- Polymetals Resources (POL) successfully completes the phase two drilling program at its Alahiné Project in Guinea’s Siguiri Basin
- Since drilling began in late June, 94 aircore and four reverse circulation holes have been drilled
- Drilling tested an area consisting of numerous artisanal gold pits and diggings surrounded by a 40-parts-per-billion (ppb) gold-in-soil contour
- First results are expected in mid-August and a second sample shipment has been sent to the SGS laboratory in Bamako, Mali
- Polymetals ends the day 10.7 per cent in the green with shares trading at 15.5 cents
Polymetals Resources (POL) has successfully completed the phase two drilling program at its Alahiné Project in Guinea’s Siguiri Basin.
The 64.2-square-kilometre Alahiné Project hosts extensive artisanal gold production and previous soil sampling was successful in outlining broad zones of gold anomalism.
Since drilling began in late June, 94 aircore (AC) and four reverse circulation (RC) holes, totalling 7320 metres, have been drilled.
Drilling was undertaken by Australian-based West African drilling contractor, Target Drilling.
Phase two drilling was initially planned to consist of 5100 metres of combined RC and AC drilling.
Deeper than anticipated weathering resulted in softer drilling conditions, thus reducing the use of RC drilling to the more cost effective and faster aircore drilling.
A further 2220 metres of drilling was undertaken based on geological interpretations and site geologist recommendations.
Drilling tested an area consisting of numerous artisanal gold pits and diggings surrounded by a 40-parts-per-billion (ppb) gold-in-soil contour.
First results are expected in mid-August and a second sample shipment has been sent to the SGS laboratory in Bamako, Mali.
Polymetals will use the results to plan the next steps its exploration strategy in the Siguiri Basin.
CEO Alex Hanly is eagerly awaiting the results of the drilling program.
“The Polymetals team has successfully completed the extended 7320 metre drilling program and we eagerly anticipate the receipt of the results from the targeted testing conducted of phase one drilling best intercepts, the extensive gold anomalism defined through our soil sampling program and, the new priority targets identified on the ground,” Mr Hanly said.
“From analysis of the results, we will plan further exploration programs at this highly prospective project.”
Polymetals has ended the day 10.7 per cent in the green with shares trading at 15.5 cents in an $11.12 million market cap.