- Gibb River Diamonds (GIB) identifies a new mineralised structure at its Edjudina project in Western Australia
- Two drill holes completed at the Ace of Hearts prospect as part of the company’s 42-hole aircore drilling program undertaken back in August hit the same structure
- Grades peaked at 2.5 grams per tonne gold from nine metres with the structure remaining open for 900 metres to the north and south
- Further drilling is planned here and at the Neta and Gawler prospects, however, no significant mineralisation was returned from the Staunton and Clymies prospects
- Company shares are up 5.45 per cent to close at 5.8 cents
Gibb River Diamonds (GIB) has identified a new mineralised structure at its Edjudina project in Western Australia.
Two drill holes completed at the Ace of Hearts prospect as part of the company’s 42-hole aircore drilling program undertaken back in August hit the same structure.
One of the holes returned seven metres at 2.53 grams per tonne (g/t) gold from nine metres and the other returned seven metres at 0.57g/t gold from six metres.
While the second drill hole returned lower grades, GIB said the result is “very favourable”, showing a correlation between the two and indicating a structure open for 900 metres to the north and south.
Gibb plans to follow up this new target in future drilling programs.
The aircore program also covered the Neta prospect where a mineralised supergene calcrete horizon was discovered with grades up to 3.2g/t gold, extending the core area.
New lode-style mineralisation was also identified in this area including seven metres at 0.89g/t gold from 15 metres and 10 metres at 0.51g/t gold from 33 metres, and Gibb said further drilling is required.
Drilling at the Gawler prospect returned four metres at 2.44g/t gold from 38 metres with mineralisation extending to the end of the hole.
This mineralisation is associated with quartz veining, however, appears to be stoped by porphyry and diorite intrusions.
Further drilling is planned here in targeted areas which the porphyry/diorite stoping missed.
Less favourable mineralisation was seen at the Perserverance prospect where GIB tested the potential of a new mineralised vein system identified during the company’s phase five reverse circulation drill program. Further drilling here will be considered.
No significant mineralisation was returned from drilling at the Staunton and Clymies prospects and as such, no further drilling is planned at either prospect.
In the lithium space, GIB recently conducted a field trip to its Lithium Generative project leases in Mount Magnet and has planned additional fieldwork.
Company shares were up 5.45 per cent to close at 5.8 cents.