Auric Mining (ASX:AWJ) has completed a six-hole drilling program at its Spargoville Project in Western Australia, focusing on the “enticing” Fugitive prospect.
The results of the reverse circulation program include 2m @ 3.82 grams per tonne (g/t) gold, 3m @ 1.18g/t gold, and 1m @ 6.08g/t gold.
Auric, which has a market capitalisation of $26 million, says the assays occur within a mineralised envelope confined to a basalt unit and defined by gold concentrations above 0.1g/t gold.
The mineralised envelope has hardly been tested in fresh rock and has the potential to host a gold deposit beneath the auger-soil gold anomaly, representing a logical target for ongoing exploration.
Technical Director John Utley adds that historical drilling has outlined a zone of supergene gold mineralisation at Fugitive.
“Whilst there’s only sparse drilling below 50m vertical depth, we can see evidence for a plumbing system extending beneath the shallow mineralisation,” he says.
“It’s an enticing drill target, over almost 700m of strike length.”
Meanwhile, Managing Director Mark English says the first pass drilling has delineated similarities with the prominent Wattle Dam and Spargos Reward deposits at Spargoville.
“We’re looking forward to the next phase when we will get the opportunity to test that model,” he says.
Auric is planning to undertake aircore drilling along traverses toward the centre of the prospect to infill current 100m drill traverse spacing in that area.
A reverse circulation drilling program will also be carried out beneath the historical and latest drillholes to target the mineralised zone in fresh rock more than 100m below the surface.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
