Aureka (ASX:AKA) is planning additional exploration drilling at the Irvine Project in Victoria, after intersecting visible gold across multiple holes in multiple zones via a diamond drilling program.
The exploration drilling will target potential high-grade mineralised ore shoots extensions along extrapolations of the Tenacity Hanging Wall and Resolution Foot Wall faults.
Ongoing drilling activities are infilling several key zones between the southern boundary of the inferred resource.
Following today’s (14 October) announcement, Aureka’s shares had jumped 20.83% to $0.145 as of 11.30am AEDT.
Managing Director James Gurry says the occurrence of visible gold shows the potential for a “high-grade” component to the system and a potential resource upgrade.
The first results suggest shallower plunge to mineralisation and strong potential to increase the current resource.
Partial results from hole RD046 include 1.65m @ 2.13 grams per tonne gold from 657m and 4.65m @ 2.93g/t gold from 681.35m.
Hole RD047 intercepting visible gold intercepts on the Tenacity Hanging Wall also highlights a new priority target for exploration drilling. Assay results remain pending.
Meanwhile, hole RD048 has potential to deliver high-grade gold intercepts and add further gold ounces to the Resolution inferred resource.
The Irvine Project hosts an inferred resource of 304,000 ounces @ 2.43g/t gold and an additional exploration target of between 280,000 to 420,000 ounces @ 2 to 3g/t gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Aureka
