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Nanocap Si6 Metals (ASX:SI6) is on the cusp of kicking off drilling at its Monument project in WA, sniffing after historical gold hit targets.
At 232sq.km and located in the Laverton Gold District (LGD) of WA, a dual drill run using aircore and RC rigs will chase after the high-priority Fred’s Well prospect.
All in all, some 1,700m of core equivalent will be drilled across 25 aircore drillholes and 2 RC drillholes targeting a strike of interest some 30km in size.
Fred’s Well sits outside the existing mineral resource estimate for Monument – 154Koz of gold – with historical intercepts at Fred’s including one 24m section at 3.25g/t gold from 44m depth.
Other results included 8m at 2.09g/t gold from 40m depth; 8m at 1.5g/t gold from 36m depth and a 12m hit at 3g/t gold from 72m depth.
Further results in this vein will be needed to shore up confidence in whether Fred’s truly represents a commercial-scale untapped deposit. To that end, the company is targeting 370m of infill drilling along 770m of known mineralised strike.
Si6 Metals highlighted rock chip grab samples from nearby grading just shy of 40g/t gold, but rock chip mineralisation always tends to be higher.
(This can be simply explained by considering what rock chip samples rely on – glinting metal visible from the naked eye.)
“The results from … Fred’s Well may form part of an upgraded resource,” the company noted on Wednesday.
SI6 last traded at 0.2cps.
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