- 3D Resources (DDD) commences its drilling program at its Adelong gold project in New South Wales to finalise its Scoping Study
- The drill program consists of 19 holes for 2,000 metres at the Caledonian and Gibraltar deposits
- The main focus is to test the Caledonian Deposit and to upgrade inferred resources to a higher classification
- The company expects the increases in gold price to have a positive impact on its Scoping Study
- Shares are up 16.7 per cent to 0.4 cents
3D Resources (DDD) has commenced its drilling program at its Adelong gold project in New South Wales to finalise its Scoping Study.
The drill program consists of 19 holes for 2,000 metres at the Caledonian and Gibraltar deposits.
The main focus is to test the Caledonian deposit and to upgrade inferred resources to a higher classification.
At the Gibraltor mine, the company will conduct an initial reconnaissance program to test prospective areas.
The initial Scoping Study, released in November, showed the economic viability of the project at the gold price of the time of US$1,850 (A$2,570) per ounce from 40 per cent of the current JORC Resources.
This drill program will finalise the scoping study and assess the project’s economics.
The company said with an increased gold price, the project is becoming increasingly attractive.
“We are pleased to restart drilling at Adelong and to finalise work on the Caledonian deposit which has the potential to add significantly to the economic returns from the Scoping Study,” Managing Director Peter Mitchell said.
“This program will also test the Gibraltar area which has significant exploration potential that is largely unexplored since drilling stopped on this area in 1998.
“The proposed 6-hole program tests just a few of the many geological/geophysical targets and known mineralised structures.
“With the recent large increase in the gold price, Adelong is shaping up nicely and we are pleased to start our exploration campaign to expand our resource base, now that the Scoping Study is largely completed.”
Shares were up 16.7 per cent to 0.4 cents at 12:20 pm AEDT