Prospect Resources encounters high-grade gold at Prestwood

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THE DRILL SERGEANT: Prospect Resources (ASX: PSC) has intersected high-grade gold during a recently completed maiden drilling program at the company’s Prestwood gold project in Zimbabwe.

Prospect said the six hole RC drilling program at the historic Prestwood gold mine was successful in achieving its two main objectives.

 

Prestwood grid plan projected over Quick Bird Satellite. Source: Company announcement

 

These were to prove the continuity of the historically mined Main Gold Reef, at economic grades along strike and down dip and to identify parallel zones of mineralisation, particularly at the greenstone-monzonite contact, which the company considers can be projected to near-surface, potential targets for open-pit operations.

Highlight Results included:

BPC001
Primary intercept of Main Reef: 9.23 ggrams per tonne gold over 1m, at 153m (130m vertical). Average grade after three re-assays of 7.86g/t gold;

Upper Reef: 1.1g/t gold over 1m at 120m;

Sheared Monzonite contact: 1.1 g/t gold over 1m at 107m.

BPC004
Primary intercept of Main Reef: 2.73g/t gold over 1m, at 219m.

BPC005
Primary intercepts of Main Reef: 4.11g/t gold over 1m, at 190m (175m vertical) and 9.94 g/t gold over 1m at 193m.

BPC006
Prestwood A Shear Zone: 12.28g/t gold over 1m, at 52m.

“Prospect is delighted with the results of the drill program at the Prestwood Mine, which have helped validate its development plan to bring the project into production as a high-grade gold mine in the near term,” Prospect Resources said in its ASX announcement.

“The company now plans to proceed quickly with shaft rehabilitation and then underground drilling.”

Prospect said the recent drilling program had confirmed the mineralised reef continues below the historic gold workings, and five of six holes drilled intersected intact Main Reef down dip of the existing workings, to 195m below surface.

The company considers the presence of high grade intercepts (12.3g/t gold over 1m) within the shallower shear zone (that also hosts the Prestwood A mine) to be of some significance as it believes the present an ideal target for potential larger disseminated deposits, amenable to open-cast extraction.

Email: info@prospectresources.com.au

Website: www.prospectresources.com.au