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Kalgoorlie Gold Mining Ltd (ASX:KAL) has seen its share price rise by a whopping 239% today on the discovery of thick, high-grade gold mineralisation at a greenfield site attached to its Pinjin gold project.
The discovery – now dubbed “Lighthorse” – came about as a result of drilling work at Pinjin’s Kirgella West target in December, which intersected thick, high-grade gold mineralisation underneath transported sediments.
Notable gold intercepts were found in four out of five holes at the discovery.
This included 17 metres at 4.81 g/t Au (gold) from 48 metres, including eight metres at 9.21 g/t Au from 52 metres; and four metres at 4.72 g/t Au from 52 metres – both end in mineralisation.
KalGold was also drawing on previous results (such as eight metres at 2.29 g/t Au from 60 metres, including four metres at 3.66 g/t Au from 64 metres; and four metres at 1.05 g/t from 52 metres) with the newer Lighthorse intercepts interpreted by Kalgoorlie Gold as forming a high-grade centre to these.
Kalgoorlie MD Matt Painter said, “This is what we’ve been chasing at Pinjin.”
“Our systematic approach to exploration has paid off. Thick, high-grade gold mineralisation at Lighthorse is located just 1km west of our Kirgella Gift deposit, beneath transported cover in an area of zero outcrop,” he added.
“This is a 100% KalGold-generated discovery… reinforces the exceptional growth potential.”
“The full extent of the emerging Lighthorse target is unconstrained at this stage, but we have already identified mineralisation over a 600 m northwest-southeast strike length, parallel to the local grain of the Laverton Tectonic Zone, and open along strike and at depth.”
The mineralisation at Lighthorse is shown to feature contiguous, widely spaced intercepts – with this indicating signs of a large primary gold system obscured by transported cover.
At 12:49 AEDT,
KalGold last sold at 7.8cps, notching a 239% rise since trade started.
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