Coolabah Metals (ASX:CBH) is looking to double down on a key prospect at its Gunpowder Creek Project in Queensland after the latest batch of drilling results appeared to confirm the potential of a high-grade gold structure.
Located at the centre of the project, the Golden Sunset prospect was the focus of a 3-hole reverse circulation drilling program, totalling 486m, in November 2023.
The 3 holes were designed to follow up on an earlier program — which included results up to 5m at 5.7 grams per tonne (g/t) gold — completed in late 2022. Those previous results suggested that gold mineralisation was related to fissure veins that dipped steeply to the northwest in association with the May Downs Fault.
The latest results measure 5m at 6.84g/t gold from 85m, including 2m at 10.35g/t gold, and point to the openness of mineralisation at Golden Sunset in all directions.
“These pleasing results at the Golden Sunset prospect [have] strengthened our focus to carry out further RC drilling in 2024,” Coolabah Managing Director Cameron Provost says.
“These pleasing results at the Golden Sunset prospect [have] strengthened our focus to carry out further RC drilling in 2024″
One of the three holes, however, was designed to drill close to and down-dip of the high-grade 2022 intercept but deviated more than expected. Though it was within 5m of the target intercept, Coolabah says it did not return any significant results of its own and instead highlights the ‘complex nature’ of the mineralisation.
Given this complexity, Coolabah has completed geophysical downhole optical televiewer (OTV) surveys at each of the three most recent holes to collect detailed structural data. The resulting imagery has been received, and interpretation is currently underway, with completion expected in early 2024.
In addition to the Gunpowder Creek Project, Coolabah owns the Cannington, Nymagee, and Coolabah projects in Australia and the Hampden and McCoy Lake projects in Canada.
Write to Oliver Gray at Mining.com.au
Images: Coolabah Metals