Join our daily newsletter At The Bell to receive exclusive market insights
Gorilla Gold Mines (ASX:GG8) has climbed +7% in value this morning after lauding a “significant” new shallow gold discovery at the Happy Jack prospect at its Comet Vale project, 97 kilometres north of Kalgoorlie.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The company has been running maiden drilling at the prospect through most of this month and has been rewarded with “an exceptional intercept.”
Standout grades uncovered at the Comet Vale prospect include 21 metres at 11.6 metres per tonne gold from 23 metres, as well as seven metres at 3.4g/t gold from 72 metres along the main Happy Jack trend. A nearby northern structure also boasted 12m at 1.1g/t gold from surface, the company reported.
“What continues to emerge at Comet Vale is just the sheer scale of the exploration opportunity,” company chief Charles Hughes declared.
After Gorilla Gold dug up thick, high-grade gold at Lakeview in late February, the team “realised there’s an opportunity for a much larger, camp-scale gold system” – and has been working hard to confirm that claim ever since.
“Given how lightly explored the rest of the project area has been, there’s clearly a significant opportunity for Gorilla to find a lot more gold… and this drilling [at Happy Jack] is part of the first phase to test that hypothesis,” Mr Hughes said.
“We’ll get back in with the RC rig as a priority, as there is clearly upside here!”
As well as the RC drilling, the explorer is also bringing three diamond rigs onto the site to further its findings and see what else it can dig up.
Those diamond drills will target down-dip mineralisation on the King Kong lode at the Lakeview prospect. Lakeview, Sovereign, Sovereign North, Happy Jack, and Cheer will all be targeted in the RC drilling.
Gorilla’s current program data will then be collected together to underpin an updated Mineral Resource Estimate for Comet Vale. HotCopper understands this should be written up by October; latest due date is December.
GG8 shares have been selling at 40.5c through Thursday morning.
Join the discussion. See what HotCopper users are saying about Gorilla Gold Mines Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
