Join our daily newsletter At The Bell to receive exclusive market insights
- Golden Mile Resources’ (G88) shares have soared over 88 per cent after discovering a wide zone of high-grade mineralisation
- The company has almost completed a 3500-metre aircore drilling program at the Wanghi prospect, which is part of the Benalla Project in WA
- Pleasingly, exploration has returned high-grade gold results and also identified a previously unrecognised structural gold trend
- This exciting new target will be followed up with reverse circulation drilling after the upcoming Easter break
- Golden Mile’s shares have soared 88.5 per cent on the back of this news and are trading at 9.8 cents
Golden Mile Resources (G88) has intersected a wide zone of high-grade mineralisation at the Wanghi prospect, within the Benalla Project in WA.
An aircore drilling program began late last month and aimed to test extensions of previous broad, shallow high-grade gold intersections.
So far, 81 holes, for 3000 metres, have been drilled out of the total planned 3500 metres.
Latest and best results include 33 metres at 1.6g/t gold from 48 metres including 16 metres at 2.95g/t gold from 61 metres, three metres at 2.74g/t gold from 15 metres and four metres at 0.51g/t gold from 36 metres.
“These are exciting results for the company. We intersected further wide zones of strong gold mineralisation in fresh rock at Wanghi, and the recognition of important structures controlling mineralisation provides an important new targeting tool for the follow-up reverse circulation drilling planned next month,” Managing Director James Merrillees said.
In addition to these results, geological mapping at the prospect identified a structural gold trend that was previously unrecognised.
The company believes this structural zone presents an exciting new target for testing with reverse circulation (RC) drilling expected to begin next month.
Further, Golden Mile has re-assayed samples from a drilling program completed last year.
The original results were reported from four-metre composites which have now been resampled on one-metre intervals to examine the potential for high-grade zones.
Pleasingly, a new result of four metres at 3.86g/t gold from 28 metres has been reported. This compares favourably with the intersection in the four metre composites of four metres at 3.15g/t gold from 28 metres and including one metre at 10.6g/t gold.
RC drilling will begin after the Easter break to test the newly identified structural zone at Wanghi as well as several other prospects at Benalla.
Golden Mile’s shares have soared 88.5 per cent on the back of this news and are trading at 9.8 cents at 11:52 am AEDT.
