- North Stawell Minerals (NSM) has seen “encouraging” results from the Stawell Mine in Victoria
- The company reported its aircore rig has continued on the first pass drill program to target mineralisation beneath shallow cover at the Glenorchy East and Gready prospects
- NSM says this is an important success for the exploration team, further demonstrating the targeting methodology is effective
- North Stawell Minerals says it’s fully funded to execute its exploration activities with $10 million cash as at December 30, 2021
- North Stawell Minerals last traded at 29 cents at market close
Victorian gold explorer North Stawell Minerals (NSM) has seen “encouraging” results from the Stawell Mine in Victoria.
The company reported its aircore rig has continued its first pass drill program, targeting mineralisation beneath shallow cover at the Glenorchy East and Gready prospects.
This is said to have the potential to be a structural repeat of the multi-million ounce gold deposit at Stawell.
“The targets locally have very weak magnetic signatures and have been identified using only high resolution gravity data,” Chief Executive Russell Krause said.
“This is an important success for the exploration team, further demonstrating that the targeting methodology is effective.”
“Both Glenorchy East and Gready’s are interpreted to have thick accumulations of basalt core – a close analogy to the structural setting observed in the multi-million ounce Stawell Mine.”
The program has continued its first pass test of 20 key targets. Following the first pass drilling, most encouraging areas will be returned to for infill drilling.
North Stawell Minerals said it’s fully funded to execute its exploration activities with $10 million cash as at December 30, 2021.
North Stawell Minerals last traded at 29 cents at market close.