Perth-based explorer Westar Resources (ASX:WSR) has returned ‘high-grade’ gold results of up to 21.8 grams per tonne (g/t) from maiden reverse circulation (RC) drilling at the Olga Rocks Project in Western Australia.
The company says it is ‘encouraged’ by these results and notes mineralisation remains open along strike and at depth.
Therefore, Westar announces it has already moved forward with analysis work in order to usher in a further drilling program due to begin in Q3 2023, pending appropriate approvals.
Westar notes gold intercepts were returned from 4 of 14 RC holes that primarily targeted lithium mineralisation, with lithium assays pending. Drilling has also confirmed historical intercepts and has led the company to areas of interest never tested before.
Key new results include hole OLRC013 with 3m @ 7.5g/t gold (Au), including 1m @ 21.8g/t Au, from 57m; hole OLRC014 with 12m @ 3.5g/t Au, including 4m @ 9.9g/t Au, from 88m; and hole OLRC008 with 4m @ 3.7g/t Au from 112m.
The maiden drilling comprised 14 RC holes for a total of 1,460m and was designed to test for lithium-caesium-tantalum (LCT)-style mineralisation in fractionated pegmatites.
Shares in Westar Resources were up 8.33% to $0.052 at 11:55am AEST. The company has a market capitalisation of $9 million.
Speaking on the results, Westar Resources Executive Director Lindsay Franker says: “Westar is excited to successfully intercept high-grade gold over significant thicknesses with our maiden RC program at Olga Rocks. With the validation of gold at Olga Rocks, Westar is planning the next phase of drilling to further test the gold potential within the prospective high-iron basalt units running through the tenement package.
“Westar is excited to successfully intercept high-grade gold over significant thicknesses with our maiden RC program at Olga Rocks”
Whilst awaiting the imminent lithium assays, Westar geologists will continue to advance exploration targeting for buried pegmatites across the Olga Rocks tenure.”
Westar Resources is a mineral explorer focused on the discovery and development of high-quality precious and future metal assets in Western Australia.
The company’s Olga Rocks Project is located within the ‘world-class’ Southern Cross Greenstone belt.
Westar had $1.24 million cash on hand at the end of March 2023, as stated in its latest quarterly report released on 28 April 2023. However, the company secured just under $2.8 million through an entitlement offer in May.
Write to Adam Drought at Mining.com.au
Images: Westar Resources Ltd
