Shares in Iceni Gold (ASX:ICL) have rocketed more than 300% today off the back of a new gold discovery at the Christmas Gift prospect of the 14 Mile Well Project in Western Australia.
Shares in Iceni were trading at $0.098 per share as of 3:10pm AEST.
The $5.67 million market capitalisation company has identified multiple gold-bearing quartz veinlets during fieldwork at the project. The veinlets were uncovered in a narrow, sheared basalt-interflow sediment contact.
Previous high-grade rock chip assays posted from the outcropping veinlets in July 2023 include 3,880 grams per tonne (g/t) gold. This result followed the return of multiple gold grades upwards of 14,000g/t, including a peak result of 18,207g/t gold.
The structure has been exposed over an approximate 20m strike length that is open and represents a focal point at the Everleigh area of 14 Mile Well.
Iceni noted that gold collected by prospectors from a crushed bulk sample of the ore-bearing rock, including quartz veinlets from the sample trench, has produced a 9.5-ounce gold doré bar.
A proposed multi-hole diamond drilling program to evaluate the down-dip position of the Christmas Gift shear is being planned, with drilling slated to begin in the June quarter.
Drilling will also test the possibility of parallel gold-bearing structures within the hanging wall and footwall basalt.
Managing Director Wade Johnson says the additional fieldwork provides the company with a geological model it can implement in further exploration across the Everleigh Well.
“The shallow excavation and sampling activities at Christmas Gift exposing the rich gold-bearing quartz veinlets within the shear zone is an exciting development for the company,” Johnson says.
“The strike length of the structure is open, drill sites have been prepared and we are looking forward to commencing drilling shortly to evaluate the down-dip extent of the structure and rapidly advance this priority target.”
Iceni’s discovery comes amid a record-breaking gold market, with gold having sat consistently above $3,000 per ounce since November 2023 and achieving a new all-time high of just under $3,764 per ounce in April 2024, according to the ABC Bullion.
Since then, gold has dropped down to just over $3,529 per ounce as of today.
Iceni Gold’s 14 Mile Well project sits in the Laverton Greenstone Belt of Western Australia, midway between the gold mining towns of Leonora and Laverton, and within 75km of multiple operating gold mills.
The project comprises 900km2 of tenements, making Iceni one of the largest landholders in the district.
Write to Adam Drought at Mining.com.au
Images: Iceni Gold
