Join our daily newsletter At The Bell to receive exclusive market insights
- Cauldron Energy (CXU) intersects high-grade gold at the Blackwood gold project in Victoria
- Drilling is focusing on the Annie Laurie reef to gain a better understanding of the nuggety and narrow-vein nature of the gold within the lode systems
- Grades have so far peaked at 20.1 g/t gold with results pending for a further two holes
- Drilling is continuing with aims to expand and demonstrate the full potential of the goldfield over time
- Shares in Cauldron are up 22.2 per cent and trading at 1.1 cents at 2:29 pm AEST
Shares in Cauldron Energy (CXU) were up more than 20 per cent today after the company intersected high-grade gold at the Blackwood gold project in Victoria.
Drilling is focusing on the Annie Laurie reef with an aim to better understand the nuggety and narrow-vein nature of the gold within the lode systems.
Previous underground sampling of past workings identified high-grade intervals which helped Cauldron’s interpretation of potentially high-grade plunging shoots.
Best results came from hole BKD014 which intersected 0.6 metres at 20.1 grams per tonne (g/t) gold from 20.8 metres.
Further, hole BKD011 intersected 0.35 metres at 1.06 g/t gold from 19.5 metres while hole BKD012 intersected the target but missed the gold shoot.
Samples from holes BKD013 and BKD015 are at the Bureau Veritas laboratory, with results pending.
Drilling is continuing to expand and demonstrate the full potential of the goldfield over time.
“We are excited about finally being able to demonstrate the high-grade potential at Blackwood, and the result is recognition of the effort of our small, but dedicated team who have persevered through a number of operational challenges,” Executive Director Simon Youds said.
“This drilling program is the first step in understanding the deportment of gold in the high-grade plunging gold shoots at Blackwood, which will then inform our exploration model and strategy going forward to prove up the true size potential of this goldfield.”
Shares in Cauldron were up 22.2 per cent and trading at 1.1 cents at 2:29 pm AEST.
