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Premier1 Lithium (ASX:PLC) has kicked off drilling at the Mt Kersey prospect at its newly acquired Yalgoo gold project in Western Australia, with main drilling targets including several highly prospective gold targets within a five-square-kilometre zone of known mineralisation at Yalgoo.
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“Getting the rig on the ground at Mt Kersey is a significant milestone for the company, especially following our recent 100% acquisition of the Yalgoo gold project,” Premier1’s executive director, Simon Phillips, said.
Premier1 consolidated full Yalgoo ownership in late January. Located 10km southeast of Ramelius’ Melville and Applecross prospects and along strike from the Golden Range/Golden Grove mining centres the project comprises around 266 sq. km of prospective greenstone stratigraphy.
Exploration manager, Paul Smith, said the Mt Kersey prospect features a large anomaly at surface and several other key ingredients that characterise major deposits in the Yilgarn.
“We are extremely optimistic that this program can unlock significant value for PLC. It also highlights the huge exploration potential across the Yalgoo district which has seen limited modern gold exploration for many decades,” he said.
The initial holes at Mt Kersey will target a hanging wall of a major inverse fault, where a significant geochemical anomaly, including gold and path finder elements are evident at surface.
According to Mr Smith, this soil anomaly reflects an intact hydrothermal system that has never been effectively drill-tested. However, high-grade rock chips from the area include 26.4 grams per tonne (g/t) gold and 14.2 g/t gold.
The company’s maiden Mt Kersey program will drill ~15 holes totalling around 3,700m.
The program is funded by non-dilutive funding support and includes up to $180K in co-funding from the WA Gov’t’s Exploration Incentive Scheme, combined with an existing $176K credit from the drilling contractor.
“This significantly reduces Premier1’s cash outlay while ensuring a high-quality and efficient campaign,” Mr Phillips said.
PLC is steady at 1.1c. Mkt cap $10.39M.
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