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Santana Minerals (ASX:SMI) has found gold grading up to 21.7 grams per tonne (g/t) at its Rise and Shine (RAS) deposit – part of the wider Bendigo-Ophir gold project in New Zealand – as the company progresses through a detailed design phase.
Resource infill (diamond) drilling is continuing on the eastern and southern fringes of the main ore shoot – as Santana seeks to refine its mine design and clarify the extent of the western steep mineralisation.
The most recent drill program involved 17 holes, with the first 10 showing assays such as 16.4 metres at 5.7g/t of gold from 167.6 metres, including 7m at 21.7g/t from 194m.
The program was looking to better define the transition from pervasive veins and breccias to peripheral mineralisation on the southern and eastern edges of the high-grade shoot.
Santana CEO Damian Spring said the high grades evident in this program pointed in a positive direction for the development of Bendigo-Ophir.
“The results continue to impress, with drill hole MDD379 returning 16.4m @ 5.7g/t Au from 167.6m and continuing on to an even better intercept of 7.0m @ 21.7g/t Au from
194.0m,” he said.
“This campaign was focused on firming up the eastern margin of the RAS orebody to enable
precise placement of the pit wall. This has the potential to reduce waste stripping on the eastern wall, thereby lowering pre-production capital costs.
“Detailed design work is well-advanced to ensure we are ready for our upcoming application under the Fast-track Approvals Act, which was passed into law last month.”
Santana shares have been higher after the news, and at 1.30pm AEDT, they were trading at 47 cents – a rise of 3.3% since the market opened.
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