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The geotechs at Strata Minerals (ASX:SMX) have their eyes on four new large-scale gold drill targets at Penny South.
Covering a length of 2.5km, the new Strata targets sit nearby the “exceptionally high grade” Penny West and Penny North gold deposits, which are currently the remit of Ramelius Resources (ASX:RMS).
“There has been no drilling testing deeper than ~70 m undertaken within the initial ~ 300m south of the adjoining Ramelius tenement,” company chief Peter Woods said.
“This is remarkable given th is tenement boundary is only ~ 500m directly south of the operating high – grade Penny Gold Mine and the mineralised lodes are interpreted to plunge southward toward our project.”
The company recently acquired its Penny South project.
Its placement over Youanmi Greenstone and nearby the ‘Penny West Shear’ zone has provided additional confidence to the company’s exploration team to date.
Previous drilling on-site returned multiple brief intercepts grading up to over 30g/t gold from 40m depth, though most results highlighted on Tuesday were lower.
The company is now underway crafting a program of works for a drill run on-site with drill rigs anticipated to be available no later than early 2025.
Strata last traded at 2.6cps.
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