- Assay results identify shallow oxide gold mineralisation and localised higher-grade zones along the Paris Gift Trend.
- Drilling sharpened structural control models for next phase of exploration
- Encouraging scale of alteration, shallow gold at Balagundi.
Accelerate Resources (ASX:AX8) has this week confirmed further shallow gold potential with the receipt of assays from its phase two reverse circulation drilling at the Balagundi project near Kalgoorlie in Western Australia.
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Phase two comprised 21 RC holes for 1,720 metres and formed part of Accelerate’s testing of multiple known mineralised structures across Greater Balagundi.
The program targeted both Iron Bound and the Paris Gift Trend, with results from Paris Gift returning further shallow mineralisation and the broader campaign providing important geological information to support ongoing targeting.
Accelerate’s CEO, Luke Meter, said phase two was an important step in the company’s systematic evaluation of the greater Balagundi gold project.
“While results at Paris Gift were variable, the program returned further shallow gold mineralisation, including a broad near-surface intercept in 26BGRC014 and a higher-grade interval in 26BGRC017, which continue to support the prospectivity of the trend,” Mr Meter explained to shareholders today.
He continued: “Just as importantly, the program has helped refine our understanding of multiple mineralised structures across Balagundi.”
“Together with the scale of alteration, widespread gold occurrences and the Delta Trend discovery announced earlier this year, we see attributes of a larger gold system and compelling exploration opportunity.”
The program comprised six holes for 696 metres at Iron Bound and 15 holes for 1,024 metres at Paris Gift. The Paris component was designed to extend and infill mineralisation identified during the company’s earlier drilling.
Significant results included 13 metres at 1.25 grams per tonne (g/t) from surface in hole 26BGRC014 and 13 metres at 1.34 g/t from 48m, including one metre at 11.48 g/t from 54 metres in hole 26BGRC017.
“Hole 26BGRC014 highlights a broad zone of shallow oxide mineralisation, while hole 26BGRC017 demonstrates the presence of higher-grade gold within the system,” Mr Meter explained this morning.
“The program has added to the geological understanding of the mineralised corridor and continues to support the prospectivity of the broader Balagundi gold camp.”
Mr Meter said Iron Bound tested beneath historic workings developed along a northeast-trending structure. “The program materially improved the company’s geological understanding of the prospect.”
AX8 is steady at 0.7c. Mkt cap $7.078M.
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