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![Strickland Metals](https://investingnews.com/media-library/strickland-metals.png?id=31287975&width=1200&height=800)
Significant New Oxide Mineralisation Discovered At Millrose
New Oxide Gold Results Extend Mineralisation 350m North Of Existing Mineral Resource
Strickland Metals Limited (ASX:STK) (Strickland or the Company) is pleased to release recently received assays from its flagship, wholly-owned Millrose gold project on the Yandal greenstone belt in Western Australia.
Key Points:
- First pass drilling yields new oxide gold discovery, extending gold mineralisation 350m north of the current Mineral Resource. Peak results include:
- MRRC228: 37m @ 1.6g/t Au from 58m (incl 9m @ 5.6g/t Au from 86m) – 200m north of Resource
- MRRC234: 53m @ 1.1g/t Au from 44m (incl 13m @ 3.3g/t Au from 84m) – 120m north of Resource
- MRRC238: 12m @ 4.9g/t Au from 64m (incl 4m @ 13.6g/t Au from 68m) – 80m north of Resource
- Further discovery of new oxide lenses directly above the Millrose Mineral Resource
- RC and diamond infill drilling at Millrose continues to confirm the high-grade nature of the primary Millrose North mineralisation, with peak results including:
- MRRC148D: 28m @ 2.0g/t Au from 101m
- MRRC146D: 21m @ 2.0g/t Au from 168m
- MRDD038: 9.1m @ 2.6g/t Au from 178.8m
- Three diamond holes successfully tested the interpreted ore zone up to 90m down dip from the current Mineral Resource and beneath MRDD008 (8.1m @ 14.6g/t Au from 215m) – assays expected next week
- Both RC rigs are now systematically mapping the northern and southern extent of the 13km shear structure
There is an important, emerging story around the intersection of increasingly impressive shallow oxide gold results. Drilling along strike from the current Mineral Resource has intersected a coherent zone over 350m to the north, with mineralisation remaining entirely open to the north and west (up-dip from the results released today). New lenses have also been discovered directly above Millrose.
None of these results are included in the current Mineral Resource model.
Discovery of additional shallow oxide mineralisation (above the existing fresh rock mineralisation) can potentially be of critical importance in mine development, allowing for a pit to be driven deeper in optimisation scenarios. The Company has also identified another ~400m strike of known oxide gold mineralisation from historic aircore drilling at Millrose Central, which is also not included in the current Mineral Resource. A number of RC holes have been drilled in this zone, with assays expected in late September / early October.
We’ve also successfully drilled three deeper diamond holes underneath the current Mineral Resource, following up on the very impressive intersection in MRDD008 (8.1m @ 14.6g/t Au from 215m, within a broader mineralised envelope of 95m @ 2.2g/t Au from 176.5m). This drilling suggests strong potential for further high-grade depth extensions.
Finally, both RC rigs are systematically testing the shear structure to the north and south of the main Millrose domain. Fence lines of short RC holes on 200m step-outs are being drilled to accurately map the shear structure. This program is expected to be completed during September 2022, at which point the Company will return to the most promising areas for further follow-up drilling."
This article includes content from Strickland Metals 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.
Strickland Hits Massive 308.4m @ 1.9g/t Au Eq, Rogozna Project, Serbia
Including multiple high-grade zones at the 4.6moz Au Eq Shanac deposit
Strickland Metals Limited (ASX:STK) (Strickland or the Company) is pleased to provide an update on exploration activities at its 100%-owned Rogozna Gold and Base Metals Project in Serbia.
Highlights:
- Second diamond drill hole completed by Strickland at Shanac has returned a massive intercept (including internal waste) of 308.4m @ 0.7g/t Au, 0.2% Cu, 1.0% Zn, 0.5% Pb and 6.6g/t Ag (1.9g/t Au Eq1) from 299.4m (ZRSD24150).
- The 308.4m interval includes multiple zones of higher-grade gold and base metals mineralisation, including:
- 90.9m @ 1.4g/t Au, 0.3% Cu, 0.3% Zn and 4.4g/t Ag (2.3g/t Au Eq1) from 333.7m, including
- 26.0m @ 2.1g/t Au, 0.4% Cu, 0.1% Zn, 5.0g/t Ag (3.0 g/t Au Eq1) from 357.7m, and
- 61.3m @ 0.3g/t Au, 0.1% Cu, 3.7% Zn, 2.1% Pb and 20.6g/t Ag (3.5g/t Au Eq1) from 470.9m, including
- 6.0m @ 0.4g/t Au, 0.1% Cu, 12.5% Zn, 6.8% Pb and 36.4g/t Ag (10.4 g/t Au Eq1) from 482.9m, and
- 10.0m @ 0.3g/t Au, 0.2% Cu, 9.7%, Zn, 4.8% Pb and 57.0g/t Ag (8.4 g/t Au Eq1) from 520.7m, and
- 47.1m @ 0.7g/t Au, 0.4% Cu, 0.2% Zn and 2.2g/t Ag (1.6g/t Au Eq1) from 560.7m, including
- 6.0m @ 1.1g/t Au, 1.1% Cu and 4.2g/t Ag (3.2g/t Au Eq1) from 586.7m.
- 90.9m @ 1.4g/t Au, 0.3% Cu, 0.3% Zn and 4.4g/t Ag (2.3g/t Au Eq1) from 333.7m, including
- The hole further validates the updated geological model, highlighting the potential of the Central Domain to host extensive higher-grade mineralisation.
- Six rigs continue drilling across the Rogozna, Serbia and Yandal, Western Australia Projects with assay results for multiple holes pending for both projects.
- Strickland remains extremely well-funded, with $48.7 million in cash and NST shares as at the end of the June quarter.
Figure 1. Core photo of copper-gold-magnetite skarn from ZRSD24150
Paul L’Herpiniere, Managing Director of Strickland, said: “These latest results from ongoing drilling at the 4.6Moz Au Eq Shanac deposit2 provide further support of our strategy to target the higher-grade mineralisation zones within the Central Domain of the deposit. This hole was drilled ~100m along strike to the southeast of ZRSD24149 and was targeting the body of copper-gold-magnetite skarn that was also encountered in the earlier hole. With a 90.9m intercept of copper-gold mineralisation grading 1.4g/t Au and 0.3% Cu from 333.7m downhole, the copper-gold-magnetite skarn is demonstrating excellent consistency of grade and thickness at the southern end of the deposit.
Of further significance in this hole was a thick zone of high-grade epithermal gold-zinc-lead-silver mineralisation intercepted at a downhole depth of 482.9m. This mineralisation is hosted within hydrothermal breccia, occurring adjacent to the mineralisation-controlling central dyke at depth.
We are also excited to report that we have commenced drilling a follow-up hole to ZRSD24149, specifically targeting an extension to the newly identified “gold skarn” which returned the spectacular intercept of 89.4m @ 4.0 g/t Au from 244.5m3 downhole depth, within a broader mineralised envelope of 293.9m @ 2.5g/t Au Eq from 162.3m depth3. We look forward to updating the market with further results as they come to hand.”
Click here for the full ASX Release
This article includes content from Strickland Metals, 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.
Golden Mile Resources
Investor Insight
Golden Mile Resources is a project development and mineral exploration company, with a focus on growing the company with a multi asset and multi commodity strategy through advancing core projects, acquisition of high-quality assets, and tactical alliances with joint venture partners. Golden Mile’s value proposition is driven by a highly experienced leadership team with proven expertise across the resources sector from exploration to development and production.
Overview
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent). Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets, and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well positioned to execute its strategy moving forward.
Company Highlights
- Golden Mile Resources has a diversified portfolio of both advanced projects and exploration assets in tier 1 jurisdictions of Australia and the US.
- The recently acquired Pearl copper project in Arizona is located in the renowned Laramide Porphyry Belt.
- The Quicksilver nickel-cobalt project near Perth has an indicated and inferred mineral resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
- Golden Mile is backed by a highly experienced management team with proven success in project engineering and development from exploration to production across multiple continents.
Key Projects
Pearl Copper Project
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
The most significant working within the project area are the Pearl and Ford mines. The Pearl mine is located on the north-western portion of the Pearl project within the Odyssey prospect. It produced up to 60,000 tons of ore containing copper oxide and sulphide, lead, silver and gold from largely artisanal workings from 1915 to 1941 (Force, 1997).
Historical records from the Ford mine, located within the Pearl copper project mine claims, have reported lead assays from 5.7 percent to 31.3 percent, copper assays from 5.8 percent to 10.6 percent and that gold increases in the deeper levels from 0.01 oz to 0.54 oz (16.7g/t) (Baird, 1942).
Significant upside from organic exploration exists given Pearl’s geographic location, situated in the heart of the world-class Laramide Porphyry Copper Belt and 1 km of the San Manuel mine (historic production of 4.7 Mt) that has been operating for 44 years.
A tier 1 mining jurisdiction, Arizona represents approximately 70 percent of domestic US copper production. The Pearl project was historically mined from 1915 to 1941.
Quicksilver Nickel-Cobalt Project
The Quicksilver nickel-cobalt project is located approximately 280 km southeast of Perth in Western Australia. The project comprises an area of about 50 sq km that boasts excellent local infrastructure, including easy access to a grid power, sealed roads and a railway line to key ports.In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
Board and Management Team
Damon Dormer – Managing Director
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo – Non-executive Director
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button – Non-executive Chairman
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina – Non-executive Director
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Jack Rosagro – Company Secretary
Jack Rosagro is chartered company secretary, a fellow of the Governance Institute of Australia, and holds a Bachelor of Commerce majoring in Finance. He has 18 years’ experience in capital markets, share registry, and governance. He is currently the company secretary for several listed and unlisted public companies across a range of industries, including mineral exploration, technology and biotechnology.
Martin Dormer – Exploration Manager
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
Multiple 20m Intercepts with +1.2% to 1.7% Cu from In-Fill Drilling Nueva Sabana Oxide Deposit, Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise results from the final 17 in-fill diamond drill holes into the Nueva Sabana oxide deposit in central Cuba, which were completed in July 2024.
HIGHLIGHTS
Gold Domain – Nueva Sabana
- HOLE PDH-81
- 2m @ 25.26g/t Au from38.5m (incl 1m @ 45.39g/t au)
- 3m @ 19.51g/t Au from 56m (incl 2m @ 26.78g/t Au)
- HOLE PDH-87
- 2m @ 7.46g/t Au from 26m
- HOLE PDH-93
- 1m@ 8.23g/t Au from surface
Copper Domain – Nueva Sabana
- HOLE PDH-89
- 25m @ 1.76%Cu from 52m (incl 4m @ 5.56%Cu)
- HOLE PDH-88
- 21.5m @ 1.73% Cu from 49m (incl 12m @ 2.11%Cu)
- HOLE PDH-80
- 25m @ 1.23% Cu from81m (incl 5m @ 3.02%Cu)
- HOLE PDH-78
- 15m @ 1.52% Cu from 39m
- HOLE PDH-85
- 9m @ 1.07% Cu from40m (incl 3m @ 2.28%Cu)
- HOLE PDH-82
- 6m @ 1.25%Cu from 37m
- HOLE PDH-86
- 5m @ 1.47% Cu from 43m
- HOLE PDH-90
- 24m @ 0.84% Cu from 89m
- HOLE PDH-92
- 22.3m @ 0.82% Cu from 1.7m
- HOLE PDH-79
- 12m @ 0.69% Cu from 14m
Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.
NUEVA SABANA OXIDE DEPOSIT
- The results continue excellent grades for both gold and copper in the oxide deposit that have previously been advised to ASX, and were incorporated in the maiden MRE, reported to the ASX on 6 March 2024, followed by the Scoping Study, reported on 7 May 2024.
- An updated Mineral Resource Estimate (“MRE”) for the proposed Nueva Sabana mine is expected to be completed next month by Brisbane based Mining Associates, after which an updated pit design and mine schedule will be undertaken for the Pre-Feasibility Study.
- The Nueva Sabana oxide deposit is metallurgically simple, and the Nueva Sabana mine is being planned as a copper project which would benefit from the high grade gold cap during initial operations.
- Metallurgical test work by Blue Coast Research Laboratories in Canada has indicated a gold recovery of 85% from a simple rougher flotation circuit with a concentrate of 53.1 g/t Au produced from an ore sample grading 2.11 g/t Au, whilst a copper recovery of 84.5% yields concentrate grades of 27% Cu from a rougher and cleaner circuit, which has formed the basis of the process design criteria for the Nueva sabana concentrator.
- Planning and permitting for the proposed mine is well advanced.
- Total development costs are estimated to be ~US$30 million with ~US$5 million of pre-development costs including US$1.5 million for the acquisition of the deposit, and ~US$25 million for mine construction based on quotations for site works, industrial buildings, and a turnkey offer for the design and construction of the concentrator and associated grid power substation.
- The project requires minimal pre-stripping and will not involve the purchase of a mining fleet which is to be hired from the Cuban subsidiary of an international supplier.
- Finance for the mine construction is being negotiated in the form of an advance on concentrate purchases by an international commodities trader.
Click here for the full ASX Release
This article includes content from Antilles 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.
How to Use Gold Investments as a Hedge (Updated 2024)
It can be tempting for investors to focus on specific assets or strategies when building an investment portfolio, but those taking a long-term approach will want to diversify in order to balance out potential portfolio instability.
Gold has a reputation for being a reliable diversifier because it can act as a hedge against various risks.
For those unfamiliar with the term, put simply, a hedge is an investment position whose main purpose is to offset potential losses or gains related to another asset. But how does that work, and what's the best way to get exposure to gold as a hedge?
Read on for a look at how this strategy works and why it's worth considering.
Why use gold investments as a hedge?
Gold is looked at as a hedge investment in many different situations. The first and most popular use of gold as a source of protection is as a hedge against the decline of a currency, typically the US dollar. When the dollar slips, the yellow metal not only becomes less expensive to hold, but also tends to rise in value.
“Gold’s relationship with the dollar is determined by US-based gold supply and demand, as well as by the status of the dollar as the reserve currency globally,” states the World Gold Council. “Historically, a weak dollar tends to provide a stronger boost to gold’s performance than the drag created by a strong dollar.”
By holding the precious metal as a diversification tool when the economy negatively affects currencies, investors can incur gains from the metal’s increased value.
The second reason why gold makes a good hedge is that it can act as a defense against inflation. When the cost of living begins to rise, the stock market often falls. In those cases, investors with assets that are negatively affected by a volatile market need something to balance that out — that’s where gold comes in.
Over the past 50 years, investors have seen gold make huge gains when the stock market is crumbling. As Investopedia points out, “This is because, when fiat currency loses its purchasing power to inflation, gold tends to be priced in those currency units and thus tends to arise along with everything else.”
Interestingly, the yellow metal has also been used as a hedge against deflation, which happens when prices drop, the economy is in a downturn and excessive debt looms. This situation has not occurred since the Great Depression of the 1930s, and to a much smaller degree after the 2008 financial crisis.
Market participants may decide to hoard cash in this type of scenario, and the safest place to hold cash is in gold. Again, while this situation is not commonplace, many investors keep the yellow metal in their portfolios on the off chance that another massive period of deflation will take place.
Finally, gold can be used as a general portfolio hedge when market participants hold investments that are not related to one another. Since the precious metal generally has a negative correlation to stocks, bonds and other financial instruments, investors often diversify by creating a portfolio that combines gold with stocks and bonds in order to reduce both volatility and risk.
While it is true that the yellow metal goes through times of volatility, it has always maintained its value over the long term, making it a steady addition to investors’ portfolios.
Those who have decided to add gold to their portfolio as a hedge have a variety of options. Here’s an overview of three of the most popular ways of getting exposure to gold.
1. How to use physical gold as a hedge
Investors can get the most direct exposure to gold by buying physical gold, and holding the physical metal also adds diversification from digital assets. Physical gold can be purchased through government mints, private mints, precious metals dealers and even jewelry stores.
Physical gold investors should generally focus on 0.999 fine items, as these will also be the easiest to sell. The majority of gold bullion products fit this description.
One of the most common choices for investors are gold bullion coins, such as the South African Krugerrand or the Canadian Gold Maple Leaf, which are 0.999 fine. The American Gold Eagle is reputable and popular as well, but has a lower purity at 91.67 percent. Another option is gold rounds, which are similar to coins, but are not legal tender, making them often slightly cheaper.
Gold bars are another popular option, and because they come in a variety of sizes, they can accommodate a range of investors. Large investments may best be made in bars since bigger sizes are available. Further, it is often easier to manage several large products than it is to manage an array of smaller gold items.
When deciding on what to purchase, gold buyers will want to keep their plans for selling in mind. For example, large products may be more difficult and thus slower to sell, meaning it could be harder to take advantage of gold price movements or convert it to cash in an emergency. Individuals making ongoing or significant investments may therefore want to consider purchasing gold in various weights to give them versatility.
Click here to learn more about physical gold as an investment.
2. How to use gold ETFs as a hedge?
One of the common ways investors add gold as a hedge is through investing in a gold exchange-traded fund (ETF), which trade on a stock exchange just like equities. There are several kinds of gold ETFs, offering exposure to different aspects of the gold market. Gold ETFs can offer investors access to gold price movements by holding physical gold or the gold futures market through holding futures contracts. There are also gold ETFs focused on gold mining stocks, providing a more stable alternative to investing in individual gold stocks.
It is important to keep in mind that investors who own gold ETFs do not own any physical gold — even gold ETFs that track physical gold generally cannot be redeemed for it, with the exception of the Vaneck Merk Gold Trust ETF (ARCA:OUNZ). Nonetheless, gold ETFs are a good option for getting exposure to the precious metal without personally trading physical gold, gold futures or gold stocks.
Click here for a list of five popular gold ETFs and more information on gold ETFs.
3. How to use gold futures as a hedge?
A futures contract is an agreement to buy or sell gold on a date in the future for a price determined when the contract is initiated. In a gold futures transaction, two parties agree on a price, the amount of gold being purchased and the future delivery month.
The futures market is often referred to as an arena for paper trading. The bulk of the activity is just that, as metal is not actually exchanged and settlements are made in cash. It allows investors to buy or sell gold as they want without management fees, and taxes are split between short-term and long-term capital gains.
In some cases, the futures market can be an arena for purchasing physical gold. However, obtaining gold through the futures market requires a large investment and involves a list of additional costs. The process can be complicated, cumbersome and lengthy, which is why actually buying physical gold through futures is considered best for highly experienced market participants.
Click here to learn more about gold futures.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
McPhillamys Gold Project in Jeopardy After Federal Government Issues Protection Order
Regis Resources (ASX:RRL,OTC Pink:RGRNF) said its McPhillamys gold project in New South Wales (NSW) is no longer viable after a decision from Tanya Plibersek, Australia's minister for the environment and water.
Plibersek made a declaration of protection over part of the approved project site under Section 10 of the Aboriginal and Torres Strait Islander Heritage Protection Act 1984, as per Regis' Monday (August 19) press release.
The company said the declaration applies to freehold land that it owns and impacts a "critical area" of McPhillamys, which has already received approval under both state and federal regulations.
According to Regis, this week's declaration affects McPhillamys' proposed tailings storage facility, which falls within the boundaries of the declaration area. Plibersek's decision follows a four year assessment process during which Regis reportedly emphasised to the minister that the project would not be feasible if such a declaration were issued.
McPhillamys was granted development consent by the NSW Independent Planning Commission in March 2023 after a review process that involved input from Aboriginal representatives and the local community. In May 2023, it was also approved under the Environmental Protection and Biodiversity Conservation Act by a delegate of Plibersek.
While Plibersek has claimed the declaration will not halt the mine, Regis does not agree. The company expressed surprise at the minister’s decision, highlighting that it contradicts earlier approvals and the outcome of various assessments.
The company has also noted that finding an alternative site for the tailings storage facility would require restarting the approval process, potentially taking between five and 10 years with no assurance of a feasible solution.
Regis said it will now have to reassess the US$190 million carrying value of McPhillamys. The company is also considering its legal options while determining the project’s future and its commitment to ongoing expenditures.
Regis plans to hold an analyst and market briefing to discuss the situation in further detail.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Odienné Results Confirm Mineralised Structures, Extend Targets and Define New Anomaly
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce assay results for the Company’s reconnaissance exploration campaign at the Odienné Project in Côte d’Ivoire. This program comprised 7,741m of auger sampling, and 1,069m of diamond drilling at Odienné South, which covers a 30km extent of the prolific Sassandra Fault corridor. This corridor trends through the adjoining Awalé/Newmont JV project host to recent discovery drilling, and northwest to Predictive Discovery’s 5.4Moz gold deposit.
Highlights:
- Auger results highlight existing high priority targets, and additional new targets within the high strain Archean margin (Sassandra Fault) in northwest Côte d’Ivoire
- Newly defined 4km gold anomaly identified at ‘Zone C’ peripheral to previous soil anomaly
- Reconnaissance diamond drill holes into the 758km2 Odienné Project confirm presence of extensive shearing coincident with gold mineralisation and favourable alteration
- Drilling to commence at Odienné and Ferke projects over the next two months
Auger drilling has delineated priority targets within zones A, B and C totalling >16km of shear zone within the corridor for staged follow-up exploration (Figure 1). With receipt of additional auger assays pending and integration of results with geophysical and mapping datasets, air core drilling to oxidation base in fences 400m apart will be drilled over Q4 post wet season to evaluate.
Concurrently, a reconnaissance diamond drill test targeted a favourable structural contact between igneous and sedimentary units identified in previous results. The maiden drill test did confirm low-level gold results throughout the 800m extent drilled within the 6km Zone A target zones, highlighting a coherent mineralised structure. However, visually the core indicates the targeted igneous body is a late intrusive into the existing structure and is now interpreted to post-date a gold mineralising event. Follow-up along strike to identify a more favourable lithologic and structural setting to focus gold mineralisation.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“With receipt of our first set of assay results from our maiden program at Odienné, we are encouraged to see continuity of mineralisation through multiple lines of auger drilling. This further highlights the discovery potential at Odienné as the company consistently vectors in on more discrete targets with each step in the exploration process. While the diamond assay results are not high grade, they are significant, and the combined results from auger and diamond drilling mark a significant step towards a discovery at the Odienné South permit”.
“We are very pleased with the achievements of our exploration team, and the results of the June-July campaigns across Odienné. Having successfully executed a significant amount of work so quickly on the heels of completing our project acquisition the Company is well positioned for aggressive and targeted drilling going into the upcoming field season in Côte d’Ivoire”.
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, 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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