Australian Silica Quartz (ASX:ASQ) has reported what it described as shallow high-grade gold hits in its latest assays from Golden Wishbone.
Golden Wishbone is a prospect part of the larger Koolyanobbing Metals Project landholding. That project sits nearby a MinRes (ASX:MIN) mine of the same name.
The company on Friday explained its geotechnical belief recent assays firm up a theory the company’s KMP has a “significant near surface high-grade gold” on-site.
The company backed this up relying on a reverse circulation two metre drill hit from 11m depth – “near surface” – grading at 14.2g/t gold. Downhole that same drill target, the company previously reported a four metre drill hit at 4.4g/t gold.
Nearby, at another prospect called Emu, the company also had a two metre drill hit at 2.9g/t gold from 63m depth, including a pocket of mineralisation at 3.8g/t gold.
A further aircore drill run is slated for the Golden Wishbone prospect later this year.
Company geotechs are also gearing up to run a review over already-possessed electromag data in a bid to locate further drill targets. Golden Wishbone first landed on the radar after a 650m long soil anomaly, early-stage evidence of gold mineralisation, was logged.
An earlier drill run was conducted in September at the target area of interest.
“The target encompasses the abandoned 1930’s Golden Wishbone mineshaft with reported production of 204 ounces from 344 tonnes giving an average grade of 18g/t from a single quartz vein,” the company wrote on Friday.
No modern exploration has been undertaken on-site – leaving the company hopeful it can stumble upon an untapped gold system. Time will tell.
ASQ last traded at 4.2cps.
Join the discussion: See what HotCopper users are saying about Australian Silica Quartz and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.