Join our daily newsletter At The Bell to receive exclusive market insights
- Junior miner Sihayo Gold (SIH) has spiked on the ASX today after the latest round of drilling results from its Hutabargot Julu gold prospect in Indonesia
- The company has now received assays for 19 out of the 25 diamond holes drilled at the prospect
- The latest batch of eight assays, announced today, showed gold hits in all but one of the holes, with several holes showing multiple intercepts
- While Sihayo is still waiting for the final six assays, management said the results so far suggest there is a large mineralised system at Hutabargot Julu
- The company is already planning the next round of drilling in the area, with 10 holes to be drilled for 2000 metres at the Sihorbo vein structure
- This next program is expected to begin within two weeks and take three-to-four months to complete
- Shares in Sihayo Gold are trading 33.33 per cent higher this afternoon at 1.6 cents each
Sihayo Gold (SIH) has spiked on the ASX today after the latest round of drilling results from its Hutabargot Julu gold prospect in Indonesia.
The prospect is part of the wider PT Sorikmas Mining Contract of Work (CoW) in Indonesia’s North Sumatra region. So far, Sihayo has received assays for 19 diamond holes out of a 25-hole program in the area.
The latest batch of eight assays, announced today, showed gold hits in all but one of the eight holes, with several showing multiple intercepts.
Some of the best results come from a hole dubbed HUTDD074, which returned results like a nine-metre hit at 8.36 grams per tonne of gold and 9.3 grams per tonne of silver from eight metres, which itself included a 1.2-metre zone grading a whopping 48.4 grams per tonne of gold and 23.7 grams per tonne of silver.
The same hole also returned five other significant intersections from surface to 141 metres below depth.
While Sihayo is still waiting for the final round of assay results, Executive Chairman Colin Moorhead said the first phase of drilling at Hutabargot Julu has proven the company’s exploration model for the prospect.
“These latest results clearly demonstrate the presence of a large mineralised system at Hutabargot Julu that appears to strengthen to the west in near-surface drilling,” Colin said.
“As our understanding of the geology at the prospect continues to improve, we have identified follow up targets and we will commence drilling these imminently,” he said.
Looking ahead
While awaiting the final round of assay’s from the Hutabargot Julu drilling, Sihayo is already planning the next round of drilling at the prospect.
The company will drill another 10 holes for 2000 metres at the Sihorbo vein structure on the far western side of the prospect.
This program will follow up the limited drilling taken on at the Sihorbo vein by Sihayo in 2013, which returned two high-grade gold intercepts.
The company said this upcoming bout of drilling is expected to begin within the next two weeks and will take around three-to-four months to complete.
Sihayo holds a 75 per cent interest in PT Sorikmas Mining, which in turn owns the CoW that holds the Hutabargot Julu prospect. The other 25 per cent of the CoW is owned by Indonesian mining company PT Aneka Tambang Tbk.
Sihayo Gold shares more than doubled in early action on the ASX today but have since pared back to trade 33.33 per cent higher at 1.6 cents each at 2:05 pm AEDT.
