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- Maiden drilling program delivers further outstanding results
- RC assays returns multiple wide, high-grade gold intercepts
- Emerging substantial, shallow gold system with open-pit potential.
- Geophysical survey planned to commence this month
SQX Resources (ASX: SQX) has identified shallow, high-grade gold potential with the latest results from a maiden drilling campaign at the Red Bird project in Arizona, USA.
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The company has received further exceptional, high-grade near surface assay results from an additional six RC holes in its drilling campaign at Red Bird.
The RC campaign was designed to test the significant epithermal gold system, targeting zones within the known mineralised areas, as well as potential depth and strike extensions.
Executive director, Dr Julian Stephens, said results reported to date paint a picture of thick, high-grade gold mineralisation occurring at or near surface across a growing number of drill sections.
“These results continue to exceed our expectations. What we’re seeing at Red Bird is a wide, high-grade gold system that starts right at surface and extends to depth,” he said.
“Intercepts of 24.4m at 3.1grams per tonne (g/t) gold and 13.7m at 2.9 g/t gold from just 1.5m depth are exactly the kind of results we want to see.
“Importantly, we still have results pending for 11 of our 25 holes. Our IP team mobilises next week to help us understand the potential at depth and along strike. We believe we are still in the early stages of defining what Red Bird could ultimately become.”
The RC drilling program was designed to test the vertical and lateral extent of known mineralised zones within and adjacent to the historical Red Bird mine.
Recent assay results indicate intercepts commencing at surface or within a few metres of surface, supporting the potential for a shallow open-pit mining scenario.
An induced polarisation (IP) geophysical survey is planned to be undertaken at Red Bird commencing this month.
“This will aid in delineating future drill targets at depth and potential new targets along strike. Further detailed underground geological mapping and sampling, particularly of deeper levels not yet accessed, will also be completed,” Dr Stephens said.
An assessment of all regional prospects and alteration zones within the claims area to determine which warrant follow up exploration is also planned.
SQX is down 14.3% to 12.0c. Mkt cap $9.975M.
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