The Conversation (0)
Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide a further exploration update on the Everleigh target area.
Highlights
- Recent fieldwork confirms high-grade vein at Everleigh Well.
- Historic workings were identified along strike and were opened to allow visual inspection of mineralisation.
- Sampling of historic workings has identified potential strike and dip of mineralised system.
- Preliminary multi-element assays have indicated the geochemical signature of mineralisation, including:
16,900g/t Au* 2,500g/t Ag 426g/t Cu 5.8g/t Hg 20g/t W 5ppb Pt 114ppb Pd - The geochemical signature of the high-grade vein correlates with the 14UF010 anomaly.
- Fieldwork along the 14UF010 soil anomaly is planned to track the high-grade vein beneath cover.
- A drill campaign for the targets at Everleigh Well is being designed.
Technical Director David Nixon commented:
“Ongoing fieldwork and sampling confirms the presence of mineralisation within the Christmas Gift soil anomaly.
Multi-element assays from the high-grade outcropping quartz vein with visible gold in the Everleigh target area show a clear geochemical signature for this mineralisation, including Au, Ag, Cu, Hg, W, (Pt) and Pd.
The geochemistry includes anomalous platinum and palladium results, which are key components within the signature of the 14UF010 soil anomaly.
Fieldwork continues to focus along the length of the soil anomaly in the search for further outcropping veining along strike.
The Everleigh Well target area continues to deliver positive results, within which a number of key targets will be prepared for exploration drilling”.
* Average of the Duplicate assays previously reported in ASX release dated 8 June 2023.
Christmas Gift 14UF010
The Christmas Gift target at Everleigh Well is a multi-element UFF anomaly (14UF010B), coincident with targets E1 (geological), EW01 (geophysical) and SY43 (syenite target).
Ongoing fieldwork has confirmed the presence of the outcropping high-grade vein with abundant visible gold at Christmas Gift.
The preliminary multi-element geochemistry results from the high-grade vein reveal a geochemical signature, including Au, Ag, Cu, Hg, W, (Pt) and Pd. Gold assays from this high-grade vein returned a peak value of 18,207g/t Au (ICL announcement 8 June 2023, with the average of the duplicate assays being 16,900g/t Au.
The geochemical signature is significant because it correlates with the overlying UF14010 soil anomaly. It is interpreted that the soil anomaly is highlighting geochemical leakage from the underlying mineralisation.
Historic workings were identified along strike and were opened to allow visual inspection of the mineralisation. Veining was measured to strike between 320° to 340°, which is consistent with the trend of the overlying soil anomaly 14UF010.
Existing UFF soil anomalies are being assessed against gold prospectivity indicators to prioritise drill targets.
Figure 1 Inspecting location of the discovery outcrop.
Click here for the full ASX Release
This article includes content from Iceni Gold, 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.
ICL:AU
41m at 2.01g/t Au from Surface at Murchison South Gold Project
HIGHLIGHTS
- RC drilling from the first two (2) holes at the Murchison South gold project has intersected high grade gold, providing initial validation of historical drilling results
- Significant assay results include (down hole widths):
- 25PFRC001 (Hole 1)
41m @ 2.01 g/t from surface; including 15m @ 2.01 g/t from 2m, and
5m @ 10.01 g/t from 36m
- 25PFRC002 (Hole 2)
22m @ 0.70 g/t from 33m; including 10m @ 1.05 g/t from 33m, and
1m @1.61 g/t from 45m
- 25PFRC001 (Hole 1)
- A total of fourteen holes were drilled for 1463m at an average depth of 104m, at the Blue Heaven deposit
- Results from the first two drill holes align with the interim mineralisation analysis completed by Mining Plus, with the holes having intercepted the main rock types and showing a well- defined weathering profile
- Assays from the remaining 12 holes are due next week
Commenting on the results CEO Jeremy Bower said:
“These fantastic initial results give us a great start towards validation of the historic drilling and resource model at our Blue Heaven deposit. We have hit some high-grade shallow gold intervals, which align with the model, which is very encouraging, and we now eagerly await assays from the remaining 12 holes so we can get a complete understanding of our project.”
Figure 1: Murchison South Gold Project showing the Blue Heaven deposit with current and historic drilling.
The drill program comprised 14 RC holes for a total of 1463m at an average depth of 104m and collection of 1588 samples for assay. This announcement relates to the first two (2) drill holes only (Refer to JORC Table 1 Appendix A for full results and collar table from holes 25PFRC001 & 25PFRC002).
Figure 2: Cross Section.
The weathering zone is not intercepted in this cross-section but appears further south from Section 3 (Figure 1). Cross-Section 1 (Figure 2) displays multiple high-grade zones that broadly align with the existing model. Low-grade zones (yellow) envelop the high-grade mineralisation and correlate well with the new drilling.
Once all the drilling results have been received, Mining Plus will have sufficient data to interrogate the results before integrating them into their model. This will guide the next steps in optimizing pit designs at the Blue Heaven deposit and additionally will help determine the number and locations of planned diamond drill holes, which will be the source of sample material for the required metallurgical testing and geotechnical analysis.
Key Next Steps
- Receipt of remaining assay results
- Mining plus continue their independent mining review
- Metallurgical test work
- Negotiations with mining contractors and processors
Click here for the full ASX Release
This article includes content from Reach 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.
