Gateway Mining (ASX:GML) reports that it has intercepted shallow, ‘high-grade’ gold mineralisation of up to 8.7g/t Au following recent reverse circulation (RC) drilling at its 100% owned Montague Gold Project in WA’s Murchison Region.
These results from the shallow 9 drillhole RC program and highlight the near-surface potential of the 526,000oz Montague Gold Project immediately east of the existing Mineral Resources, with key results including 4m at 8.7g/t Au from 14m; and 1m at 5.8g/t Au from 53m.
Recent RC drilling was commenced with a goal of testing for strike extensions to the 163,000oz Montague-Boulder Mineral Resource, as well as several of the company’s other existing deposits.
Addressing the results, Gateway’s Managing Director, Mark Cossom, said: “The recent, strategically targeted drilling at the cornerstone Montague-Boulder deposit has demonstrated a clear opportunity to grow the 163,000oz Resource along strike. Importantly, these new intercepts are at very good grades and are located close to surface.
“The recent, strategically targeted drilling at the cornerstone montague-boulder deposit has demonstrated a clear opportunity to grow the 163,000oz resource along strike”
At the same time, drilling below the historic open pits has demonstrated the opportunity to add further ounces in the primary zone below the current Mineral Resource – opening up as an exciting avenue for follow-up drilling next year.
This is the first batch of assays from what we expect to be a consistent flow of drilling results over the coming weeks. We are looking forward now to a period of strong newsflow up until the Christmas break.”
The company also notes that one drillhole (GRC873) was drilled adjacent to the historic pit and continues to build on previously announced results by successfully intersecting the interpreted continuation of ‘high-grade’ mineralisation into the granodiorite unit.
This outstanding drillhole further demonstrates the potential of this historically ignored area in the shadow of the Montague-Boulder open pit.
In addition, it is reported that this zone of mineralisation within the granodiorite was never tested prior to mining of the Montague-Boulder pit, however it is now believed to be an extension of a lower, ‘high-grade’ shear that was intersected in drilling in the western mafic unit.
This untested mineralisation zone also presents an exciting exploration target for the integration of further ‘significant’ primary mineralisation within the boundaries of the current Mineral Resource.
Gateway Minerals’ Montague Gold Project is located about 70km north of the township of Sandstone in Western Australia’s Murchison Region and comprises a total land holding of 1,000km-square covering the southern extension of the Archaean aged Gum Creek Greenstone Belt. The project currently boasts a Mineral Resource Estimate (MRE) of 526,000oz, as well as an indicated and inferred 168,000oz MRE for its Montague-Boulder deposit, which was previously explored by Herald Resources between 1988-1993.
With results from the recent RC drilling campaign now received, Gateway Mining announces that it will move forward with further RC drilling, while potential diamond drilling (DD) will be planned to continue unlocking this new mineralisation zone.
Images: Gateway Mining Ltd & iStock
