Crater Gold Mining (ASX:CGN) has uncovered 4 new graphite mineralisation areas from reverse circulation (RC) drill results at the company’s Croydon Project in Queensland, Australia.
The drill program conducted in November 2022, involved 19 drill holes for 1,075m and was designed to start a follow-up investigation of first-priority electromagnetic (EM) anomalies. These anomalies were identified by the helicopter-borne EM survey undertaken in July 2022.
Crater Gold reports that new areas of graphite mineralisation were discovered at EM anomalies S1-South, S4-North, and 1.5km to the northwest of the Golden Gate Graphite Prospect. Additionally, this discovery identified a new previously unrecognised southeast extension zone of the prospect.
The company reports two deep holes drilled in anomaly S1-S are hosted within hematite, sericite, and pyrite altered granite. The following drill results from S1-S include hole RC058 with 21m (40-61m) @ 6.02% graphite (cut-off 4.41% graphite); and RC059 with 4m (113-117m) @ 6.78% graphite (cut-off 5.3% graphite).
Additionally, in anomaly S4-N, 3 holes were drilled over an 800m strike length. These drill results include hole RC251 with 5m (54-59m) @ 8.87% graphite (cut-off 4.06% graphite); and RC252 with 6m (73-79m) @ 5.29% graphite (cut-off 4.13% graphite).
“At S7 it is interesting that the graphite recorded was basically from surface”
Commenting on the new discovery, Crater Gold Mining Managing Director, Russ Parker, says: “The results from S1-South extend our Golden Gate Graphite Prospect area by over 1.5km to the South East and the results at S4 are equally as impressive, already indicating a strike length of over 800m.
At S7 it is interesting that the graphite recorded was basically from surface. We plan to target further EM identified areas in our upcoming drilling program due to commence late April, early May.”
The company reports that a diamond drilling program is planned to commence at Croydon at the end of April. Initially, this will concentrate on first priority EM anomaly S3 and follow-up of new discoveries at anomalies S4-N, S7, S1-S, and the NW extension of the Golden Gate Graphite Prospect.
Crater Gold Mining is a gold-producing and developing company, with base metal projects in Papua New Guinea and Australia. The company’s portfolio assets include the Crater Mountain Project in Papua New Guinea prospective for gold and copper discovery, and the Croydon Graphite and Gold Projects in Queensland, Australia.
Images: Crater Gold Mining Limited
