Gold and base metals explorer Solstice Minerals (ASX:SLS) has begun aircore (AC) drilling at its Yarri Project in Western Australia to investigate new ‘stand-alone scale’ gold targets.
The $13.53 million market capitalisation company says both the Bunjarra and Kildare targets lie in established, ‘highly endowed’ greenstone belts and are well supported by favourable geology, as well as drill intersected gold mineralisation along strike.
The planned program comprises some 70 holes for about 5,000m of drilling, and is expected to take around 2 weeks to complete.
The company notes drilling represents part of an ongoing strategy to test new targets, typically within structural positions where shallow transported soil cover has prevented effective historical exploration.
Solstice says its geological team is continuing an active field exploration, compilation and target validation push to bring forward the next tier of high quality targets for prioritisation and first-pass drill testing.
It is the company’s belief this will lead to the identification of new gold systems in underexplored structural and lithological target areas, particularly below the widespread transported cover at the Boyce, Lake Roe, Ponton, and Wallbrook East prospect areas.
Further heritage clearances are planned in coming months.
“Solstice has a terrific landholding at Yarri covering structural corridors with proven endowment and pathways to production“
Commenting on the start of drilling, Solstice Minerals Chief Executive Officer (CEO) and Managing Director Nick Castleden says: “Solstice has a terrific landholding at Yarri covering structural corridors with proven endowment and pathways to production.
Our compilation work is highlighting areas where past exploration may have found ‘smoke’ but has not effectively tested along-strike positions. Typically, these targets are under shallow transported cover and suitable for cost-effective aircore testing. We prioritise targets that have space to fit a stand-alone scale gold system and it is always exciting to be doing this style of high-impact first-stage exploration work.”
Solstice Minerals is an explorer with gold and base metals projects in the Eastern Goldfields of Western Australia.
The company’s Yarri project is located in Western Australia and comprises both the Bunjarra and Kildare gold targets, which are situated about 70km northwest of its 177,000 ounce Hobbes gold deposit.
Solstice Minerals had $10 million cash at hand and no debt as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Solstice Minerals