- IRIS Metals (IR1) kicks off reverse circulation drilling program at its Kookynie gold project in Western Australia
- The new ASX-listed WA-based gold explorer says it is well funded to execute its exploration program following a $7 million IPO
- The first-pass drilling program has been designed using desktop studies reviewing historical data
- With a drill rig secured, the 5000 metre program will initially test known structures at the Lily, Rise & Shine and Treasure-Whale prospects
- Shares closed 9.30 per cent higher at 23.5 cents
IRIS Metals (IR1) has kicked off a reverse circulation drilling program at its Kookynie gold project in Western Australia.
IRIS is a West Australian-based gold exploration company which listed on the ASX on September 23 following successful completion of a $7 million initial public offering.
Kookynie is the company’s flagship project and is renowned for its historical gold production and bonanza gold production. However it has reportedly had minimal exploration work undertaken since the 1990s.
IR1 also has strategic tenure in the mining jurisdiction of Leonora.
The company said it was well financed to execute on its systematic exploration program at its Kookynie and Leonora tenements following the IPO.
IR1 has designed its first pass drill program at Kookynie on desktop studies reviewing historical information, site reconnaissance and field activities, as well as first-hand, empirical information from local prospectors.
With the drill rig secured, the 5000 metre program will initially test known structures at the Lily, Rise & Shine and Treasure-Whale prospects which is expected to take four weeks to complete.
IRIS plans to expand the program as it receives assays, and will use the results in conjunction with interpretations from aeromagnetics to plan the next round of drilling.
Chairman Simon Lill congratulated the company’s executive team on successfully listing on the ASX and said IR1 was delivering on its promise to investors to explore by immediately commencing drilling.
“The initial drill program will test Lily, Rise and Shine and Treasure-Whale, which historically are known to host high grade gold mineralisation, and have not been subject to systematic drill testing since the 1990s,” Mr Lill said.
“We are very pleased to have commenced our maiden drill program across these excellent prospects.”
Shares closed 9.30 per cent higher at 23.5 cents.