- Sihayo Gold (SIH) completes its first phase of drilling at the Sihorbo South deposit at Hutabargot Julu, Indonesia
- Results from eight holes for a total of 5215 metres were returned, which demonstrated Sihorbo South contains significant gold and silver grades
- Resource modelling is now underway targeting a maiden mineral resource estimate this quarter
- Meanwhile, an entitlement offer has been finalised, raising gross proceeds of $9,666,667, leaving the company fully funded to complete its upcoming drilling program
- Sihayo Gold last traded at 0.3 cents at 3:50 pm AEST
Sihayo Gold (SIH) has completed its first phase of drilling at the Sihorbo South deposit at Hutabargot Julu, within the North Sumatra Province, Indonesia.
With the program wrapped up, the company has seen drilling results returned from the epithermal gold-silver target, in the north block of the PT Sorikmas Mining contract of work.
Results from eight holes for a total of 5,215 metres were returned. These assays included three metres at 25.15 gold equivalent with 24.88 grams of gold per tonne (g/t gold) and 20 g/t silver from 112 metres, and seven metres at 1.18 g/t gold equivalent with 0.9 g/t gold and 21 g/t silver from 129 metres.
The company said the assays prove Sihorbo South is an intermediate-sulphidation epithermal vein and disseminated stockwork deposit that contains significant gold and silver grades.
Sihayo’s Executive Chairman, Colin Moorhead said the exploration results for Sihorbo South continue to illustrate the potential for the Sihorbo South deposit to become a satellite operation for the Sihayo Starter Project.
“By utilising the existing infrastructure envisaged for the Sihayo Starter Project, the incremental ounces from Sihorbo South have the potential to add considerable value to the project,” Colin Moorhead said.
“We look forward to releasing a maiden mineral resource for the deposit shortly.”
The remaining assay results from the company’s final hole of the program are anticipated to be returned later this month.
Meanwhile, an entitlement offer has now been finalised, raising gross proceeds of $9,666,667. The funds leave the company debt free and fully funded to complete the upcoming drilling program.
Sihayo Gold last traded at 0.3 cents at 3:50 pm AEST.