Exultant Mining (ASX:10X) has confirmed the presence of “exceptionally” high-grade gold mineralisation with results from a recent rock chip sampling program at the Undoo Creek prospect within the Peak View project in New South Wales.
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The company has also successfully mapped a quartz vein system extending for at least 360 metres. Exultant’s executive chairman, Brett Grosvenor, today said the outcomes have significantly exceeded initial reconnaissance results and materially upgraded the prospectivity of Undoo Creek.
“After our initial rock chip results in January, we have moved quickly to complete systematic mapping and rock chip sampling at Undoo Creek, and it is very encouraging to see these programs already delivering strong results,” he said.
The Exultant chair continued: “Particularly pleasing is the consistency of high-grade gold mineralisation identified along the full 360 metres of mapped strike.
“This gives us confidence that we are dealing with a coherent mineralised system rather than isolated high-grade occurrences and represents a significant step forward in our understanding of the prospect.
“Importantly, the identification of key structural intersections within the vein system highlights potential zones for the development of high-grade shoots, which will be a key focus as we progress the project.”
The Peak View program returned rock chip assays up to 50.9 grams per tonne (g/t), while high-grade results exceeding 5.0 g/t were returned from multiple locations along the 360m mapped extent of the vein system.
Mr Grosvenor explained that this supports an interpretation that the vein is mineralised along strike. “This represents a material increase in confidence in the scale and continuity of the gold-bearing system at Undoo Creek and further supports the prospect as a priority target for ongoing exploration.”
The results followed up on previously reported initial rock chip results from Undoo Creek of 5.42 grams per tonne and 2.61 grams per tonne.
“With this work now defining both the scale and controls of mineralisation, we are well positioned to advance Undoo Creek toward drill targeting as we continue to apply modern, systematic exploration techniques across the project,” Mr Grosvenor told shareholders.
10X is up +8.11%, to 20c today.
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