- Gold explorers Torian Resources (TNR) and Dampier Gold (DAU) have announced a maiden mineral resource for the Credo joint venture project
- The Credo Well and Credo Well North West deposits have yielded JORC inferred resources of 12,259 ounces of gold
- The estimate includes open-cut resources of 10,684 ounces across two pits
- Perhaps more importantly, a suspected 2.5-kilometre mineralised corridor exists between the two deposits, which remains untested
- Further drilling programs will target extensions to known mineralised zones and other promising prospects around the corridor
- Dampier Gold closed Tuesday’s session 7.1 per cent higher at 3 cents per share, while Torian Resources closed grey at 3.5 cents
Gold explorers Torian Resources (TNR) and Dampier Gold (DAU) have announced a maiden mineral resource for the Credo joint venture.
Well, well
Drilling at the Credo Well and Credo Well North West deposits in WA’s goldfields has yielded JORC inferred resources of 12,259 ounces of gold.
The estimate includes open cut resources of 79,137 tonnes at 4.2 grams per tonne gold for 10,684 ounces.
The resource was calculated from a recent reverse circulation (RC) drilling program including 12 holes for 1032 metres targeting extensions to mineralisation at the two prospects.
Two open-pit shell designs demonstrate the economic potential of the resources.
Perhaps more importantly, a suspected 2.5-kilometre mineralised corridor exists between the two deposits, which remains untested. The Credo Well deposit also remains open to the southeast, with potential to further extend the corridor.
And then some more
Aircore drilling across the Fidelitas West and Area 10 prospects also showed indications of anomalous gold.
The results also helped to further underpin geological interpretations of the Credo Well Shear and the Credo Well Antiform, the regional fold system suspected to host the promising mineralised corridor.
The next phase of drilling will be targeted at several key areas.
Follow-up RC drilling will target the extension of the mineralised zone intersected to the southeast of Credo Well in the hope of extending the high-grade gold footprint.
Further aircore drilling will also test the Fidelitas West, Fortis North and Fortis prospects for potential further mineralised zones.
Dampier Gold Executive Chairman Malcolm Carson says he’s been pleasantly surprised by the quick turnaround and positive results coming out of Credo.
“This is an exciting and extraordinary result given that it is our first drilling campaign since entering into the Credo gold project JV,” Malcolm said.
“The exciting results have clearly demonstrated the presence of gold structures lying within a northwest-trending high-grade corridor.”
Malcolm Carson, Dampier Gold Executive Chairman
“The combination of RC and aircore drilling has generated sufficient data for us to estimate further significant new exploration targets in addition to the current defined resources,” he added.
Dampier and Torian will provide further drilling results as they come to hand. With any luck the Credo corridor will pave the way to the bank.
Dampier Gold closed Tuesday’s session 7.1 per cent higher at 3 cents per share, while Torian Resources closed grey at 3.5 cents.