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Black Horse Mining (ASX: BHL) has achieved early success with its initial program at the historic Mt Egerton project in Victoria, with the first drill results identifying shallow, high-grade gold of up to 17 grams per tonne.
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Early results have also confirmed mineralised spur veins, while the accuracy of the location of historic shaft locations has been significantly increased.
Gold at Mt Egerton was initially discovered in 1853, before it then went on to become one of only eight Victorian gold mines to produce over one million ounces from primary sources. Mined until 1906 when water ingress led to closure, it is one of the few significant historical gold mines in Victoria that has not had extensive recent work after being tied up by a private owner for 25 years.
Black Horse’s MD, David Frances, said first drilling from Mt Egerton have confirmed high-grade, near-surface gold mineralisation and further strengthened the company’s confidence in the project’s structural and geological model.
“Importantly, the program also improved our understanding of the historic workings and likely shaft locations, while the identification of mineralised spur vein zones highlights the broader potential of the system,” he said.
“With assays still pending from additional holes and planning already underway for the next phase of drilling, including deeper holes to test priority targets, we believe Mt Egerton is continuing to demonstrate strong exploration upside.”
Next drilling is expected to get underway this month and will target shaft locations, follow-up results, extend drilling into other known areas of historical results and begin the deeper drilling required to test two leading targets.
Mr Frances said Black Horse’s next drilling campaign will be undertaken by a staged rig capable of obtaining larger diameter core, which will then help the explorer with core recoveries in the conditions encountered in the first program and to enable holes of up to 1000m of HQ core to be drilled.
Initial program hole 26MEDD005 encountered a significant zone of mineralisation over 5.2 metres from 55.5 metres to 61 metres down hole; however, core recoveries through this particular zone were intermittently poor, which then resulted in insufficient sampling material between assayed core.
BHL is down -3.8% to 38cps on Wednesday.
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