Gold and base metals explorer Astral Resources (ASX:AAR) is looking to deliver a Scoping Study for its Mandilla Gold Project in Western Australia as further ‘high-grade’ assays come to light.
Managing Director Marc Ducler says the Scoping Study is ‘well advanced’, with only limited workstreams and report compilation still outstanding.
“We are looking forward to delivering the Scoping Study to the market later this quarter.”
Meanwhile, drilling results have been returned as part of an aircore (AC) drilling campaign completed in May this year and demonstrate the potential for Astral to continue extending the Eos palaeochannel deposit to the southeast.
The $49.78 million market capitalisation company says this highlights the opportunity to grow the existing shallow 41,000 ounce (oz) Mineral Resource Estimate (MRE) with further drilling.
Further AC drilling is expected to be completed in the coming months.
Astral reports this latest batch of results includes gold (Au) grades of up to 28.02 grams per tonne (g/t), with other key results including hole MDAC613 with 8m @ 9.58g/t Au from 49m including 3m @ 18.93g/t Au from 49m; and hole MDAC623 with 10m @ 5.05g/t Au from 45m including 3m @ 11.81g/t Au from 49m.
The company notes RC drilling is currently underway to the southeast of the Theia deposit at Mandilla to complete the Theia in-fill drilling program suspended in May this year.
Astral expects a diamond drill rig will be mobilised to Mandilla to continue testing the central portion of the Theia deposit, with the goal of extending the extent of known mineralisation both on the flanks and at depth.
An AC rig is also anticipated to be delivered to site in December this year to complete regional drilling to the southeast of Eos.
Meanwhile, a structural review of previously drilled diamond drillcore at Theia remains on track for completion in the September quarter.
Speaking on the results, Ducler says: “Despite the modest scale of the aircore program, it has delivered exceptional high-grade assay results from drilling designed to test the south-eastern extent of the Eos palaeochannel, which already hosts a Mineral Resource Estimate (MRE) of 0.8Mt at 1.6g/t Au for 41koz of contained gold.
“The drilling has not only confirmed that the palaeochannel remains open to the southeast, but it has also returned some of the highest-grade assays obtained at Eos so far“
The drilling has not only confirmed that the palaeochannel remains open to the southeast, but it has also returned some of the highest-grade assays obtained at Eos so far.
This is a very pleasing result which clearly demonstrates the potential for further resource growth at Mandilla.”
Astral Resources is a Perth-based ASX-listed explorer with a portfolio of projects considered prospective for gold and base metals in Western Australia.
The company’s flagship Mandilla Project is situated about 70km south of Kalgoorlie and 20km south of the township of Kambalda in Western Australia and currently holds an updated MRE of 37 million tonnes (Mt) at 1.1g/t gold for 1.27 million ounces (Moz) of contained gold.
Astral Resources had $1.3 million cash at hand as of 30 June 2023. However, it secured commitments to raise $3 million through a single-tranche placement on 31 July 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Astral Resources
