- Austin Metals (AYT) receives results from surface sampling, geophysical programs and drilling being undertaken at its namesake project in WA
- A 14-hole drilling program was recently completed at the Brunswick Hill Prospect to acquire information to better understand and explore the area
- Preliminary results have been received with grades to far peaking at 8.9g/t gold
- An induced polarisation survey was also undertaken at the Brunswick Hill, Mt Sandy and Shadow prospects with work identifying multiple anomalies
- Shares in Austin are down 11.5 per cent on the market and are trading at 2.3 cents
Austin Metals (AYT) has received results from surface sampling, geophysical programs and drilling being undertaken at its namesake project in Western Australia’s Murchison region.
The company, formally known as Silver City Minerals, recently completed a 12-hole reverse circulation (RC) and two-hole diamond drilling program at the Brunswick Hill Prospect.
The aim of this drilling was to focus on two areas of known gold mineralisation with aims to acquire information to better understand and explore the area.
Preliminary results have been received from all RC holes with a peak grade of one metre at 8.9 grams of gold per tonne (g/t) from 64 metres.
Other results include four metres at 1.3g/t gold from 56 metres, four metres at 1.1g/t gold from 52 metres and eight metres at 1g/t gold from 90 metres.
Results for the two diamond holes are pending and are expected shortly.
In addition to the drilling, Mappitt Geosolutions and Vortex Geophysics were hired to undertake an induced polarisation (IP) survey across the Brunswick Hill, Mt Sandy and Shadow prospects.
The aim of the survey was to identify dispersed pyrite sulphide, silica alteration and veining at each prospect.
Work at Brunswick Hill identified at least five chargeability anomalies more than 100 metres in diameter and have never been drill tested.
Historical gold-in-soil anomalies of more than 10 parts per billion (ppb) gold confirmed these targets are highly prospective for gold mineralisation.
Results have been received from a combination of RC and diamond drilling undertaken at the Sandy Prospect to intersect veins and small pits to the north.
Best results include one metre at 1.5g/t gold from 18 metres, four metres at 0.26g/t gold from 23 metres and one metre at 0.25g/t gold from 16 metres.
At the Shadow Prospect, four significant gold-in-soil anomalies extending over for over three kilometres were identified.
Additionally, assays are pending for 168 aircore holes that were drilled to test the soil anomalies and where significant quartz veining has been identified.
Further, rock chip sampling was also undertaken at the Old Granites Prospect to investigate the gold-bearing veins at surface.
The results are encouraging and support a 1.3-kilometre trend of gold mineralisation with peak gold grades of 15.3g/t.
Director Leo Horn said the company is pleased with the results.
“We are very pleased the Company continues to identify high grade gold as well as further drill targets throughout the Austin Gold Project in what is really the first genuine exploration program across the project,” Mr Horn commented.
“The results of our ongoing work programs are highly encouraging which gives us great confidence in our exploration methodologies that we believe are ultimately leading to a breakthrough discovery.”
Shares in Austin were down 11.5 per cent on the market and were trading at 2.3 cents at 11:58 am AEDT.