Kingsgate Consolidated’s (ASX:KCN) Thai subsidiary Akara Resources has found more gold through reverse circulation (RC) drilling conducted at the Chang Puek prospect in Thailand.
The $318.32 million market capitalisation company says the latest drilling results indicate a contiguous zone in the Chang Puek prospect with the mineralisation similar to Akara’s Chatree Gold Mine.
Mineralisation intersected comprises quartz carbonate-pyrite veins and hydrothermal breccias within silicified rhyolitic tuff host rocks.
Kingsgate reports Bangkok-based company Akara Resources received some ‘significant’ intercepts including hole 7723RC with 9m @ 2.81 grams per tonne (g/t) Au from 61m to 70m; and hole 7728RC with 2m @ 1.42g/t Au from 77m to 79m and 20m @ 3.87g/t Au from 112m to 132m, including 4m @ 17.89g/t Au from 126m to 130m.
Kingsgate Managing Director and Chief Executive Officer (CEO) Jamie Gibson says the latest results confirm the company’s strategy that there are contiguous zones to the south-east of Chatree.
“The original hole in the Chang Puek prospect identified there was mineralisation in a previously unexplored area and these additional holes confirm that it remains open at depth.
“We will continue to focus our efforts along this corridor into 2024, as we look to confirm an extension of the existing Chatree system“
We will continue to focus our efforts along this corridor into 2024, as we look to confirm an extension of the existing Chatree system.”
This latest exploration activity is part of Akara’s exploration strategy, which is focusing on a near mine south-eastern corridor within the approved Special Prospecting Licence areas in the Phetchabun Province.
Kingsgate Consolidated is the owner of the ‘largest’ gold mine in Thailand, namely the Chatree Mining Complex through its Thai subsidiary of Akara Resources.
Since operations began in 2001, Chatree has produced 1.8 million ounces of gold and nearly 8 million ounces of silver.
As of 30 September 2023, the company had $4.5 million cash at hand, according to its latest quarterly report. Kingsgate notes this does not include $3.8 million of bullion and $5.4 million in unrefined gold/silver.
Write to Aaliyah Rogan at Mining.com.au
Images: Kingsgate Consolidated
