- Ausgold (AUC) has intersected up to 35.4g/t gold from its Katanning Gold Project in Western Australia
- 11 holes were drilled at Jinkas South to target gold mineralisation along strike from previously intercepted high-grade results
- Drilling has extended the Jinkas South lode northward and shown increasing widths down dip from high-grade intercepts
- Mineralisation has been extended a further 100 metres north to now span a total length of 700 metres which remains open
- Ausgold has now started a 25,000 metre reverse circulation (RC) drilling program at Katanning with aims to increase the current resource
- A larger rig has been secured which allows the company to test more quickly and reach deeper depths
- Ausgold is up a healthy 13.2 per cent and shares are currently trading for 4.3 cents each
Ausgold (AUC) has intersected up to 35.4g/t gold from its Katanning Gold Project in Western Australia.
Katanning lies 275 kilometres southeast of Perth and covers over 4000 square kilometres of the Katanning Greenstone Belt in the Yilgarn Craton.
11 holes were drilled at Jinkas South, for 1666 metres, to target gold mineralisation along strike from previously intercepted high-grade results.
Best results include 19 metres at 2.92g/t gold from 121 metres including one metre at 35.4g/t gold and seven metres at 4.09g/t gold from 111 metres including one metre at 24.9g/t gold.
Recent drilling has extended the Jinkas South lode northward and shown increasing widths down dip from high-grade intercepts.
Mineralisation has been extended a further 100 metres north to now span a total length of 700 metres which remains open.
Ausgold has now begun a 25,000 metre reverse circulation (RC) drilling program at Katanning with aims to target high-grade gold mineralisation to increase the current 1.2 million ounce resource.
A larger rig has been secured which allows the company to test more quickly and reach deeper depths.
“New drilling targeting the Jinkas South lode has further extended this zone of high-grade gold and is demonstrating increasing thickness of mineralisation along strike,” Managing Director Matthew Greentree said.
“This newly identified zone of higher grade gold mineralisation has potential to add significantly to the mineral resource estimate planned for Q1 2021 and its geometry will further benefit the project economics,” Matthew said.
“RC drilling at Jinkas South is continuing with results for 17 holes currently pending and drilling continues to extend this broad zone of gold mineralisation north and east of the current resource,” he added.
Ausgold is up a healthy 13.2 per cent and shares are trading for 4.3 cents each at 2:44 pm AEDT.