Australasian Metals (ASX:A8G) has identified a number of drill targets to follow up on “high-grade” epithermal gold veining previously uncovered in drilling at the Ayres Rock Prospect.
The new targets emerged following a data review of the work completed at the Ayres Rock Prospect, which is part of the Capella Gold Project in central Queensland.
The targets are interpreted as being plunging shoots identified from earlier drilling that returned intersections of 26m @ 3.88 grams per tonne (g/t) gold from 45m, including 2m @ 33.4g/t from 50m, 3m @ 3.89 g/t from 59m and 1m at 9.75 g/t Au from 78m.
Managing Director Dr Qingtao Zeng says Australasian Metals has defined maiden inferred resources of 63,600 ounces @ 1.13g/t from the Ayres Rock and Retro Extended deposits.
“Given the recent surging gold price, we are very pleased that this structure and alteration study has identified potential plunging high-grade shoots worthy of drill testing at depth,” he says.
The Ayres Rock and Retro Extended deposits are located 20km apart near the regional centre of Clermont in central Queensland, where several gold treatment plants are located within 100km via sealed roads.
Recent mapping close to the high-grade intersections found outcrops/sub-outcrops of epithermal veining that extend for about 100m in strike length.
Australasian Metals says the data review, which relies heavily on mapping and a compilation of drilling data, has revealed greater alteration than previously recognised, supporting a large system.
This interpretation is also supported by previous geophysical induced polarisation and magnetics surveys.
The junior explorer says the proposed follow-up drilling program has the potential to increase the existing JORC-compliant resource both in volume and grade.
The campaign will comprise diamond drilling to explore for a northerly plunging high-grade mineralised shoot.
Australasian Metals had $3.15 million in cash and cash equivalents at 30 June 2024.
Write to Angela East at Mining.com.au
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