- Silver City Minerals (SCI) has identified more than 40 kilometres of potential gold-bearing structures at the Austin Gold Project in WA
- The company recently reviewed the reprocessed airborne magnetic data from Austin to identify gold-bearing structures and new targets
- The results are encouraging and indicate that there are at least four faults where multiple structures are present
- The four faults include Black Gold, Mt Sandy, Teds and Shadow — none of which have been explored by modern drilling and sampling programs
- Extensive soil sampling programs are now underway at the Teds and Shadow faults to identify drill targets
- Silver City is up 16.7 per cent on the market and shares are trading at 3.9 cents
Silver City Minerals (SCI) has identified more than 40 kilometres of potential gold-bearing structures at the Austin Gold Project in WA.
The company recently acquired an 80 per cent interest in the project after entering a binding share sale and joint venture agreement with Gardner Mining.
To acquire the 80 per cent stake, Silver City issued 300 million fully paid shares to Gardner at 1.5 cents each.
Silver City recently undertook a review of reprocessed airborne magnetic data at Austin to identify gold-bearing structures and new targets.
The results are encouraging and indicate that there are at least four faults where multiple structures are present.
Crucially, none of these faults have been explored by modern drilling and sampling programs.
The first corridor, the Black Gold Fault, comprises a 12-kilometre strike consisting of multiple northwest-trending structures. It is also associated with high-grade intersections such as two metres at 20.1g/t gold and six metres at 15.8g/t gold.
The Mt Sandy Fault measures 15 kilometres in strike and also consists of multiple northwest-trending structures. Recently completed sampling in the area returned up to 10.2g/t gold.
The Teds Fault spans 7.5 kilometres in length and is associated with high-grade gold with recent sampling identifying up to 57.1g/t.
The Shadow Fault spans a strike of 10 kilometres and may be related to Musgrave Minerals’ (MGV) nearby Big Sky Discovery.
Extensive soil sampling programs are now underway at the Teds and Shadow faults to identify drill targets.
Silver City is up 16.7 per cent on the market and shares are trading at 3.9 cents at 11:34 am AEST.