Santana Minerals (ASX:SMI) reports it has uncovered further ‘high-grade’ gold results at the Bendigo-Ophir Project located on the South Island of New Zealand.
The company says these new results have come from the Rise and Shine (RAS) Deposit from 18,265m of drilling completed since the mineral resource estimate (MRE) upgrade in July.
The project currently contains a global 1.9 million ounce inferred gold resource in 4 Rise and Shine Shear Zone (RSSZ) deposits, which Santana says remain open down-plunge at depth.
The company’s share price had surged by 11.29% to $0.690 as of 1.50pm AWST.
Addressing the results, Santana Minerals Executive Director Dick Keevers says: “I recall that we used to have used this description before; RAS keeps on giving.
The drill core assay results here are mostly in the southern RAS Ridge area, where we have a sweet spot, and include some of the assays for closer spaced drilling as an evaluation of the variability of this ore body, so that we may better understand the geostatistical analysis.
This will enable more confident definition of future MREs, perhaps to indicated resource status.
“With the kind of gold grade and intercept thickness recorded here, it is reasonable to expect some increase in tonnes or ore and ounces of gold for this area”
With the kind of gold grade and intercept thickness recorded here, it is reasonable to expect some increase in tonnes or ore and ounces of gold for this area, as well as from the extensions down-plunge in the northern part of RAS.”
Santana reports assays have been received for 7 RAS southeast drillholes (MDD080 to MDD086) from RAS Ridge within and beyond the limits of the presently defined 1.5km north-northeast trending down-plunge shoot.
New aggregate drillhole intercepts confirm the continuity of ‘high-grade’ RAS southeast mineralisation where closer spaced drilling on 40*40 centres has been completed for geostatic variography in the new RAS MRE upgrade starting in December 2022.
‘Significant’ intercepts recorded by the company include 37.1m @ 9.3g/t Au between 177.9m and 236m in MDD084; 40m @ 6.9g/t Au between 179m and 223m in MDD080; 38.9m @ 5g/t Au between 173.1m and 221m in MDD085; and 31.4m @ 5.1g/t Au between 158.6m and 212m in MDD086.
The company says ‘bonanza’ grades (1m over 10g/t Au) to 121g/t Au ‘typical’ of RAS mineralisation are present in 6 of the 7 drillholes, and these assays illustrate the widespread nature of the ‘high-grade’ mineralisation that encompass the overall RAS Ridge area.
‘Higher grade’ intercepts occur throughout the downhole drill extents, but Santana reports the thickest zones are confined to the upper RSSZ hanging wall shear mineralisation, where ‘high-grade’ continuity between holes is evident in both NS Section E1318100 and EW Section N5017180.
Santana states a total of 18,265m of drilling across 65 holes now includes 10,830m or 32 drillholes at RAS, and the ‘higher grade’ continuity has ‘significant’ near term resource growth potential.
The company also reports a thicker and ‘higher-grade’ mineralised zone is emerging on the eastern flank of the RAS Ridge area which is more significant than modelled in the July MRE.
The project presently contains a global 1.9Moz inferred gold resource (MRE) in 4 Rise and Shine Shear Zone (RSSZ) deposits, which remain open down-plunge at depth. Drilling is continuing to expand resource potential, the company says.
Santana reports particularly thicker and higher-grade mineralised zone is emerging on the eastern flank of the RAS Ridge area, which is more significant than modelled in the July MRE.
The July RAS MRE higher-grade 1.23Moz @ 3.6g/t Au (top-cut, 1.5g/t Au lower cut-off) lies within the overall 1.68Moz @ 1.9g/t Au July RAS MRE (top-cut, 0.50g/t Au lower cut-off).
To date, 21 drillholes since the July RAS MRE Update have significant aggregate intercepts of higher grade and greater thickness than earlier drill holes used in the July MRE.
Santana reports close spaced geostatistical drilling has shown continuity of the ‘high-grade’ mineralisation at RAS Ridge with ‘significant’ near-term resource growth potential for the RAS MRE upgrade commencing in December and will inform optimal drill spacing for raising RAS resources to indicated resource status.
Geological and structural interpretation of RAS Ridge drillholes has improved the understanding of controls on gold mineralisation.
To date 18,265m of new drilling in 65 drillholes have been completed since the July MRE database was closed and drilling continues with 5 rigs at RAS and other deposits along the 30km RSSZ strike extent of the Bendigo-Ophir Project.
Santana Minerals is a precious metal explorer focused on the Bendigo-Ophir Project located on the South Island of New Zealand.
The company also holds the Cuitaboca Silver-Gold Project in Mexico, and the Oh Tron and Snoul exploration licences in Cambodia.
Images: Santana Minerals Ltd & iStock
