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Gold explorer Astral Resources (ASX:AAR) has walked away from its latest 16-hole reverse circulation drilling campaign at Theia with several high-grade gold intersections and a “50-gram x metres of gold” average, giving the explorer full confidence as it works towards potential mine development.
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The intersections spotted at Theia are “consistent with what we have been seeing through this program,” Astral’s managing director, Marc Ducler, said.
Best results included one metre at 10.4g/t gold from 33 metres (including 13 metres at 1.48g/t gold from 72 metres) and six metres from 17.3g/t gold from 91 metres (including one metre at 32.3g/t gold from 92m).
The mineralisation at Theia is made up of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite in Mandilla and locally in contact with sediments of the highly prospective gold-nickel Spargoville Group that runs through the area.
“[These latest RC drilling results] give the team great confidence that we will be commencing Mandilla on a very profitable starter pit at Theia as we kick off potential mine development,” the company chief declared today.
“We now look forward to the results of the diamond drill, which is targeting interpreted high-grade structures within the deposit and testing for a parallel mineralised structure on the eastern flank,” Mr Ducler said.
The company is now convinced that both “offer the opportunity to further augment the incredible potential of the plus-1.2 million ounces Theia deposit.”
There may be further potential beyond Theia’s hits, too; Astral’s wider Mandilla gold project also boasts the nearby Iris, Eos, and Hestia deposits.
Astral next plans to wield a letter of intent from the Mineral Mining Services to monetise the Think Big deposit at Feysville, which will, in turn, give the company a direct funding pathway to boost Mandilla’s development. “This would both reduce shareholder dilution and risk,” the explorer’s chief explained.
RC drilling has also restarted at Feysville, with Astral running a 3,000-metre program there to extend high-grade zones at Kaperman. A broader 4,000m program looking for “new high value discoveries” is on the docket, too.
AAR has been 23cps today; it’s up +2.2% after its latest hits.
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