Sihayo Gold (ASX:SIH) reports ‘significant’ gold intercepts from the current drilling program at the Sihayo Starter Project in North Sumatra, Republic of Indonesia.
The latest results are from the completion of a 14-hole 4,736m second stage diamond drilling program, targeting extensions to known ‘deeper high-grade’ gold mineralisation, located below the planned Sihayo Pit.
Sihayo reports the holes are located on the southern end of the proposed Sihayo pit shell. Additionally, the assay results received for 3 holes in the program at Sihayo all returned ‘significant’ gold intercepts.
These results include hole SHDD653 with 50m @ 7.75g/t Au from 215m, including 22m @ 13.14g/t Au from 228m; SHDD651 with 32m @ 4.73g/t Au from 249m, including 18m @ 7.55g/t Au from 263m; and SHDD652 with 10.55m @ 3.09g/t Au from 305m, including 4.55m @ 4.98g/t Au from 311m.
Commenting on the latest results, Sihayo Gold Executive Chairman Colin Moorhead says: “The latest outstanding results from the Sihayo deeper targeted drilling program continue to validate the company’s exploration model for Sihayo.
“The latest outstanding results from the Sihayo deeper targeted drilling program continue to validate the company’s exploration model for Sihayo”
We believe the Sihayo gold deposit, which appears to be strengthening in both grade and thickness at depth, is analogous to the multi-million ounce Cortez Hills gold deposit in Nevada.
With these latest intercepts, we believe there is strong potential to grow the resource and further strengthen the case for an independent underground operation at Sihayo.”
Sihayo reports 6 holes are awaiting assay results, as well as an additional 4 holes for about 1,500m are planned to be drilled in the current program.
The company is currently assessing the potential for an independent underground mining operation at the Sihayo Starter Project. Sihayo states the latest results from the current drilling program validate the company’s exploration model for the deposit and ‘enhance’ the prospects of developing an underground mining operation at the project.
Drilling began in late November 2022 and is expected to be completed in Q2 2023. Additionally, results will be used to update the Mineral Resource Estimate (MRE) and be incorporated into a concept study for an independent underground mine at Sihayo.
Sihayo Gold is a mineral exploration and development company with gold projects in Indonesia. The company owns 75% of its Sihayo Gold Project which is at an ‘advancing’ stage and has a combined mineral resource of 24 million tonnes at 2g/t Au for 1.5 million ounces of contained gold.
Images: Sihayo Gold Ltd
