- Cygnus Gold (CY5) and joint venture (JV) partner Gold Road Resources (GOR) have received anomalous gold results from the Lake Grace JV
- The 336 hole program focused on the Hammerhead Prospect where previous drilling has intersected anomalous gold
- This program confirmed at least eight gold anomalous areas with the best results coming from the Hammerhead, Gunsmoke, and Lakeside prospects
- Best results include 1.06 grammes per tonne gold
- Cygnus and Gold Road are now planning an infill drilling program to better define the source of gold at Hammerhead
- In midday trade Cygnus has jumped 26.2 per cent to 5.3 cents while Gold Road has dropped a slight 2.52 per cent to $1.55
Cygnus Gold (CY5) and joint venture (JV) partner Gold Road Resources (GOR) have received anomalous gold results from the Lake Grace JV.
This program, which consisted of 336 holes for 15,737 metres, targeted the Hammerhead Prospect where previous drilling intersected widespread anomalous gold.
Hammerhead is part of a highly prospective greenstone belt than spans more than 20 kilometres in length.
It was identified from regional aircore (AC) drilling over a zone of surface gold anomalism and drilling in 2019 identified further gold and pathfinder mineralisation such as arsenic, copper, and molybdenum.
This recently completed drilling program has confirmed at least eight gold anomalous areas with the best results coming from the Hammerhead, Gunsmoke, and Lakeside prospects.
Hammerhead
Significant results from Hammerhead are in weathered in cover and are associated with widespread gold-in-soil surface anomalism.
Results include three metres at 0.24g/t gold from surface and two metres at 0.15g/t gold from 32 metres, and three metres at 0.23g/t gold from surface and two metres at 0.12g/t gold from 30 metres.
Gunsmoke
The mineralisation at Gunsmoke comes from isolated mafic rocks.
Results include 12 metres at 0.78g/t gold from 30 metres including eight metres at 1.06g/t gold from 30 metres.
Lakeside
Drilling at Lakeside identified a western gold, arsenic and copper-lead-zinc zone, and an easter gold-arsenic zone.
Intercepts include six metres at 0.59g/t gold from 49 metres, three metres at 0.20g/t gold from 25 metres, and three metres at0.15g/t gold from three metres.
“These latest results are an encouraging development on Cygnus’ JVs with Gold Road,” Managing Director James Merrillees commented.
“With anomalous gold now identified over multiple kilometres of strike, the identification of a number of promising gold prospects is focusing our efforts and we look forward to getting out there in the coming months to follow up these exciting results,” he said.
Cygnus and Gold Road are now planning an infill AC drilling program to better define the source of anomalous gold at Hammerhead.
This will be subject to discussions with local communities and relevant COVID-19 restrictions.
Currently, it is expected that this program will begin late in the June quarter or early in the September one.
In midday trade Cygnus has jumped 26.2 per cent to 5.3 cents while Gold Road has dropped a slight 2.52 per cent to $1.55.