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LinQ Minerals (ASX:LNQ) has hit significant shallow high-grade gold intercepts at the Gilmore project, with the result from the final hole at the Gidginbung deposit continuing to expand the historic project to the south.
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It also looks like the Gidginbung pit at the New South Wales project is much shallower than originally expected, the company told shareholders today.
LinQ chair Clive Donner said the step out drilling result from 160 metres south of the Gidginbung open pit is a significant development, highlighting that the system is open with shallow, high-grade and thick mineralisation.
“There is potential to extend mineralisation over one km to the south of the open pit and to extend downdip beneath the pit. This is the first modern exploration program at Gidginbung in over 25 years, and our Southern Zone is shaping up to be a significantly mineralised district,” he said today.
The shallow high-grade gold hits in the latest hole included intersections of 31m at 2.19 grams per tonne (g/t) gold equivalent (Au Eq) from 67m and 95m at 2.14 g/t Au Eq from 108m, including 49m at 3.78 g/t Au Eq from 125m.
Notably, the latest hole is the fourth to hit a gold equivalent intersection exceeding 100 gram metres in the Southern Zone within the past two months.
“The company holds a highly strategic and prospective tenement package which hosts an approximately 40 kilometres strike of known copper and gold occurrences in the Macquarie Arc,” Mr Donner explained in the Feb.12 release.
“We have significant leverage to both gold and copper metals, hosting a global JORC MRE of 516 million tonnes containing approximately 3.7 million ounces of gold and around 1.2 million tonnes of copper.”
Gilmore sits in the prolific Macquarie Arc province in the Lachlan Fold Belt, a region recognised as Australia’s premier porphyry gold-copper province. Gilmore operated previously from 1987 to 1996 with the Gidginbung deposit open-pit mine producing approximately 540K ounces of gold.
LNQ is up +6.38% to 50c after Thursday’s open.
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