Great Divide Mining (ASX:GDM) seeks to update its Mineral Resource Estimate (MRE) for the Yellow Jack Project in Queensland after posting the final assays from its 2023 drilling campaign.
Chief Executive Officer (CEO) Justin Haines says the company is conducting a full 3D interpretation of the Yellow Jack gold system, which is anticipated to be completed in the coming weeks.
“[We] are now well placed to consider an update of our previously announced JORC MRE of over 51,000 ounces of contained gold at Yellow Jack.”
Today (12 January 2024), Great Divide, which has a market capitalisation of $12.59 million, reports the recent results indicate that the gold mineralisation is open along strike and at depth, as well as having pockets of ‘higher grades’.
Assay results from 3 diamond drillholes include hole 23YJDD219 with 12m @ 2.70 grams per tonne (g/t) gold (Au) from 25m, including 6m @ 4.15g/t Au from 30m; and hole 23YJDD217 with 6.2m @ 1.1g/t Au from 80m.
The company says diamond drilling assay results complement ‘encouraging’ reverse circulation (RC) drilling assay results that were received in December 2023.
Haines says: “Gold mineralisation is of higher concentration in certain areas and extends further along strike and at depth than initially anticipated.”
The latest drilling campaign comprised 20 holes for 1,820m of RC drilling and 250m of diamond drilling. The campaign was designed to confirm historical drill results and test resource extension at depth and along strike.
Great Divide Mining is a gold, antimony, and critical metals explorer in Queensland. The company has 4 assets across 12 tenements.
As of 30 September 2023, the company had $3.638 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Divide Mining
