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Four New Graphite Discoveries from RC Drilling Results at Crater Gold Mining’s Croydon Project.
Mar. 30, 2023 06:40AM PST
Resource Investing News 
Crater Gold Mining Limited is pleased to announce four new graphite discovery areas identified from the Croydon reverse circulation drilling program undertaken in November of last year.
Crater Gold Mining Limited (Crater or the Company) (ASX:CGN) is pleased to announce four new graphite discovery areas identified from the Croydon reverse circulation (RC) drilling program undertaken in November of last year. The program was designed to commence follow-up investigation of first priority EM anomalies identified by the helicopter borne EM survey undertaken in July 2022 (refer to ASX announcement 5th October 2022 titled, “Preliminary Results Identify High Priority Targets at the Croydon Project, Nth Qld”).
KEY HIGHLIGHTS:
- Four new areas of graphite mineralisation discovered at EM anomalies S1-S, S4-N, S7 and 1.5kms to the NW of the Golden Gate Graphite Prospect
- The S1-S graphite discovery potentially extends the currently known Golden Gate Graphite Prospect by over 1.5kms to the SE
- The discovery to the NW of the Golden Gate Graphite Prospect possibly extends the prospect by 1.5kms to the NW
- 3 Drill holes at S4 with a strike length of 800m
- Graphite intersections ranging up to 6.02% over 21m and 8.87% over 5m
- A follow-up exploration drilling program is scheduled to commence in late April / early May as soon as ground access is possible
DRILLING RESULT HIGHLIGHTS
- ANOMALY S1-S
- Hole_RC058 21m (40-61m) @ 6.02% graphite (cut-off 4.41% graphite)
- Hole RC059 4m (113-117m) @ 6.78% graphite (cut-off 5.3% graphite)
- NW EXTENSION OF GOLDEN GATE GRAPHITE PROSPECT
- RC01 SHAFT 1 including 9m (9-18m) @ 3.26% graphite (cut-off 2.85% graphite)
- ANOMALY S4-N-- 3 HOLES DRILLED OVER A 800m STRIKE LENGTH
- Hole RC251 including 5m (54-59m) @ 8.87% graphite (cut-off 4.06% graphite),
- Hole RC252 including 6m (73-79m) @ 5.29% graphite (cut-off 4.13% graphite)
- Hole RC253 including 12m (40-52m) @ 5.36% graphite (cut-off 3.91% graphite)
- ANOMALY S7
- Hole RC05 SHAFT 4 8m (32-40m) @ 3.57% graphite (cut-off 3.03% graphite) - open ended intersection
- Hole 501 20m (1-21m) @ 2.08% graphite (cut-off 1.50% graphite)
- Hole 503 12m (5-17m) @ 2.29% total carbon (cut-off 1.41% total carbon)
The program involved a total of 19 drill holes for a total of 1,075m. Of this total, 8 holes for 674m were drilled in EPM 18616 with 11 holes for 401m drilled in EPM 8795 (refer to Figure 1 for hole and Anomaly locations).
Of the 7 major anomalies identified from the EM program, the initial anomalies drill tested were anomalies S1-South, S4-N and S7. Two holes were drilled to test Anomaly S1-S, located at the southern end of EM Anomaly S1, where there had been no previous drilling undertaken for graphite. Both holes intersected graphite mineralisation grades of over 6.0% indicating a new SE extension zone of the Golden Gate Graphite Prospect, potentially extending that prospect by over 1.5kms to the SE. Two holes were also drilled to test an area of old shallow mine workings in an area of graphite mineralised scree (not identified as an EM anomaly), located along a potential NW strike extension of the Golden Gate Graphite Prospect approximately 1.5km to the NW. A significant new zone of shallow low-grade graphite was intersected, ranging up to 2.72% over 19m.
Good results were also obtained from Anomaly S4-N with all three holes drilled in this anomaly intersecting a new discovery zone with good graphite grades. All 3 holes intersected graphite grades of over 5%. Drill testing within this anomalous zone has indicated that graphite mineralisation extends along a strike extent of at least 800m
Significant zones of lower grade mineralisation from close to surface were intersected in 3 of the 5 holes drilled at a new graphite discovery area at Anomaly S7.
Overall, for the drilling program, 1m graphite intervals over more than 1.0% grade, ranged from 1.02% up to 12.65%. The intersections provided below are based on intervals of 1m or more with over 1% graphite from the four new graphite discovery areas.
Management Commentary
CGN’s Managing Director, Russ Parker, commented: “We are delighted with the results from our initial drilling program from Croydon. The results from S1-South extend our Golden Gate Graphite Prospect area by over 1.5kms to the South East & the results at S4 are equally as impressive, already indicating a strike length of over 800m. At S7 it is interesting that the graphite recorded was basically from surface. We plan to target further EM identified areas in our upcoming drilling program due to commence late April / early May.”
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