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- Silver City Minerals (SCI) has begun a major soil sampling program across two high priority prospects within the Austin Gold Project in WA
- This soil sampling program will be carried out across the Ted and Shadow prospects to identify follow-up targets
- Ted is considered prospective for surface gold while Shadow is considered prospective for the same trend that helped in the identification of Musgrave Minerals’ (MGV) Starlight discovery
- To aid in the drill target definition, Silver City is also reprocessing airborne magnetic data and will undertake regolith mapping
- Silver City has ended the day 8.33 per cent in the red with shares trading at 3.3 cents
Silver City Minerals (SCI) has begun a major soil sampling program across two high priority prospects within the Austin Gold Project.
The company recently acquired an 80 per cent interest in the WA project after entering a binding share sale and joint venture (JV) agreement with Gardner Mining.
To acquire the 80 per cent interest, Silver City issued 300 million fully paid shares to Gardner at 1.5 cents a pop.
Both companies then formed a JV to undertake exploration and development.
This soil sampling will be carried out across the Ted and Shadow prospects and Silver City will aim to identify follow up targets.
Ted
The Ted Prospect was chosen because previous work identified at least three extremely rich areas of surface gold.
These areas were then bulk sampled with veins measuring between three to four centimetres in length identified.
One of the areas was then sampled further and up to 57.1g/t gold was returned.
Silver City believes the Ted Prospect is extremely prospective for high-grade gold-bearing structures.
Around 720 samples will be collected and once analysed, the results will be used to aid in drill target definition.
Shadow
The Shadow Prospect is considered extremely prospective for the same trend that helped in the identification of Musgrave Minerals’ (MGV) Starlight discovery.
Previous due diligence at the prospect indicated the presence of widespread gold nuggets throughout the area.
Furthermore, field work has identified an outcrop of granite with thin quartz veins as well as anomalous levels of gold, silver, bismuth and pathfinder elements.
Silver City will undertake soil sampling across a 6000-metre-by-5000-metre area and will use the results to aid in drill target definition.
To aid in the drill target definition, Silver City is also reprocessing airborne magnetic data and will undertake regolith mapping.
Silver City has ended the day 8.33 per cent in the red with shares trading at 3.3 cents in a $19.92 million market cap.
