Emerald Resources (ASX:EMR) is conducting a resource review based on drilling completed in 2022 at its Okavu Gold Mine in Cambodia.
The company says the drilling to date indicates the resource growth potential at Okavu, with the ore body remaining open at depth, to the east and north, and to a limited extent to the west.
Emerald’s management team is studying the most beneficial way to maximise the economics of the additional ounces through either open-cut or underground development, and the company says it expects to complete the resource update in time for inclusion in its upcoming annual report, which is expected to be released during the September 2023 quarter.
the company says it expects to complete the resource update in time for inclusion in its upcoming annual report
This announcement comes after Emerald reported recent ‘significant’ results from exploration drilling near the Okavu Gold Mine, including hole RC23OKV462 with 3m @ 7.68g/t Au from 64m.
The company says this intersection occurs within a mineralised northeast-trending corridor spanning a 250m strike distance. This discovery, alongside other ‘significant’ intercepts, holds the potential to serve as supplementary ore for the nearby Okavu Gold Project.
Drilling to date includes 17 reverse circulation (RC) drillholes for 1,453m, with 969 assays pending. Emerald notes only a limited number of assays have been returned so far.
Meanwhile, Emerald adds that ‘significant’ gold mineralisation from Bullseye Mining’s North Laverton Gold Project resource exploration program in Western Australia continues to demonstrate upside potential.
Drill results in this region to date have demonstrated the continuity of mineralisation at depth and along strike. The company says these results give confidence to accelerate the exploration program by increasing drilling capacity to generate an updated resource during the second half of 2023, with the goal of starting development activities in 2024.
‘Significant’ intercepts recorded from the Boundary and Neptune prospects within the North Laverton Gold Project include hole RCDD23BDY022 with 15m @ 5.91g/t Au from 291m; and hole RCDD22BDY001 with 7.08m @ 6.91g/t Au from 329m.
Emerald Resources is a developer and explorer of gold projects. The company is particularly focused on the development and commissioning of its Okavu Gold Mine project in Cambodia, which saw first production in June 2021.
As of 31 March 2023, Emerald Resources had $79.4 million cash and bullion on hand, according to its latest quarterly report. The company continued to pay down debt during the quarter, with repayments to the end of March totalling US$19.5 million, with a US$45.5 million balance of its Sprott debt facility at the end of the quarter.
Write to Aaliyah Rogan at Mining.com.au
Images: Emerald Resources NL
