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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that the first phase of grade control drilling has been completed at the Munda Gold Project, near Widgiemooltha, WA.
Highlights
- Grade control drilling program at Munda Gold Project completed with 351 holes drilled.
- Assays received for 244 holes including numerous high-grade intersections such as:
- An updated resource model integrating the grade control drilling will be completed once all results are received.
Management Comment
Managing Director, Mark English, said: “It is terrific to be back drilling and concentrating on Munda. This is our main asset and flagship project. The drilling results to date have provided many high grade gold intersections.
“Only 70% of the assay results have been received, so we don’t have a complete understanding, but we are excited with the gold results so far. It will take more time to fully analyse the data from the 10,985 samples collected and then to define the way forward.
“We believe that Munda will become a sizeable cash producer for Auric. Last year’s Scoping Study showed of the order of 112,000 to 129,100 ounces of gold can be mined from Munda. Munda is where our efforts are focused.”
A total of 351 holes were drilled on a 10m x 10m pattern for 10,895m. Assays have been received for 244 holes, up to 19 January 2024, representing approximately 70% of the samples submitted.
Assay results include numerous significant intercepts at a 0.5g/t Au cut-off (Appendix 1) with high grade or broad intercepts such as:
Grade Control Program
The drill pattern covered the starter pit defined in a recent Scoping Study1 within a larger area of near surface mineralisation (Figure 1).
Drilling was undertaken by Kalgoorlie-based Total Drilling Services Pty Ltd (TDS). Most holes were drilled vertically to depths of 30-35m, targeting either the 350m or 345m reduced level (RL). Angled holes were drilled around the margin of the historic Resolute trial pit together with some in the trial pit. Shallower vertical holes were drilled in the Resolute trial pit to reach the same elevations.
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This article includes content from Auric Mining, 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.
AWJ:AU
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
