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Astral Resources (ASX:AAR) has timed reporting just right, sharing that it’s spotted “extensive” gold mineralisation from final assay results at its Spargoville Gold Project in Western Australia just as bullion cracked $4,000.
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The $344 million gold explorer just received assays for the project’s 51 remaining holes, totalling 8,320 metres, from an 11,744-metre RC drilling run.
Those relatively well-timed September results identified extensions at the Eagles Nest and Trapdoor-Lindsay’s Reward gold trends, both of which are within the Spagoville dig site situated 70 kilometres south of Kalgoorlie.
“We always believed the exploration potential [at Spargoville] to be high and were excited to be exploring the area,” Astral managing director Marc Ducler said. “With extremely positive results from our inaugural 74-hole, 11,740-metre reverse circulation program, we only feel more confident that Spargoville will deliver material long-term growth to any future Mandilla mining project.”
Significant intercepts at Eagles Nest included three metres at 16.9 grams per tonne gold from 71 metres, with a one-metre interval grading 49.2g/t gold, and nine metres at 5.16g/t gold from 105m, including 1m at 33.6g/t.
Over at Trapdoor-Lindsay’s Reward, the best exploration hit was six metres at 3.45 grams per tonne gold from 63 metres, including one metre at 11.2g/t gold.
“The presence of such widespread gold mineralisation in our inaugural RC drill program provides considerable encouragement that not only can the existing historic resources be increased, but also that the known mineralisation could provide vectors to higher grade and valuable deposits,” Mr Ducler said.
Astral’s consolidated JORC 2012 Mineral Resource Estimate currently stands at 50 million tonnes at 1.1g/t gold for 1.76 million ounces, with a recent combined Ore Reserves of 1.08 million ounces across Mandilla and Feysville.
Price-wise, AAR has been mostly flat despite the Spargoville news. That may simply be because other gold miners are running harder through Thursday on the bullion record, or that investors want to wait for more.
As for the Oz bullion, it’s currently selling at $4,036 at lunchtime.
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