Gateway Mining (ASX:GML) is planning another follow-up reverse circulation (RC) drilling program at the new Duplex target in Western Australia, upon confirming a ‘significant’ new zone of bedrock gold mineralisation.
The planned program will continue to test the new mineralised structure along strike, which is expected to begin early in the June quarter of 2024.
Managing Director Mark Cossom says: “We are looking forward to planning the next phase of follow-up drilling to further scope out the size of the mineralised structure and advance this exciting new area towards a resource drilling phase.”
Gateway, which has a market capitalisation of $9.32 million, says all of the results confirm an ‘exciting’ upside to what is a new discovery at this under-explored project within a key Western Australian gold district.
Cossom says while the prospect is still at an early-stage, the company has defined ‘significant’ gold mineralisation over a 200m strike length, with a clear indication that it remains open for at least 500m.
Further, the company reports all fresh bedrock intersections returned to date demonstrate a consistent alteration assemblage of the host gabbro/dolerite intrusion, most notably a direct association with demagnetisation.
‘Significant’ assay results returned include hole GRC1033 with 10m @ 1.1 grams per tonne gold from 106m; and hole GRC1032 with 6m @ 1.1g/t Au from 106m.
The Duplex target sits within the company’s wholly owned Montague Gold Project in the Murchison Gold District of Western Australia.
Gateway Mining is a Western Australian-focused mineral explorer delivering resource growth through new discoveries at its Montague project.
As of 31 December 2023, the company had about $1.931 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Gateway Mining
