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- Exploration business Blaze International (BLZ) has revealed recent drilling at the Mt Magnet South Project returned poor results
- The company said best assay results from the drilling included four metres at 0.1g/t of gold from up to four metres
- Blaze has described the results as “below expectations” and explained that the testing at the site was comprehensive
- As a result, the company is now considering its future options at Mt Magnet South to decide if additional work is warranted
- Blaze’s share price has dropped following Tuesday’s market announcement, down over 20 per cent in early trade
- Shares in BLZ are trading for 2.4 cents each, 22.6 per cent in the red
Blaze International (BLZ) has received poor results from recent drilling undertaken at the Mt Magnet South Project in WA.
The exploration business revealed best assay results from the drilling included four metres at 0.1g/t of gold from up to four metres.
Those results have been described by the company as being “below expectations”, with BLZ also explaining that the testing at the site was comprehensive.
“The recent aircore drilling program has tested the geochemical anomalies reasonably comprehensively with no significant gold identified in the basement areas tested,” Technical Director Simon Coxhell explained.
The drilling program at Mt Magnet consisted of 43 aircore holes, for 2221 metres, over a strike length of 4.4 kilometres.
Following the sub-par results though, the company has stated it will review the work and other areas within the tenements and determine if additional work is warranted.
Blaze will also turn its focus to its portfolio of South West nickel projects, including the Binneridge Project, where a 16,000 line kilometre airborne magnetic and radiometric survey was undertaken in December.
Results from that program and other field activity are expected to be announced later this month.
In the meantime, Blaze International’s share price has dropped over 20 per cent following Tuesday’s market announcement.
Shares in BLZ are trading for 2.4 cents each, 22.6 per cent in the red at 12:55 pm AEDT.
