Astral returns ’breakthrough’ gold at Feysville

Perth-based gold explorer Astral Resources (ASX:AAR) is looking to kick off diamond drilling at the Kamperman prospect within its Feysville Gold Project following the return of ‘exceptionally high-grade’ gold intercepts. 

The company says results have returned gold grades up to 187.7 grams per tonne, and strengthen the potential for Feysville to become a satellite source of ‘high-grade’ ore feed for an integrated Mandilla-Feysville development. 

This newly identified ‘high-grade’ mineralisation occurs at the projected extension to a set of north-northwest trending shears targeting in an 8-hole reverse circulation (RC) program at Kamperman, says the $50.55 million market capitalisation company.

Astral also notes results also support the evolving geological model of the prospect. 

As a result, diamond drilling (DD) scheduled to begin this month (September 2023) will be reassessed following the receipt of the remaining Feysville RC assay results. 

The company notes follow up diamond drilling may be prioritised at Feysville over the Mandilla Gold Project, where a Scoping Study remains on track for completion in the September quarter, in the short term.  

Key results include 4m @ 94.84g/t Au from 77m including 2m @ 187.7g/t Au from 77m; 5m @ 8.29g/t Au from 53m including 1m @ 38.72g/t Au from 59m; and 18m @ 0.90g/t Au from 15m. 

Results were returned from the first 2 drillholes completed at the prospect, with assays for the remaining 6 holes yet to be received. Assays for 15 RC holes drilled at both the Ethereal and Hyperno prospects are also awaited.  

Drilling was undertaken to follow up a diamond drill result reported in April this year of 10m @ 4.57g/t Au from 148m in drillhole FRCD208. 

Addressing the results, Astral Resources Managing Director Marc Ducler says: “This is a genuine breakthrough for the Astral team and vindicates our disciplined and systematic approach to exploration targeting at this strategically located project. With an existing 116,000 oz mineral resource, Feysville is now rapidly emerging as a strong contender to form part of our broader development plan on Kalgoorlie’s doorstep. 

While initial inspection of the RC chips identified minor shearing coincident with stratigraphic contacts at target depth, results of 4 metres at 94.84g/t Au and 5 metres at 8.29g/t Au exceeded all expectations. The eight-hole RC program at the Kamperman Prospect was designed to intersect two north-north-west shears interpreted from DD hole FRCD208 which previously returned 10m at 4.57g/t Au. 

Pleasingly, the projections of these two shears some 120 metres north of FRCD208 were intersected in FRC243 with gold mineralisation returned at each of the interpreted shear positions

Pleasingly, the projections of these two shears some 120 metres north of FRCD208 were intersected in FRC243 with gold mineralisation returned at each of the interpreted shear positions. This bodes well for the evolving geological model for Kamperman and for our ability to continue to target high-grade gold with further drilling. 

With six RC holes pending at Kamperman, there is potential to delineate up to 320 metres of high-grade strike extent, which currently remains open to both the north and south. Astral has a DD rig booked in for mid-September, with the decision as to whether this is deployed first to Mandilla or Feysville to be determined once the remainder of the Feysville assay results have been evaluated – a nice problem to have! 

Given the materiality of the Kamperman drill results, the company has decided to extend the closing date of the Share Purchase Plan by a week to give shareholders every opportunity to take up their allocation once they have caught up with this latest development.”

Astral Resources owns a portfolio of projects located in the Kalgoorlie-Kambalda region of Western Australia, including the Mandilla and Feysville projects, as well as its Carnilya Hill Project.   

The company’s Feysville project is located about 14km south of the township of Kalgoorlie and within the north-northwest trending Norseman-Wiluna Greenstone Belt in Western Australia.

Astral Resources had $1.3 million cash at hand as of 30 June 2023, according to its latest quarterly report, however this was prior to the launch of a placement and share purchase plan.

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Images: Astral Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.