Antares Metals hits shallow gold in test of anomaly at Enterprise in WA

• First assays from maiden aircore program at Quinns project
• Testing high-grade Venture and Enterprise targets
• All six aircore holes drilled south of historical drilling intersected gold
• First 10 holes across the western part of Venture anomaly intersected anomalous near-surface gold

Antares Metals (ASX: AM5) has identified gold in assays from the first 16 holes of its 52-hole AC drilling program at the Quinns gold and copper-zinc VMS project in Western Australia.

Drilling south of the historic Enterprise gold mine intersected gold from surface in every hole and confirmed quartz vein hosted gold at shallow depth, extending the known mineralised footprint on Mining Lease M51/19, where AM5 is earning a 90% interest.

At the adjacent Venture prospect, the first line of drilling has confirmed anomalous gold beneath the western part of the soil anomaly, with assays from the higher-grade portion of the soil anomaly still to come.

“Completing our first drilling at Quinns is an important milestone for Antares,” MD, Terry Topping, said.

“The team has put 57 holes and completed more than 2,100 metres into two of our highest-priority targets, the ground around the historic Enterprise Mine and the Venture soil anomaly.

“These first results show shallow gold extending south of Enterprise and we look forward to reporting the remaining Venture assays and the Enterprise infill results as they are received.”

Six holes were drilled on an east-west line south of historical drilling at Enterprise, testing the southern extensions of the known mineralisation on M51/19. Significant intersections from 3.0m composite sampling include 6.0m at 3.11 grams per tonne (g/t) gold from surface, including 3.0m at 4.43 g/t from 3.-m associated with ferruginous clays and 4.0m wide quartz vein. Other hits included 3.0m at 3.33 g/t from 12m on the lower contact of a 2.0m wide quartz vein and 3.0m at 0.98 g/t from 21m associated with a massive quartz vein.

Anomalous gold was also intersected from surface in all six holes, associated with ferricrete, clays and

minor quartz veining, including 3.0m at 0.60 g/t and 3.0m at 0.82 g/t.

Mr Topping said these results indicate potential for near-surface lateritic gold mineralisation within the top 6.0m from surface.

The Enterprise prospect hosts a series of historic workings within M51/19 that were previously drilled by St Barbara Mines and Silver Swan Group.

Venture is a 600m by 250m gold-in-soil anomaly located approximately 200m south-east of Enterprise, with peak soil values of 1,570 parts per billion (ppb) and 500 ppb. The first ten aircore holes were drilled on a single east-west line across the western part of the anomaly.

Mr Topping told shareholders the presence of gold, quartz veining and BIF beneath cover at Venture indicates the soil anomaly reflects a genuine gold source rather than surface dispersion and that potential mineralising structures may extend at least 200m south from the known Enterprise workings.

On completion of the aircore program, Antares will integrate results into follow-up RC drill targeting the quartz vein hosted mineralisation.

AM5 was steady at 0.4¢. Mkt cap $3.424M.

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