Multi-commodity explorer Askari Metals Ltd (ASX:AS2) has released an exploration target of between 176,000 and 323,000 ounces at its Burracoppin Gold Project in Western Australia, based on estimations from various prospects in the area, with this being separate from the project’s current mineral resource estimate (MRE).
The target’s total numbers are set at 8.212 million to 11.121 million tonnes at an average grade of 0.67 to 0.91 grams per tonne of gold for 176,000 to 323,000 ounces at a cut-off grade of 0.3 grams per tonne.
Located 15 kilometres from Ramelius Resources’ (ASX:RMS) Edna May Gold Mine in WA’s Wheatbelt, Burracoppin holds an MRE of 1.32 million tonnes at 1.52 grams per tonne (capped) for 64,600 ounces of contained gold using a 0.85 gram per tonne cut-off grade.
The data was yielded from estimates across the project, including depth extensions to known mineralisation, strike extension to known mineralisation and additional gold mineralisation defined along similar geological contacts.
Askari Managing Director Gino D’Anna said that setting this target was another milestone in development of the project.
“The Burracoppin Gold Project continues to develop into a significant and advanced gold exploration project in the enviable mining jurisdiction of Western Australia, close to the producing Edna May Gold Mine,” he said.
“A JORC (2012) Exploration Target of up to 323,000 ounces of gold underpins the significant upside that exists at the project.
“We recently delivered an inaugural JORC (2012) MRE at Burracoppin of ~65,000 ounces of contained gold at a grade of 1.52 g/t Au, using a 0.85 g/t Au cut-off grade.
“The achievement of these critical milestones demonstrates the pathway at Burracoppin and supports its continued exploration and development.”
Askari’s shares have moved upwards on the news, sitting at 4.5 cents at 12:07 AEDT, a rise of 12.5 percent since the market opened.