Australasian Metals (ASX:A8G) reports the presence of ‘high-grade gold mineralisation following a maiden reverse circulation (RC) drilling program at its Capella Gold Project in central Queensland.
The results, generated by twelve RC drill holes for 1644m, have verified historical drill intercepts and have identified the existence of ‘high-grade’ gold mineralisation with key results including:
- Hole CAR036: 26m @ 3.88g/t Au from 45m, incl. 2m @ 33.4g/t Au from 50m and 3m @ 3.89g/t Au from 59m, and 1m @ 9.75g/t Au from 78m
- Hole CAR037: 4m @ 1.98g/t Au from 110m
- Hole CAR043: 33m @ 0.54g/t Au from 13m, including 7m @ 1.55g/t Au from 38m
With the maiden RC drilling campaign now complete, Australasian Metals announces that it has moved forward with plans for a diamond drill (DD) program to follow and extend the ‘high-grade’ shoots, as well as gather valuable structural information.
Speaking on the results, Australasian Managing Director Dr Qingtao Zeng said: “We are pleased with the results of our maiden drilling program at Capella, which was successful in validating the historical thick, high-grade mineralisation, and which gives us further confidence in the project shaping up to be a significant high grade gold project.
“The high-grade nature has been confirmed with visible gold being panned from RC chips”
The high-grade nature has been confirmed with visible gold being panned from RC chips.
Our results indicate that the high-grade, thick mineralisation is controlled by the north-south striking faulting structure. The previous mobile metal iron (MMI) data may have been displaced due to the surface weathering.
Currently, mineralisation has only been tested to less than 100m from surface, and the grade and thickness of the mineralisation are strong. We can’t wait to drill a diamond hole at Capella to find out the geometry of the orebody at depth.”
The company also notes that the down-dip extension of this identified ‘high-grade’ zone is a potential target for future drilling and also proves that historical drill hole ARC008 stopped short of the target.
In addition, the results indicate that there is close to 1km strike of gold mineralisation that remains untested and that the interpreted sub north-south shear system controls the overall gold mineralisation, with the ‘high-grade’ zones potentially being the dilation jogs along the main structure.
These recent results provide additional support for the delineation of a maiden JORC compliant resource.
The Capella Gold Project has seen 66 RC holes for a total of -6,500m historically drilled across the tenement package.
Images: Australasian Metals Ltd
