Kalamazoo Resources (ASX:KZR) is planning to follow up on ‘encouraging high-grade’ rock chip samples after assays returned up to 74g/t Au at the Mt Piper Gold Project in Central Victoria.
The $21.71 million market capitalisation company will conduct further field mapping and rock chip sampling along with a detailed grid soil sampling program at the Goldie North prospect in the project area.
Further, 3D structural modelling and the interpretation of gold-mineralised structures will take place as the company works to obtain permitting for additional low-impact exploration activities.
These activities will help the company work towards advancing the project to a drill-ready status.
Shares in Kalamazoo Resources were up 11.11 per cent to $0.15 at 12:10pm AEST.
This announcement comes after Kalamazoo collected several rock chip samples from waste dump rocks closely associated with historical workings at the Goldie North.
Kalamazoo reports 3 samples returned ‘exceptional’ results, including 74g/t Au, 72g/t Au and 42g/t Au. A further 8 samples returned results ranging between 16.8g/t Au to 8.4g/t Au.
Kalamazoo says while investigations are ongoing, the ‘high-grade’ mineralised samples are coincident with the historical mine workings that appear to be associated with an interpreted 60m-long north-northwest-striking tensional link structure between 2 northeast striking structures.
The Mt Piper Gold Project lies adjacent to Agnico Eagle Mines’ (NYSE:AEM) large exploration land tenure and 30km from the Fosterville gold mine in Central Victoria.
Kalamazoo Resources is an exploration company focused on its portfolio of ‘high-quality’ gold and lithium projects in Victoria and the Pilbara region of Western Australia.
As of 30 June 2023, the company had $1.569 million cash and cash equivalents at hand, according to its latest quarterly report published on 31 July 2023. On July 28, Kalamazoo announced it had received firm commitments to raise $1.5 million through a share placement, with new shares to be priced at $0.13.
Write to Aaliyah Rogan at Mining.com.au
Images: Kalamazoo Resources Ltd
