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- Woomera Mining (WML) shares dip into the red after the company releases subdued gold grades from drilling efforts at the Mount Venn Project
- The results are from a maiden reverse circulation drilling campaign at the Three Bears prospect within the Western Australian project
- Notable intercepts from the drill program include 10 metres at 0.70 grams of gold per tonne (g/t) from 197 metres, including one metre at 5.0 g/t gold
- Infill and extension drilling is set to follow up the finds once results from a separate aircore drilling effort are in hand
- Woomera Mining shares closed down eight per cent to trade at 2.3 cents on August 16
Woomera Mining (WML) shares have dipped into the red after the company released subdued gold grades from drilling efforts at the Mount Venn Project in Western Australia.
The explorer is undertaking its maiden reverse circulation drill program at the Three Bears prospect, situated within the project.
According to Woomera, geological interpretations indicate the Three Bears Lodes — Mama, Baby and Papa Bear — are “stacked” and are controlled by thrust fault repeats within a 300 metre wide corridor.
These thrusts are interpreted to have tripled the prospect’s combined prospective strike to 12 kilometres.
Notable intercepts from the drill programme so far returned 10 metres at 0.70 grams of gold per tonne from 197 metres, including one metre at 5.0 g/t gold from 203 metres and 19 metres at 0.40 g/ gold from 93 metres.
Results are still to come from aircore drilling at Papa Bear Lode, which is yet to receive significant intersections according to WML.
Further drilling is set to get under way once the company receives these results, which is anticipated to include infill and extension drilling.
Woomera has an 80 per cent interest in the project, with Cazaly Resources owning the remaining 20 per cent.
Woomera Mining shares closed down eight per cent to trade at 2.3 cents on August 16.
