- Alderan Resources (AL8) will focus future drilling on the Drum Gold Mine and the neighbouring Mizpah gold prospect, located within its Detroit Project in western Utah
- Mapping, sampling and modelling indicate that Drum and Mizpah have the potential for leachable oxide and primary sulphide gold mineralisation
- Alderan will include Drum and Mizpah drilling in its Detroit program, which is scheduled to recommence next month
- On the market this morning, Alderan is down 15.2 per cent and trading at 2.8 cents per share
Alderan Resources (AL8) has announced it will focus future drilling on the Drum Gold Mine and the neighbouring Mizpah gold prospect, within its Detroit Project in the Drum Mountains region of western Utah, USA.
Drum and Mizpah are distal disseminated gold deposits that are found two kilometres apart to the southeast of the Basin porphyry.
Notably, mapping, sampling and modelling indicate that Drum and Mizpah have the potential for leachable oxide and primary sulphide gold mineralisation.
At Drum, Alderan’s in-pit rock samples assay up to 10.7 grams per tonne (g/t) gold, with 36 of 76 samples assaying above 0.5g/t gold and 22 assaying above one g/t of gold.
While the previous drilling at Mizpah includes gold mineralised intercepts up to 83 metres in length.
Alderan will include Drum and Mizpah drilling in its Detroit program, which is scheduled to recommence next month.
Managing Director Scott Caithness said based on the current results, the company’s Detroit drilling program has been successful in focusing on future exploration.
“Drum and Mizpah are both clear standout prospects with higher gold grades and potential for both oxide and primary gold deposits,” he said.
“Alderan’s modelling of 1980s drill data at Drum and Mizpah indicates combined potential for approximately 82,000 – 167,000 ounces of dominantly oxide gold mineralisation based solely on these drill holes. There is additional upside potential as both deposits remain open and neither have been explored for primary gold mineralisation below the oxide.”
On the market this morning, Alderan was down 15.2 per cent and is trading at 2.8 cents per share at 10:50 am AEDT.