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Asara Resources Limited (ASX: AS1; Asara or Company) is pleased to announce that it has recommenced exploration activities at its flagship asset, the Kada Gold Project in Guinea (Kada).
HIGHLIGHTS
- Relogging of core samples.
- Drone survey to identify additional mineralisation recently undertaken.
- Geological and structural mapping of new drone imagery and fieldwork.
- Planning for the commencement of a drill program in early 2025 to upgrade the existing Mineral Resource Estimate.
- Community engagement to strengthen relationships with local communities.
- Preparation for commencement of environmental studies.
Managing Director, Tim Strong commented:
“We are excited to recommence work at Kada following a pause in field activities throughout 2024. Our team is back on the ground, refurbishing camp facilities, re-logging core samples, undertaking geological and structure mapping in the Massan area and establishing important community relationships. In addition, we have deployed a drone to assist in determining the structural orientation of historical work undertaken and identify potential areas of gold mineralisation that may not have been previously recognised.
Looking ahead, we expect drilling to begin in the March quarter of 2025. The drilling program will focus on upgrading portions of the Massan Mineral Resource to the Measured category, as well as testing additional structures that are not currently included in the Mineral Resource Estimate.’’
KADA GOLD PROJECT
Exploration Activities
Activities at Kada recommenced during October with the installation of a new water borehole and a 10,000 litre capacity water tower at the Niandankoro Camp. All camp areas were connected to the new water system providing running water throughout.
The camp has undergone a detailed inventory, and store areas have been prepared in readiness for the commencement of fieldwork and then drilling.
Figure 1: Niandankoro Camp
Figure 2: Geology stores and RC chip storage
Figure 3: New drone imagery of Massan showing structure and geologists inspecting areas of mineralisation
Geological and structural mapping of the workings have commenced. This is a combination of desktop interpretation of recent drone imagery and fieldwork.
Figure 4: Fieldwork at the Massan deposit
Figure 5: Weather station installed at Niandankoro Camp and meetings with local dignitaries and community leaders
Community and Environment
The Company recognises the importance of engaging the local community, strengthening working relationships and to share information and understand local expectations and resolve any issues as and when they arise. To that end, work has commenced to establish social and environmental baselines. Over the last month, meetings were held with Company representatives, local elders, the Mayor of Niandankoro and Sous-Prefet which were beneficial and greatly appreciated by all attendees.
A weather station has been installed at Asara’s Niandankoro Camp giving vital baseline data for the environmental studies that will commence in 2025.
Burkina Faso
As announced on July 14, 2024, the Company entered into a binding Share Purchase Agreement (SPA) with Bic West Africa Limited (BIC) for the sale of its non-core Kouri and Babonga gold projects for total consideration of US$2.2m cash. The Company is continuing to work towards satisfying the Conditions Precedent outlined in the SPA, having recently obtained approval from the Tax Office with approval of the transaction by the Minister of Mines the final step. Following approval from the Tax Office, BIC made an advance payment of US$550,000 (against the final Completion Payment of US$1.1m). It is expected that the final payment of US$550,000 will be made by BIC once the Mininter of Mines has approved the transaction. It is expected that this approval will be obtained by the end of the December 2024 quarter.
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This article includes content from Asara Resources Limited, 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.
High-Grade Gold & Copper Assays at Thorpe Prospect
Highlights:
- ROCK CHIP SAMPLING ASSAYS RETURN GRADES OF UP TO 45.8 G/T GOLD AND 10.3% COPPER AT THORPE PROSPECT
- SURFACE GOLD FOOTPRINT OF CARLOW TENEMENT CONTINUES TO INCREASE
- ROCK CHIP SAMPLING OF VEINS WITHIN TWO STRUCTURES AT THORPE DELIVERS HIGH-GRADE GOLD, COPPER AND SILVER ASSAY RESULTS, INCLUDING:
- Rock Chip Assay Results (Sample No)
- 45.8 g/t Au, 3.7% Cu & 38.6 g/t Ag (24AR22-020)
- 12 g/t Au, 1.1% Cu & 3.7 g/t Ag (24AR22-014)
- 5.9 g/t Au, 1.0% Cu & 17.8 g/t Ag (24AR22-006)
- 3.4 g/t Au, 2.5% Cu & 4.2 g/t Ag (24AR22-031)
- 3.0 g/t Au, 2.1% Cu & 24 g/t Ag (24AR22-026)
- 6.2% Cu, 0.8 g/t Au & 5.6 g/t Ag (24AR22-016)
- 6.1% Cu, 1.6 g/t Au & 13.5 g/t Ag (24AR22-009)
- 10.3% Cu, 0.4g/t Au & 69.4 g/t Ag (24AR22-013)
- PLANS FOR DRILL TESTING PRIORITY TARGETS WHICH INCLUDE AREAS OF HIGH GRADE GOLD, COPPER AND SILVER VEINS AT SURFACE, IS ADVANCED
The Company has undertaken further ground reconnaissance and rock chip sampling across the Carlow tenement, with the goal to map all outcropping mineralised veins and structures and define additional priority targets for drilling.
The current exploration strategy is to use industry best techniques including geochemical and geophysical surveys combined with structural interpretations to identify targets within what Artemis considers is a wide, highly prospective and underexplored structural corridor with potential to host substantial gold deposits.
Executive Director George Ventouras commented:“We are very excited that prospects located on the Carlow tenement continue to deliver further high-grade gold, copper and silver results from extensive veins at surface.
While several of these prospects have had minor drilling programs, the exploration team continues to compile data to identify the source of the widespread gold discovered at surface. Combined with the Titan prospect and other targets in the immediate Carlow area, the future looks very bright for the Karratha Gold Project.”
Figure 1. Artemis West Pilbara tenements with current known prospects named
Thorpe Prospect
The Thorpe Prospect is located in the southeast part of the Carlow tenement, E47/1797. The recent ground reconnaissance program involved collecting additional rock chip samples at Thorpe to define the extent of the gold bearing veins and other structures. A small number of samples were also taken close to the Carlow deposit.
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This article includes content from Artemis 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.
New Murchison Gold Provides a Mineral Resource Update for the Crown Prince Deposit
HIGHLIGHTS
- Mineral Resource Estimate substantially increased for the Crown Prince Deposit at Garden Gully with a 3G% increase in the Indicated classification estimate to 226koz at 4.6 g/t Au.
- The total Mineral Resource has grown by 16% from the February 2024 estimate, to 27Gkoz at 3.G g/t/Au.
- With 81% (up from 68%) of gold ounces in the Indicated Mineral Resource classification, there is now a strong understanding of the Crown Prince deposits, reflecting enhanced drill density, in some places to 15 m x 15 m grid.
- Mineral Resources are shallow and delineated from surface. Gold mineralisation is open at depth and will be followed up with deeper drilling as the project progresses.
- Crown Prince’s mineralisation is mostly situated within a 300 m x 380 m area. The Mineral Resource Estimate, beneath the mineralised cap rock, shows an average of 1,538 oz of gold per vertical metre between 10 m and 150 m depth.
- The structural corridor, which hosts the Crown Prince deposits, is open to the south and is relatively untested. To the north, recent passive seismic delineated a wide and thick paleochannel (up to 60 m depth). The northern area below the paleochannel may be better explored from underground or base of open pit positions.
- Crown Prince is strategically located in the heart of the prolific Murchison gold district, with close proximity to numerous operating gold mines, processing facilities and other key infrastructure.
- NMG is close to announcing a detailed Feasibility Study (environmental, social, mining, metallurgy, geotechnical, hydrogeological) to support a robust value proposition for mining Crown Prince
Alex Passmore, NMG’s CEO commented: “Following a busy year of exploration and development work in 2024, the Company is delighted to report an increased Crown Prince Mineral Resource Estimate from the additional drilling undertaken.
With increased drilling density, the understanding of the Crown Prince deposit is at a strong confidence level with 81% of the ounces (i.e., 22C,000 oz) now reporting to the Indicated Mineral Resource classification. Pleasingly, the average ounce per vertical metre endowment sits at 1,538 within key areas of our conceptual open pit development.
This resource underpins the detailed feasibility study work which is well advanced to confirm the mining, metallurgical, geotechnical, economic and environmental parameters to develop the Crown Prince Gold Project.
Initial economic optimisation modelling of the Crown Prince resource confirms that there is sufficient grade and tonnage to sustain an open pit mining operation.”
Table 1: Crown Prince MRE Summary November 2024
This MRE (Table 1, Figure 1) was prepared by Cube Consulting, an independent consultant, using geological and mineralisation interpretations prepared by NMG using all available reverse circulation and diamond drillhole data. The updated Crown Prince MRE incorporates all drilling completed and assayed up to October 2024. Over the course of 2024, NMG’s exploration team completed 21,974 m of reverse circulation and diamond drilling within the Crown Prince area.
Following the discovery of the south eastern zone (SEZ) of mineralisation at Crown Prince in 2022, follow up exploration in 2023 and 2024 successfully added resource inventory via infill and extensional drilling.
Multiple phases of drilling were undertaken in 2024 (Table 2) with resulting assays now incorporated into the resource model supporting the November 2024 estimate for Crown Prince.
Mineralisation envelopes at the Main and Northern Zones were also better defined for this model. Additionally, new high-grade lodes were discovered in the Northern Zone contributing to the uplift seen in this updated MRE.
The Crown Prince deposit is hosted within quartz-carbonate veins within altered and sheared mafic units. In the weathered profile, primary mineralisation (fresh rock) has in places been enriched with a supergene overprint. Notably, primary mineralisation persists at depth and remains open (Figure 2). Further drilling will be undertaken to test for extensions.
Table 2: Drilling Summary for Crown Prince
Figure 1: Crown Prince MRE mineralisation wireframes, isometric view looking north.
Figure 2: Isometric view looking north of Crown Prince block model
Material Information Summary – Mineral Resources
Information required by ASX Listing Rule 5.8.1 (summary of technical information pertaining to the Mineral Resource Estimate) is detailed in the following sections.
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This article includes content from New Murchison Gold Limited, 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.
