- Initial assay results from drilling at Alderan Resources’ (AL8) Detroit project in Utah have verified historical drill holes
- The results come from the first two drill holes of the company’s nine-hole drilling program which aimed to verify and extend remnant oxide mineralisation
- Both holes verified that high-grade oxide gold mineralisation remains below the East and West Pits, with grades peaking at 7g/t gold over 1.6 metres
- With assays pending for the remaining holes, Managing Director Scott Caithness says the initial results provide confidence in the likelihood of further significant gold grades
- Shares are down 4.76 per cent, trading at two cents
Initial assay results from drilling at Alderan Resources’ (AL8) Detroit project in Utah have verified historical drill holes.
The results come from the first two drill holes of the company’s nine-hole drilling program completed in April which aimed to verify and extend remnant oxide mineralisation at both the Drum and Mizpah prospects.
Both drill holes, 9DD22-004 and 9DD22-005, were completed at the northern end of the West Pit, in the historical Drum gold mine.
Hole 9DD22-004 tested the Chisholm formation which hosts the mineralisation in the West Pit, and returned just over six metres at 2.3 grams of gold per tonne (g/t) from surface which the company said verifies historical drillholes.
Grades peaked at slightly more than 7g/t gold over 1.6 metres at the top of the hole.
Hole 9DD22-005 was drilled in the same area, targeting a northeast trending fault. It intercepted 3.2 metres at 2g/t gold which AL8 said also verifies neighbouring historical holes.
“All assays received to date for holes drilled by Alderan at Drum have successfully verified that high-grade oxide gold mineralisation remains below both the East and West Pits,” Managing Director Scott Caithness said.
“It is particularly encouraging that all the drill intersections grade more than 1g/t gold and include greater than five-metre thicknesses of more than 2g/t gold and that the mineralised host unit appears to maintain a gentle southwest dip.”
With assays pending for the remaining holes, Mr Caithness said the initial results give the company confidence in the likelihood of further significant gold grades.
All assays are expected in May and the company has begun planning for the next phase of drilling which is scheduled to begin in August.
Shares were down 4.76 per cent, trading at two cents at 3:58 pm AEST.