North Stawell Minerals (ASX:NSM) says it is encouraged by the east margin of the basalt under the Dalington-Caledonia trend within its namesake project in Victoria, seeing ‘high grade’ gold potential after completing a surface geochemistry campaign.
CEO Campbell Olsen says the company conducted a surface geochemistry program to better understand the surface extent over a large area with low-cost methods, in conjunction with a drilling campaign.
“The soil sample geochemistry highlights the relationship between the historic Darlington Mine and the new mineralised areas identified in holes NSD057 and NSD058,” Olsen says.
“The geochemistry supports additional step-out drill holes from the maiden high grade gold intercept at Darlington. The program extended beyond the successful test-line to include a more comprehensive grid on 25m by 50m centres, confirms and refines the surface trace of mineralisation and identifies a possible structural offset.
“These positive results warrant additional soil sampling programs along the 3.6km of the Darlington-Caledonia trend targeting near-surface gold mineralisation.
“Increasingly, multiple strands of evidence indicate potential for high grade mineralisation on the Darlington-Caledonia trend, with high grade gold results and high grade historic mining recognised along the east margin of the basalt beneath the Darlington-Caledonia trend.”
As reported by Mining.com.au, North Stawell is conducting a placement to raise $500,000, strengthening the company’s position to deliver on Darlington exploration.
The North Stawell Project comprises a 455km2 contiguous package including a structural corridor north of Stawell Gold Mines’ operation in Stawell.
Write to Maddison Elliott at Mining.com.au
Images: North Stawell Minerals
