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- Gateway Mining (GML) has significantly extended a recently commenced drilling program at its Gidgee Gold Project in Western Australia
- Over the next six months, Gateway will see at least 15,000 metres of reverse circulation and 10,000 metres of aircore drilling
- This will test existing and new targets around the Montague Dome
- To support the drilling programs, Gateway recently secured $7 million from a capital raise
- Company shares have dipped 5.44 per cent in the red to trade for 1.8 cents each
Gateway Mining (GML) has extended a recently commenced drilling program at its Gidgee Gold Project in Western Australia.
Over the next six months, Gateway will see at least 15,000 metres of reverse circulation (RC) and 10,000 metres of aircore (AC) drilling at particular targets around the Montague Dome.
The company entered back-to-back trading halts on July 10 which preceded an official capital raise announcement on July 15.
Gateway Mining issued over 437 million shares at 1.6 cents each to raise $7 million.
“Having sufficient funding in place means that we can maintain a fast pace of drilling activity, with drill programs set to be maintained continuously right through to the end of the year and into 2021,” Managing Director Peter Langworthy said.
RC drilling is already underway but has now been expanded to 4500 metres and is expected to be completed by the end of this month.
So far, 26 holes, for 1907 metres, have been completed at the Whistler South, Whistler West and Achilles prospects. The samples for these holes have been sent for assaying and initial results are expected in August. Seven holes remain and results for these will be submitted in batches.
RC drilling will continue focusing on targets along the north-western margin of the Montague Dome.
“This will be followed by one of our biggest programs of air-core drilling to date before we embark on what will be a crucial program of RC and diamond drilling through to the end of the year,” Peter said.
An AC rig is being sourced to complete the planned 10,000 metre drilling program which will begin once RC drilling has been completed.
This drilling will initially test a four kilometre-long southern corridor of the western margin of the Montague Dome. This will not only test existing targets but hopefully generate new ones.
Following the AC drilling program, Gateway Mining will commence an RC and diamond drilling program in September.
“Once we settle into a steady rhythm of drilling and sample submission, shareholders can look forward to steady news-flow with assay results anticipated every 2-3 weeks,” Peter assured.
Company shares have dipped 5.44 per cent in the red to trade for 1.8 cents each at 3:44 pm AEST.
