Join our daily newsletter At The Bell to receive exclusive market insights
- Australasian Gold (A8G) receives results from its maiden diamond drilling program at its May Queen Gold Project in Queensland
- Diamond drilling and rock chip sampling have intersected highly encouraging results, indicating potential of a gold-copper porphyry system
- Drilling grades peaked at 9.39 grams of gold per tonne (g/t) while sampling grades peaked at 2.66g/t gold and 3.43 per cent copper
- A8G plans to undertake geophysical surveys to define potential silica-rich areas and surface mapping and rock chip sampling to identify lithium mineralisation
- Shares in Australasian Gold are up a healthy 48.1 per cent and are trading at 38.5 cents at 2:13 pm AEST
Australasian Gold (A8G) has received results from its maiden diamond drilling program at its May Queen Gold Project in Queensland.
May Queen lies within the Brovinia goldfield and is situated 375 kilometres from Brisbane.
In combination with rock chip sampling, the diamond drilling has intersected highly encouraging results, indicating the potential of a gold-copper porphyry system.
Best results include one metre at 9.39 grams of gold per tonne (g/t) from 68 metres, six metres at 1.99g/t gold from 35 metres and one metre at 1.92g/t gold from 48 metres.
These results are pleasing and will aid in future exploration programs.
During the sampling program, nine rock chip samples were collected with more than 2.66g/t gold and 3.43 per cent copper was intersected.
These results highlighted the potential of high-grade gold-copper breccia mineralisation in the northeast area, Managing Director Qingtao Zeng said.
“Our maiden drilling program at May Queen has confirmed the presence of high-grade gold mineralisation and identified a number of exciting follow up drill targets,” Dr Zeng said.
“On Sunday we will commence exploration at our lithium project in the Northern Territory where we hope to make a transformative lithium discovery in the Arunta pegmatite province.”
Australasian Gold plans to undertake further geophysical surveys to define potential silica-rich areas, and surface mapping and rock chip sampling to identify lithium mineralisation.
Shares in Australasian Gold were up a healthy 48.1 per cent and were trading at 38.5 cents at 2:13 pm AEST.
