Join our daily newsletter At The Bell to receive exclusive market insights
- Westgold Resources (WGX) begins drilling at its Great Fingall Deeps project near Cue in Western Australia
- Around 10,000 metres of drilling is planned from three “parent holes”, each with multiple “daughter holes” to provide a further ten drill intersections of the Fingall Reef system
- Westgold is looking to test a further 250 metres of down-plunge mineralisation with the hopes of gaining greater certainty of the deeper gold resources
- This round of work is expected to take around four months to complete, as part of the company’s “measured and systematic” approach to its evaluation work
- WGX shares are down 1.88 per cent to 79 cents at 10:32 am AEDT
Westgold Resources (WGX) has begun drilling at its Great Fingall Deeps project near Cue in Western Australia.
Drilling at the project to date has defined mineral resources of 1.11 megatons at 8.52 grams per tonne (g/t) gold for 305,000 ounces.
The majority of the mineral resources are located within a 300-metre continuation of a westerly-plunging reef system below the base of historic workings.
In 2019, WGX confirmed with a deep exploration drill hole that the resource remained open down-dip and plunge.
Now, Westgold is looking to test a further 250 metres down plunge with the hopes of gaining greater certainty of the deeper gold resources.
Around 10,000 metres of drilling is planned from three “parent holes”, each with multiple “daughter holes” to provide a further ten drill intersections of the Fingall Reef system.
Westgold said it expected this work would take around four months to complete as part of a “very measured and systematic approach” to its evaluation work, according to Managing Director Wayne Bramwell.
“The size of the prize here is large, as Great Fingall is a key pillar of our growth strategy,” Mr Bramwell said.
“It targets production of more high-grade tonnes from our portfolio into FY24 to enhance our profitability, and we look forward to announcing results from this program as they become available.”
WGX shares were down 1.88 per cent to 79 cents at 10:32 am AEDT.
