- Shares in Hillgrove Resources (HGO) have been up as much as 8.70 per cent today after the company confirmed a new gold zone at the Stella Project
- Results have been received from one of two diamond holes drilled at the South Australian project with the other results expected in September
- The first hole intersected four separate mineralised zones as well as up to 16.85g/t gold, 44.8g/t silver and 10.1 per cent copper
- If warranted, further drilling will be undertaken
- Shares in Hillgrove are up 6.52 per cent and are trading at 4.9 cents at 1:45 pm AEST
Shares in Hillgrove Resources (HGO) were up as much as 8.70 per cent today after the company confirmed a new gold zone at the Stella Project.
The Stella Project lies in South Australia, 350 metres from the southeast boundary of Hillgrove’s Kanmantoo mining operations.
Results have been received from one of the two diamond holes drilled at the project, with results from the second hole expected in September.
Hole SLDD001 intersected four separate mineralised zones of varying chemistry and alteration.
The first zone intersected an 82.35-metre wide alteration zone with copper and gold veining from 315 metres downhole.
It also returned a result of 0.6 metres at 16.85 grams of gold per tonne (g/t), 10.1 per cent copper and 44.8g/t silver from 344 metres.
The second zone includes 330 metres of iron-gold-copper-bismuth mineralisation from 570 metres downhole.
This zone is weakly mineralised but returned a peak value of one metre at 0.54 per cent copper and 0.13g/t gold from 591 metres.
Zone three intersected a new style of gold mineralisation not previously encountered by Hillgrove geologists.
This zone is believed to be epithermal in texture and alteration, representing a new style of opportunity.
The final zone encountered chlorite-carbonate-albite veins and associated alteration with base metal mineralisation.
Managing Director and CEO Lachlan Wallace is excited by the new discovery.
“The multiple gold-copper alteration zones at Stella is an exciting new discovery and provides an opportunity to add significant value to the invested infrastructure at Kanmantoo over and above the Kanmantoo Underground,” Mr Wallace said.
“In addition, the new discovery of copper-gold epithermal mineralisation in the Delamerian of southeast South Australia has important implications for the region, in particular the potential to host large scale copper-gold deposits.”
Shares in Hillgrove were up 6.52 per cent, trading at 4.9 cents at 1:45 pm AEST.