
https://abenresources.com/site/assets/files/4855/abn_2019_north_boundary_drilling_sept.jpg
FK19-47 (110/-60) – Drilled from the same pad as FK19-46 (previously reported August 20, 2019 at 0.12 g/t Au over 500.5 meters) at a steeper dip to test for continuity of mineralization below 47 and between the main mineralized zone at North Boundary and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over 1 meter). Hole 47 encountered multiple modest-grade gold (<1g/t Au) intercepts with intermittent Ag-Cu-Pb-Zn mineralization. Analytical results returned by both 46 & 47 have pushed the edge of known mineralization substantially Eastward.
FK19-48 (135/-45) – Drilled from a location 100 meters North of the main mineralized zone at North Boundary to test for potential Northeastward extension of mineralization. This hole failed to intersect significant precious metal mineralization.
FK19-49 (195/-57) – Drilled from the same pad as FK19-50 (previously reported August 20,2019 0.46 g/t Au over 61.7 meters starting at 188.0 m) at a shallower dip. Both holes 49 & 50 were planned to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 & 18) situated approximately 50 meters NW of high-grade Au-Ag-Cu mineralization at North Boundary. Hole 49 intersected weaker gold mineralization (0.52 g/t Au over 8m) than the steeper hole 50 but the combined result of the two holes shows a 20+m extension to the zone encountered in 17 & 18.
FK19-52 (310/-55) – Located roughly 500m from the main mineralized core at North Boundary and drilled from the same pad at a steeper dip than the previously reported hole FK19-51. Both holes were drilled oblique to the roughly North-South mineralized corridor to test for the southward extension of mineralization and depth potential under historically reported mineralization. Several discrete horizons of base and precious metal mineralization were reported from this hole. From 323-339 m (16m interval) average grades were 2.22 g/t Au, Ag 2.39 g/t and 3050 ppm Cu. Included in this zone are two separate 1m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag & 14900 ppm Cu. The entire hole returned an average of 0.11 g/t Au over 469.0 meters.
FK19-53 (250/-45) – Collared from the same pad as holes 51 & 52 but drilled WSW to test for mineralization potential within and adjacent to several sub-parallel fault and shear structures. Between 346-364m this hole returned 1.24 g/t Au, 2.47 g/t Ag and 3459 ppm Cu over 18 meters. Included in this zone are two 1m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag, 5860 ppm Cuand 8.09 g/t Au, 5.40 g/t Ag & 14200 ppm Cu. Multiple other moderate to high-grade intercepts of Au, Ag, Cu and Zn mineralization were encountered with an overall average of 0.10 g/t Au over 430.5 meters.
FK19-54 (250/-60) – This hole undercut the precious and base metal mineralization encountered in hole 53 at a steeper dip. Several samples returned elevated precious and base metal intercepts from discrete zones with the most coherent zone between 203-215m depth (averaging 1.05 g/t Au, 1.71 g/t Ag and 2108 ppm Cu over 12m), including 1m highs of 7.14 g/t Au, 4.80 g/t Ag and 11550 ppm Cu.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Justin Property, Yukon royalty renegotiation
The Company reported today that it had entered into a Settlement Agreement with Sandstorm Gold Ltd. (“Sandstorm”), pursuant to which the parties have renegotiated the terms of certain royalty agreements over the Company’s 100% owned Justin and Hit Properties in the Yukon. As a term of the Settlement Agreement, the Company will issue 750,000 shares to Sandstorm as partial consideration for the cancellation of certain advance royalty obligations and the creation of new royalty agreements with Sandstorm. Additional consideration for the Settlement Agreement is the assignment by the Company to Sandstorm of various royalty buyback rights held by the Company. As a result of the Settlement Agreement, the royalty obligation to Sandstorm on the Justin and Hit Properties has been reduced from 3% to 2% and the obligation to make advance royalty payments has been terminated. The Settlement Agreement and closing are subject to approval of the transaction by the TSX Venture Exchange.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $3 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Provides Initial Analytical Data from Drill Program at the Forrest Kerr Gold Project in BC’s Golden Triangle, Increases Size of Program, Update on Justin Project, Yukon
5000+m has now been completed in 10 holes, with numerous sample shipments now in the laboratory. Based on the encouraging results obtained to date, Aben had elected to expand the budget for the program and intends to continue drilling into September.
Forrest Kerr Project North Boundary Zone map – August 2019:
https://abenresources.com/site/assets/files/4855/nboundary2019drillingaug7.jpg
The goal of the 2019 drill program is to test a specific area of the North Boundary Zone as well as the area around the historic “Noranda hole” and a corresponding new zone of sericite alteration located south of the Noranda hole. These initial results are from three widely spaced holes located peripheral to the main zone of mineralization at North Boundary. Each hole encountered variable and intermittent polymetallic mineralization within the Hazelton volcanic/sub-volcanic sequence (brief hole descriptions are summarized below). Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May 2019. Thus far, drilling in this part of the Forrest Kerr Property has only tested a small portion of the potentially mineralized structures defined by the magnetic survey.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
FK19-46 (110/-45) — Drilled oblique to the main mineralized corridor at North Boundary to test for continuity of mineralization between recently discovered mineralization and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over 1 meter). This hole encountered multiple mineralized horizons with an overall average of 0.12 g/t Au over its entire length of 500.5 meters (m) (including 12.4 g/t Au between 203-204m).
FK19-50 (195/-65) – Drilled to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 & 18) situated 50 meters NW of high-grade Au-Ag-Cu mineralization at North Boundary. The mineralized horizon is characterized by intermittent higher-grade gold intercepts within broad lower grade envelopes associated with fractures and fault structures. The zone remains open to the NW.
FK19-51 (310/-45) – Located some 500m from the main mineralized core at North Boundary, this hole was drilled oblique to the roughly North-South mineralized corridor to test for southward extension of mineralization and depth potential under historically reported mineralization. Multiple and sporadic Au-Ag-Cu-Pb-Zn intercepts were reported with strong widespread QSP alteration that appears to overprint earlier potassic alteration. Quartz-sulfide-hematite veins are also prevalent in this area, an important host to mineralization on this part of the property. Gold mineralization, although common, was generally low grade in this hole and not as strongly correlated to the repetitive sequences of copper mineralization. Hole FK19-52 was drilled from the same set-up at a steeper dip with assay results pending.
Aben’s President and CEO, Jim Pettit says: “We are off to a great start for the 2019 drill season. We have some exciting theories to test from the analysis of the last few years drill results as well as our new geophysical survey results. As we work our way south of the mineralized core of the North Boundary Zone, we are looking for potential connectivity with the historic, high-grade gold discovery made by Noranda in 1991. As noted from the description of Hole FK19-51, we have been drilling a highly altered zone of mineralization a few hundred meters south of the Noranda hole. The style of alteration and mineralization in this Zone has a strong association with elevated gold values in the region as well as a strong copper mineralization represented by chalcopyrite. The mineralization in this type of setting is definitely something we want to chase.”
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Soil Sampling Map at Forrest Zone:
https://www.abenresources.com/site/assets/files/4299/abn-forrest-kerr-soil-2017_1024x0.jpg
JUSTIN GOLD PROJECT, YUKON
2019 drilling consisted of 4 diamond drill-holes (963m) testing the POW Zone while 20 rotary air-blast (“RAB”) holes (592m) tested the Lost Ace Zone. At the POW Zone, drilling targeted a magnetic geophysical feature inferred to be associated with skarn alteration and sulphide mineralization. JN19020 and -021 are approximately 125 m step-outs from holes drilled during the 2011 and 2012 campaigns. Both holes intersected zones of massive sulphide, sulphide-mineralized skarn and mineralized quartz veins. Results include 1.5 g/t Au over 15.4 m (165.0-180.4 m) including 10.5 g/t Au over 1.2 m in JN19020 and 0.9 g/t Au over 3.3 m (250.5-253.8 m) including 3.5 g/t Au over 0.8 m in hole JN19021. JN19031 which tested the POW Zone magnetic “wedge” anomaly did not return significant results. At this stage the source of the anomaly is unclear, and the target remains open. JN19039 was drilled to test the mineralization potential of the Justin Fault and variably mineralized sheeted quartz veins within the Justin Intrusion. The mineralized intersection of the Justin Fault returned 0.2 g/t Au over 9.5 m (35.5 – 45.0m). The sheeted quartz veins of the Justin Intrusion, which are comparable to veins observed in surface trenching from 2014 (TR14-001), returned 0.4 g/t Au over 7.3 m (52.0-59.3 m) including 1.8 g/t over 0.6 m (sample JN19039-035; 58.7-59.3m).
Select diamond drill samples were sent to a referee lab for re-analysis. The decision was made after the first round of analysis returned results that were unexpected through zones of massive sulphide and sulphide mineralized skarn. The results from the re-analysis are in agreement with the initial results.
RAB drilling at the Lost Ace Zone was successful in intersecting the mineralized phyllite/quartz-pebble conglomerate contact discovered through surface geochemical surveys, prospecting and mapping during the 2017 and 2018 programs. Results will allow for an updated interpretation of the contact geometry and mineralization potential at depth. Results include 0.9 g/t Au over 1.5 m (19.8-21.3 m) in hole JN19026 and 0.5 g/t Au over 3.0 m (12.2-15.2 m) in hole JN19029. RAB drilling at the POW zone targeted near-surface pyrite-arsenopyrite ± galena veins first observed in DDH JN19021. Results include 0.2 g/t over 1.5 m (29.0-30.5 m) in hole JN19042. Sampling was hindered by extremely wet hole conditions, which may reduce the reliability of analytical results.
Justin Gold Project, Yukon location map:
https://www.abenresources.com/site/assets/files/4303/abn_justin_project_-_property_location_2017_small.jpg
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $5 million in the Company’s treasury and approximately 116.7 million shares issued and outstanding.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Source: www.globenewswire.com
Development Contract for Underground Exploration Drill Drive Awarded to Barminco
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
Click here for the full ASX Release
This article includes content from Spartan Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
