Join our daily newsletter At The Bell to receive exclusive market insights
- Iceni Gold (ICL) says gold has been identified in diamond drill core from the Everleigh Well target at its 14 Mile Well project near Laverton, Western Australia
- Hole FMDD0032 was drilled to a total depth of 579.8 metres, targeting structures associated with the Castlemaine Fault
- A broad zone of “structural disruption” was intersected and gold was observed at a depth of 224.6 metres
- Assay results are expected at the end of the second quarter, and data collected so far is being analysed to develop and refine future exploration programs
- Shares in Iceni Gold were up 21.74 per cent to $0.14 as of 3:15 pm AEST
Perth-based explorer Iceni Gold (ICL) says gold has been identified in diamond drill core from the Everleigh Well target at its 14 Mile Well project near Laverton, Western Australia.
As part of a broader exploration campaign across several of the project’s seven key areas, the company tested coincident targets associated with the Castlemaine Fault, 30 kilometres of which is covered by the project.
Hole FMDD0032 was initially drilled to a depth of 445 metres, but after geological evaluation was extended to a total of 579.8 metres. It intersected a broad zone of “structural disruption” associated with strong alteration, and gold was observed at a downhole depth of 224.6 metres.
In a statement to the ASX today, Iceni said the location hosts a number of targets that have been developed using a variety of exploration techniques, including geophysics and ultrafine soil sampling.
The company also noted that the observation of native gold is “significant” since it shows that the structures in the area are carrying gold mineralisation.
“The geological observations of structures, alteration and gold associated with sulphides is highly encouraging,” the statement said.
“Further analysis of the drill core from FMDD0032 will be conducted to gain insights into the geology and mineral system present within the Everleigh target area.”
Assay results from the hole are expected at the end of the second quarter, and data collected so far is being analysed to develop and refine future exploration programs.
Diamond drilling remains underway at the 14 Mile Well project’s Claypan area, while aircore drilling is in progress at the Guyer target. Once work wraps up at Claypan, the drill rig will return to Everleigh Well to drill further along strike from FMDD0032.
The 14 Mile Well project consists of a roughly 600-square-kilometre tenement package on the west side of Lake Carey, the majority of which has never been subject to modern systematic geological exploration.
Nearby mines include the Granny Smith Gold Mine 50 kilometres to the northeast, the Sunrise Dam Gold Mine 20 kilometres to the east, and the Mt Morgans Gold Mine 15 kilometres to the northeast.
Shares in Iceni Gold were up 21.74 per cent to $0.14 as of 3:15 pm AEST.
