- Carawine Resources (CWX) strikes its highest gold grade at the Hercules Prospect in Western Australia
- The interval was found during an ongoing drilling program, returning its best interval to date of four metres at 40.1 grams of gold per tonne from 239 metres
- A diamond drilling program is set to continue in the area to test for further extensions, with assays pending for three completed holes
- Meanwhile, the company received an unsolicited, on-market takeover offer by QGold to acquire all shares on issue at 21 cents per share, which was unanimously rejected
- Carawine Resources shares were trading in the grey at 22 cents
Explorer Carawine Resources (CWX) has struck its highest gold grade to date at its Hercules Prospect, within the Tropicana North Project in Western Australia’s north-eastern goldfields.
The interval was found as the result of an ongoing drilling program, returning four metres at 40.1 grams of gold per tonne (g/t) from 239 metres, including one metre at 137 g/t gold from 239 metres.
“Hercules has delivered, with today’s results including the highest gold grade returned from the prospect to date and increasing the size of the high-grade gold zone, which remains open to the north, south and at depth,” said Carawine Managing Director David Boyd.
“This supports our belief that Hercules is a significant gold discovery.
“We will continue to target extensions to the main zone of high-grade mineralisation at Hercules, with assay results pending from three recently completed holes, and at least five more holes planned in the current program.”
A diamond drilling program is set to continue in the area to test for further extensions, with assays pending for three completed holes, and at least five more holes planned.
Hercules is an advanced gold prospect held by Carawine’s Thunderstruck Joint Venture, in which Carawine has a 90 per cent interest.
Meanwhile, the company said it had received an unsolicited, on-market takeover offer by QGold to acquire all shares on issue in the company, at 21 cents per share.
This was unanimously rejected by Carawine’s directors on March 8.
Carawine Resources shares were trading flat at 22 cents at 11.37am AEDT.