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Piche Resources Limited (ASX:PR2) is pleased to present its corporate presentation.
PICHE RESOURCES LIMITED – URANIUM/GOLD ASX LISTING
PICHE PORTFOLIO
Targeting globally significant discoveries in Tier-1 mineral provinces
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This article includes content from Piche 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.
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Piche Resources
Investor Insight
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia. These projects include: the Ashburton uranium project in Western Australia’s prolific Pilbara region; the Sierra Cuadrada uranium project in the San Jorge Basin in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine in Argentina. Exploration work at these assets indicate their potential to become world-class projects.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
Key Projects
Uranium: Ashburton Project, Australia
The Ashburton uranium project comprises three exploration licences across a 122 sq kmland package in the Pilbara region of Western Australia, 1,150 km north of Perth. The company has highlighted uranium mineralization across 65 km of strike comprising 14 historic uranium occurrences, with a high-grade zone extending over several kilometres. Of particular interest is the Angelo River prospects that are believed to be part of a larger mineralized uranium system. Historic exploration by Pancontinental (62 holes) highlighted 71 intercepts with grades greater than 500 ppm U3O8 approximating a grade of 1.1 lbs of U3O8 per tonne. High-grade drilling results from the prospect include 10.5 m at 4,380 ppm U3O8 (AR1004) and 9 m at 3,490 ppm U3O8 (AR1009). The potential deposit is open along strike and at depth.
The Ashburton uranium project has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
Three prospects at Ashburton provide organic upside from exploration. The Atlantis prospect includes high-grade historic drilling results of 5.5 m at 0.62 percent U3O8 and 2.2 m at 0.71 percent U3O8 with rock chip samples of up to 37 percent U3O8. The NDG prospect boasts numerous high-grade rock chip samples of 3.03 percent, 0.71 percent and 0.67 percent U3O8 associated with surface uranium radiometric anomalies. Lastly, the Canyon Creek prospect boasts rock chip samples of 1 percent U3O8 that are also associated with surface uranium radiometric and tempest EM anomalies.
Uranium: Sierra Cuadrada, Argentina
The Sierra Cuadrada project is located in the San Jorge Basin and spans 1,300 sq km, 200 km north of Comodoro Rivadavia. The project is flat lying, with visible uranium assays of >3,000 U3O8 or 6.6 lbs per tonne. The mineralization occurs at varying stratigraphic layers and remains open at depth. There is potential for numerous continuous zones up to 30 km wide and 40 km long. Mineralization is open along strike NW and SW and downdip. Further work will include delineating the deposit with shallow drilling and trenching that Pinche boasts can be done at very low cost.
The Argentine National Atomic Energy Commission explored for uranium across Argentina from the mid 1950s resulting in thousands of anomalies and eight developed mining operations. In the Chubut province radiometric and EM surveys have been identified across two large Cretaceous paleochannels in the San Jorge Basin which extend for over 200 km N-S and 30 to 60 km E-W. Three high grade deposits highlighting the development potential of the area include: 1) the Cerro Condor 2) the Los Adobes, and 3) Cerro Solo mining operations. Cerro Condor and Los Adobes are both past-producing operations with grades of 6,000 ppm U3O8 and 1,400 U3O8 found in outcrop, respectively.
Gold: Cerro Chacon, Argentina
The Cerro Chacon gold project is located 10 km south of Paso de Indios, in the Chubut Province of Argentina. The land tenement spans 365 sq km of prospective precious metals occurrences. Structural mapping and geochemical sampling at the Chacon Grid identified mineralized systems consistent with surface signatures at the Cerro Negro Mine that boasts a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
Geophysics work at Cerro Chacon has highlighted targets with significant similarities to Cerro Negro. Additionally, mineralization is hosted in low-sulphidation epithermal vein systems that are associated with argillic alteration and are commonly 8 to 15 m in width. Multiple occurrences beyond 13 g/t gold have been recorded in veins and have been demonstrated to continue at depth. Near-term work will include detailed mapping and sampling, extending the geophysical survey to cover up to 6 km of known vein systems, and preparing pads for drilling.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years’ experience in mineral exploration, development and mining. He has extensive experience across equity capital markets and corporate governance, and was previously the executive chairman/founder at Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years’ experience in the exploration, discovery and development of mining projects, including 20 years in the uranium sector. He was previously the Australian managing director of Orano, the world’s third largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in the exploration, discovery and development of mineral deposits. He is currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and was previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:U3O8)
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognised nuclear industry executive with over 35 years’ experience. He was previously the managing director of Rio Tinto Uranium Limited and is currently principal of Global Fuel Solutions LLC, which provides strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognised mining entrepreneur who has been a founding director and instrumental in the success of numerous ASX listed companies, such as Giralia Resources, Northern Star and Redhill Iron. He is currently a director of Zenith Minerals.
Piche Resources: Targeting Globally Significant Uranium and Gold Discoveries in Australia and Argentina
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources (ASX:PR2) is a compelling business case for investors looking to leverage a bull market for uranium and gold. The company holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia which include the Ashburton uranium project in the Pilbara region; the Sierra Cuadrada uranium project in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine.
The Ashburton uranium project comprises three exploration licences and has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
iche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
This Piche Resources profile is part of a paid investor education campaign.*
Click here to connect with Piche Resources (ASX:PR2) to receive an Investor Presentation
Dynasty Gold: Gold-focused Exploration with High-grade Gold Assets in Canada and the US
Dynasty Gold (TSXV:DYG) offers a compelling investment value proposition with its 100-percent-owned Thundercloud and Golden Repeat gold assets in Canada and the US. The company is advancing its key asset, the high-grade Thundercloud gold project, located in Northwest Ontario, Canada, a highly prospective property with significant exploration upside. The property was acquired from Teck Resources in 2021, with $10 million in previous exploration expenditure and an NI 43-101 resource estimate completed in December 2021.
The Thundercloud gold project is located in the Archean Manitou-Stormy Lakes Greenstone Belt in Ontario, Canada. Thundercloud spans 2,250 hectares and is part of the Wabigoon Subprovince, known for hosting several significant gold deposits. The project has been de-risked by the amount of drilling by Teck Resources in the 2000s. Dynasty has benefited from Teck’s datasets and is able to expedite its exploration and advance it to the current resource within two years from its maiden drill program on the property.
Historical drilling and exploration at Thundercloud have identified several zones of gold mineralization, with high-grade intercepts suggesting the presence of an extensive gold system
Company Highlights
- Dynasty Gold has two highly prospective, high-grade gold projects in North America - Thundercloud and Golden Repeat.
- The flagship Thundercloud project, acquired from Teck Resources in 2021 and with more than $10 million in previous exploration expenditures, is the current focus of Dynasty’s exploration and drilling program.
- Drilling and exploration work done by Dynasty to date has effectively increased the resource at Thundercloud from 187,000 ounces inferred to 232,000 ounces measured and indicated at a high grade of 8.04 g/t gold at 3.03 g/t cut-off, a possible open-pit operation. At 0.5 g/t cut-off, the project hosts 439,000 oz at 2.14 g/t. To date, more than 90 percent of the drill holes are less than 250 meters and 90 percent of the property has seen little drilling.
- Thundercloud is a brownfield project with extensive historical data, making it a lower-risk investment compared to other greenfield exploration projects.
- Dynasty’s second asset, the Golden Repeat gold project, is located within the Midas Gold Camp in Elko County, Nevada. The project is drill-ready with permits in place.
This Dynasty Gold profile is part of a paid investor education campaign.*
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Dynasty Gold
Investor Insight
With a portfolio of brownfield, high-grade gold assets with millions of dollars in exploration expenditures, Dynasty Gold stands apart from its peers and offers a compelling investment value proposition.
Overview
Dynasty Gold (TSX-V:DYG) is a Canadian mineral exploration and development company with two 100-percent-owned gold assets in Canada and the US: Thundercloud and Golden Repeat.
Dynasty Gold is currently focused on advancing its key asset, the high-grade Thundercloud gold project, located in Northwest Ontario, Canada, a highly prospective property with significant exploration upside. The property was acquired from Teck Resources in 2021, with $10 million in previous exploration expenditure and an NI 43-101 resource estimate completed in December 2021.
Its second exploration project, Golden Repeat, is located within the Midas Gold Camp in Elko County, Nevada. The project is drill-ready with permits in place.
Established in 2000 and headquartered in Vancouver, British Columbia, Dynasty Gold is led by a highly experienced management and technical team setting the company on a strategic path to success. Larry Kornze, the company’s VP of exploration, is credited for the discovery of Barrick's 40 million ounce gold deposit at the Betze Mine, on the Carlin Trend in Nevada. More than 50 percent of the company is owned by insiders and long-term shareholders, including Rob McEwen, Dynasty’s largest shareholder.
Company Highlights
- Dynasty Gold has two highly prospective, high-grade gold projects in North America - Thundercloud and Golden Repeat.
- The flagship Thundercloud project, acquired from Teck Resources in 2021 and with more than $10 million in previous exploration expenditures, is the current focus of Dynasty’s exploration and drilling program.
- Drilling and exploration work done by Dynasty to date has effectively increased the resource at Thundercloud from 187,000 ounces inferred to 232,000 ounces measured and indicated at a high grade of 8.04 g/t gold at 3.03 g/t cut-off, a possible open-pit operation. At 0.5 g/t cut-off, the project hosts 439,000 oz at 2.14 g/t. To date, more than 90 percent of the drill holes are less than 250 meters and 90 percent of the property has seen little drilling.
- Thundercloud is a brownfield project with extensive historical data, making it a lower-risk investment compared to other greenfield exploration projects.
- Dynasty’s second asset, the Golden Repeat gold project, is located within the Midas Gold Camp in Elko County, Nevada. The project is drill-ready with permits in place.
Key Projects
Thundercloud Project
The Thundercloud gold project is Dynasty Gold’s flagship asset, located in the Archean Manitou-Stormy Lakes Greenstone Belt in Ontario, Canada. The property spans 2,250 hectares and is part of the Wabigoon Subprovince, which is known for hosting several significant gold deposits. The project has been de-risked by the amount of drilling by Teck Resources in the 2000s. Dynasty has benefited from Teck’s datasets and is able to expedite its exploration and advance it to the current resource within two years from its maiden drill program on the property.
The project has seen various phases of exploration, including drilling, geophysics, and surface sampling, all of which highlight the presence of a high-grade gold deposit. Thundercloud comprises two main zones – Pelham and West Contact.
The project area is characterized by a mix of metavolcanic and metasedimentary rocks, which are favourable hosts for gold mineralization. The presence of extensive deformation, faulting and hydrothermal alteration within these rocks suggests a high potential for gold deposition. The gold mineralization at Thundercloud is primarily associated with shear zones and quartz-carbonate veins, typical of orogenic gold deposits. These types of deposits are known for their size and high-grade gold potential.
Thundercloud’s high-grade mineralization sets it apart from neighbouring gold projects with relatively lower grade gold intercepts, including NexGold’s Goliath and Goldlund gold projects with a resource of 1.5 Moz of gold at 1.5 g/t, and 2.3 Moz gold at 1.5 g/t, respectively. NexGold’s similar market valuation, highlights the market’s underappreciation of Dynasty Gold’s advanced-stage, higher-grade asset.
Historical drilling and exploration at Thundercloud have identified several zones of gold mineralization, with high-grade intercepts suggesting the presence of an extensive gold system. During the 2022 and 2023 drilling seasons the company successfully increased its non-compliant internal resource estimate to approximately 250,000 oz gold (this is an internally generated new model, which is not NI 43-101 compliant). The company aims to have an updated NI 43-101 Resource Estimate by the end of the year.
There are 87 drill holes for a total of approximately 16,793 meters of drilling within the Thundercloud database used to support the internal mineral resource estimation. Drill holes have intercepted mineralization at depths of up to 350 m below surface. Gold mineralisation has been defined along a strike length of 430 m and 150 m down-dip.
Pelham Zone
The Pelham Zone is the most advanced exploration target within the Thundercloud project. It is 47 m south-east of Dryden in Northwest Ontario. It has been the focus of much of the drilling and exploration efforts due to its substantial high-grade gold potential. During the 2022 exploration season, the discovery hole DP22-03 returned 8.42 g/t over 73.5 m including 6.5 m of 72.2 g/t. The zone is characterized by a series of east-west trending shear zones containing quartz-carbonate veins with visible gold. These shear zones are hosted within mafic metavolcanic rocks, which have undergone significant hydrothermal alteration.
West Contact Zone
The West Contact Zone is located to the southeast of the Pelham Zone. Limited drilling in the West Contact Zone has encountered gold mineralization associated with quartz veins and brecciated zones, with grades comparable to those found in the Pelham Zone. Further exploration is planned to expand on these initial findings. A rock chip sampling program was completed in the West Contact zone, an area immediately to the south of where Teck’s trenching data returned 8.02 g/t gold over 39 meters. The assay results from the program extended the mineralization by 30 meters. Total surface mineralization is 69 meters averaging 5.85 g/t gold. Follow-up drilling will start in September and October of this year.
2024 Summer and Fall Exploration Program
Dynasty completed approximately 2,200 meters of drilling in August 2024 to further delineate the resource. Drilling will continue in September. Assay results are pending.
Golden Repeat Project
The company owns 100 percent interest in the Golden Repeat gold property situated in the Midas region of Nevada. In summer 2011, Dynasty conducted a three-hole test drill program to follow up the Romarco drill program that was conducted in the 1990s. Assay results returned up to 3.4 g/t over 1.7 m gold and 44 g/t silver. Very little drilling has been done on Golden Repeat.
Management Team
Ivy Chong – President, CEO and Director
Ivy Chong has held senior executive positions in the mining and oil and gas industries since 1996. She was credited for closing several option and joint venture agreements with Teck, AngloGold Ashanti, Azimut, Avocet Mining, and many others. Chong has assisted multiple companies with their IPOs and raised capital for resource companies in Asia, Europe and North America. Prior to entering the resource industry, she worked for the Hong Kong Stock Exchange and Deloitte and Touche, LLP.
Roman Shklanka – Director
Roman Shklanka is an explorationist with over 45 years of international experience in the mining industry. His past positions include, chairman of Canico Resources, which was acquired by CVRD (Vale) in 2005; chairman of Sutton Resources, acquired by Barrick Gold Corporation; and vice-president of exploration for Placer Dome. He was responsible for the acquisition and exploration of numerous major mines, among them the Australian Granny Smith gold mine, Osbourne copper mine and the Kidston gold mine. He has received a number of achievement awards and was inducted into the Canadian Mining Hall of Fame in 2009.
Larry Kornze – VP Exploration and Director
Larry Kornze brings more than 30 years of international gold exploration experience. Kornze was credited with the discovery of Barrick's 40 million ounce gold deposit at the Betze Mine on the Carlin Trend in Nevada, in the late 80s. He was part of Barrick's team responsible for the discovery of the Miekle, Deepstar, Screamer and Rodeo deposits in Nevada. Kornze has held positions with Newmont and Getty Mining in North America, prior to joining Barrick Gold.
Richard Redfern – Director
Richard Redfern is a certified professional geologist and “qualified person” under NI 43-101 and a consultant with 35 years of exploration and mining industry experience worldwide. He held positions as senior exploration geologist with Barrick Gold in Mexico, VP Exploration for Goldstake Explorations in South Dakota and Australia, and has worked for Homestake Mining in the western United States. Redfern has extensive exploration experience in gold and porphyry-type prospects in the southwestern US, Mexico and British Columbia. He was instrumental in the recent discovery of the Moly Dome molybdenum-rhenium-gold-silver porphyry deposit in northern Nevada.
Nightflower Exploration Target Upgrade Following Antimony Price Increase
Highlights:
- Nightflower project is a high grade silver deposit with historically impressive intersections from past drilling including 9 m @ 506g/t Silver (>16 oz/t), 12.6% Lead, and 1.46% Zinc.1
- An Exploration Target range reported on 6 June 2022 has now been substantially upgraded to 2.75 Mt @ 364 g/t Ag Eq for 32 Moz Ag Eq to 5.36 Mt @ 270 g/t Ag Eq for 47 Moz Ag Eq. The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
- Antimony has contributed to the Exploration Target, however, recent significant increases in the Antimony price due to China's export restrictions have improved the project’s economics.
- Historical drilling results indicate Antimony grades up 3.05m @ 9.0% Sb, 24.0% Pb, 10.5% Zn, 14.9 oz/t Ag, and 0.38% Cu (Hole NF72DD11), although the Exploration Target is based on a 1% Sb grade.
- Drilling is now being planned to test the target and upgrade previously identified mineralisation to JORC 2012 reporting standards.
In mid-August China, the world’s largest producer of Antimony – producing 83,000t in 2023 (USGS) - accounting for 48% of the world’s supply, will be restricting Antimony exports from 21 September 2024. Consequently, the Antimony price has significantly increased and is currently trading at US$24,500/tonne (Argus Metals, Antimony ingot min 99.65% fob China).
The revised Exploration Target is summarised in Figure 1, incorporating the original tonnages from the 6 June 2022 announcement with revisions to the grade range, detailed later in this report.
Figure 1. Revised Exploration Target. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
The estimated Antimony content range within the Exploration Target is summarized in Figure 2 below.
Figure 2. Revised Exploration Target with an estimated contained Antimony range. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
Tartana Minerals Managing Director, Stephen Bartrop, commented:
“Significant increases in our Exploration Target, Antimony prices, and consequently the economics of the project underpins the importance of the Nightflower project. With production at the Tartana mine site reaching steady state, this opportunity is only more significant. Further this represents only one target (The Digger Lode mineralisation) and excludes the prospectivity of the adjacent Terrace lode and a possible further discovery.”
Nightflower Silver Project History
The Nightflower project is located 40 km north of Chillagoe in Far North Queensland. It covers a substantial part of the northern Featherbed Volcanic Group and the underlying and surrounding Hodgkinson Formation.
It was discovered as a high grade silver deposit in 1923 and was visited by the Queensland Premier in October 1923. On the Premier’s return to Brisbane he reported that the ore at Nightflower was very rich and a truck-load treated at Chillagoe gave about 30% of lead and 40 ounces of silver to the ton (Source: Qld Govt Mining Journal Vol XXIV, Oct 1923).
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This article includes content from Tartana Minerals 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.
Grande Portage Resources: Advancing the High-grade Herbert Gold Project in Alaska
Grande Portage Resources (TSXV:GPG;OTCQB:GPTRF);OTCQB:GPTRF) is a publicly held junior resource company exclusively focused on exploring and developing gold assets in southeast Alaska. The company is advancing its 100 percent owned Herbert Gold project, situated approximately 25 km north of Juneau, Alaska, within the historic Juneau Gold Belt, which has produced over 7 million ounces of gold.
The Herbert Gold project has an updated mineral resource estimate of 1.44 million ounces at 9.47 g/pt gold indicated resource, and 515,700 ounces at 8.85 g/pt gold inferred resource.
Herbert Gold ProjectThe Herbert Gold project is an exploration stage, high-grade, mesothermal quartz vein system in the historic Juneau Gold Belt of southeast Alaska. Herbert consists of 91 unpatented lode claims located 25 km north of Juneau and to the south of Coeur Alaska's profitable Kensington gold mine. The property covers six parallel vein structures exposed at surface.
Grande Portage released an updated MRE on the project (2024) for 1.44 Moz (4.7 Mt at 9.5 g/t gold) and 0.5 Moz (1.8 Mt at 8.9 g/t gold) in the indicated and Inferred categories, respectively. The Herbert property remains open at depth and along strike. Overall, six or more promising gold-producing vein-fault structures that contain ribbon structures and quartz-sulfides are located on the property. Herbert Gold is one of Alaska's most promising districts and has remained remarkably underexplored.
Company Highlights
- Grande Portage Resources is a junior resource company advancing its high-grade Herbert Gold project, located in a prolific gold belt in Alaska.
- Strong management team led by Ian Klassen who has 20 years’ experience in business management, public relations and government affairs.
- The company’s flagship Herbert Gold project, located near Juneau, Alaska, boasts a resource of 1.44 million ounces at 9.47 g/pt gold, and inferred resource of 515,700 ounces at 8.85 g/pt gold.
This Grande Portage Resources profile is part of a paid investor education campaign.*
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Aurum Hits 40m at 1.03 g/t Gold at Boundiali BD Target 1
Highlights
- Step-back diamond drilling (14 holes for 4,485m) at BD Target 1 on the Boundiali BD tenement returns shallow, wide gold hits1 including:
- 40m @ 1.03 g/t Au from 136m inc. 5m @ 1.70 g/t Au (DSDD0076)
- 11m @ 2.15 g/t Au from 169m inc. 4m @ 4.14 g/t Au &
- 10m @ 2.02 g/t Au from 322m inc. 2m @ 9.18 g/t Au (DSDD0062)
- Gold mineralisation remains open at BD Target 1; along strike and down dip with mineralisation intersected down to 385m below surface
- Induced Polarisation (IP) survey (2.8km by 4.5km) completed at BD Target 1 to optimise drill targeting
- Actively drilling at BD Target 2 and Boundiali BM tenement; assay results expected soon
- Aurum is now utilising a second assay lab to improve assay turnaround time
- Two more diamond rigs (capable of drilling 900m downhole) have arrived, increasing Aurum’s fleet to six; drilling rate to reach ~10,000m per month (targeting 45,000m for CY2024)
- Initial Mineral Resource Estimate for Boundiali targeted for late CY2024
- Aurum is well-funded (~$20M) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said: “We're delighted with another shallow, wide gold intercept at BD Target 1. Gold mineralisation remains open along strike and at depth, with intersects as deep as 385m below surface. Every hole we drill helps us understand the controls on the high-grade gold shoots we find within these wider intercepts.
The new IP survey and structural data are guiding our drill targeting. With two new NOCK1300 diamond drill rigs operational, we're eager to test BD Target 1 down to approximately 900m.
With six rigs on site, we expect to achieve ~10,000m drilling per month, systematically exploring the full potential of the 13km by 3km target zone at BD and our other tenements within the Boundiali gold project. We're also improving our operations with new vehicles, a centralised camp, and we are using a second laboratory to enhance efficiency and assay turnaround times.
We're well-funded with ~$20 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”
BD Target 1 - Latest Drill Results
Assay results reported in this release include 14 holes (4,485m) drilled at BD Target 1, which remains open with further drilling planned. More significant assay results for these holes2 include:
- 40m @ 1.03 g/t Au from 136m inc. 5m @ 1.70 g/t Au (DSDD0076)
- 11m @ 2.15 g/t Au from 169m inc. 4m @ 4.14 g/t Au &
- 10m @ 2.02 g/t Au from 322m inc. 2m @ 9.18 g/t Au (DSDD0062)
These new results are in addition to diamond holes drilled by Aurum at BD Target 1 and reported previously on 1 March 2024, 12 March 2024, 10 May 2024, 28 May 2024 and 17 June 2024, which include multiple +50 gold gram meter intervals over a 300m strike and down to an average depth of 200m (Table 1).
Table 1: Significant Intersections BD Target 1 over 300m strike
These shallow wide high-grade gold intercepts are predominately from the hanging wall lodes at BD target 1 and true widths are estimated at about 70% - 80% of reported downhole lengths.
Details of drill collar location and assay results for the new drilling on BD Target 1 are in Table 2 and Table 3 respectively. Plans showing Boundiali Gold Project location including assay results are presented in (Figure 1 to Figure 3). A cross section showing the latest drill results is presented in Figure 4.
Gold mineralisation remains open along strike and at depth on all prospects, with drilling ongoing and further work being planned. Aurum has prioritized a number of IP defined targets to define additional high priority targets for drill testing within the 2.8km by 4.5km IP surveyed area but sitting outside of currently drilled gold prospects.
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This article includes content from Aurum 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.
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