Join our daily newsletter At The Bell to receive exclusive market insights
- Ausgold (AUC) has received fresh results from a reverse circulation (RC) drilling campaign on the Jinkas South lode in WA
- 30 RC holes were drilled on the Jinkas South lode and intersected gold mineralisation a further 600 metres north from previous high-grade results
- This indicates the Jinkas South lode has a total strike length of 1.3 kilometres
- Of the 30 holes drilled, grades peaked at 9.43g/t gold
- A diamond drill rig is now being mobilised to site to target deeper areas of mineralisation and provide samples for testing
- Ausgold is up 5.45 per cent, with shares currently trading for 5.8 cents
Ausgold (AUC) has received fresh results from a reverse circulation (RC) drilling campaign on the Jinkas South lode in WA.
Jinkas South is part of Ausgold’s Katanning Gold Project (KGP) which lies 275 kilometres southeast of Perth in Western Australia.
30 RC holes, for 5424 metres, were drilled on the Jinkas South lode and intersected mineralisation a further 600 metres north from previous high-grade results.
This has shown that the Jinkas South lode has a total strike length of 1.3 kilometres.
Best new results include nine metres at 3.52g/t gold from 213 metres, including three metres at 9.43g/t gold, and 14 metres at 1.45g/t gold from 100 metres including two metres at 8.28g/t gold.
“The Jinkas South lode is proving to be a significant addition to the project with grades significantly higher than the current resource extending over 1.3 kilometres,” Managing Director Matthew Greentree said.
“This new drilling significantly extends the high-grade gold mineralisation within the Jinkas South lode, which we anticipate will further add to the resource upgrade planned for Q1 2021 and benefit the projects economics,” he added.
A diamond drill rig is now being mobilised to site, where up to 5000 metres of drilling will be undertaken to target deeper areas of the mineralisation and provide samples for testing.
A downhole electromagnetic survey is currently being completed on the recent RC holes at Jinkas South in a bid to target further high-grade gold mineralisation.
Ausgold is up 5.45 per cent, with shares trading for 5.8 cents at 10:25 am AEDT.
