Nanocap Forrestania Resources (ASX:FRS) has reported its discovery of a gold-containing rock chip grading at 222g/t at Bonnie Vale.
The East Goldfields project near WA’s mining town Coolgardie is also the site of another discovery on Monday – grades just shy of 14g/t gold detected in “historical drill spoils.”
Forrestania’s market cap currently sits under A$3M – explaining the low-cost exploration methods. Geotechs are also mindful of a geochem anomaly known on-site which is along strike from Ada Ann; a prospect of interest within the larger Bonnie Vale project envelope.
A combination of those once-forgotten drilling spoils combined with geochemical consideration have now given Forrestania a series of fresh drill targets.
Rock chips are often high-grade (given they need to be visible to the naked eye) and shouldn’t be interpreted as indications of exploration success when it comes to tapping what lies underground.
Notably, Bonnie Vale straddles greenstone geology underfoot.
“A number of strong regional exploration targets have already been identified from previous historic drilling and geochemical soil programmes at our Bonnie Vale North Prospect, including around the old Christmas Gift Mine which produced grades at 40.5g/t Au,” FRS Chair John Hannaford said.
“Bonnie Vale is emerging as a project with major potential for a gold discovery. With every new geological field trip, we continue to discover new areas of undocumented historic exploration that return super high-grade results.”
Eventually, the company will need to do its own drilling – not just look at that carried out in days yonder.
FRS last traded at 1.3cps.
Join the discussion: See what HotCopper users are saying about Forrestania and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.