Inova Resources encouraged by latest drilling campaign

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THE DRILL SERGEANT: Inova Resources (IVA: ASX) has been encouraged by the receipt of positive gold results from recent drilling at the Confucius prospect, located on the company’s tenements in the Cloncurry District of north western Queensland.

Inova said the drilling at Confucius was undertaken during July and August 2013 and consisted of 25 holes testing a combined 600 metre strike length of anomalous gold mineralisation, to 100 metres below surface.

Key results using a 0.5 gram per tonne gold cut-off and maximum dilution of one metre, include:

8 metres at 10 grams per tonne gold from 74 metres;

3m at 7.8g/t gold from 29m;

5.2m at 3.5g/t gold from 17.9m, 6m at 1.8g/t gold from 30m, 1m at 12.7g/t gold from 41m; and

3m at 4.3g/t gold from 12m.

“We are particularly pleased with the results so far from this latest drilling at Confucius,” Inova Resources chief executive officer Bob Vassie said in the company’s announcement to the Australian Securities Exchange.

“At this early stage we are hopeful that the Confucius prospect could well prove to be an exciting gold discovery, and are looking forward to receiving the remainder of the assays from the latest round of drilling.

“If Confucius proves to be a successful discovery, there is also the potential for it to leverage off the company’s existing infrastructure at the Osborne processing centre.”

 

Inova Resources tenements–highlighting Confucius. Source: Company announcement

 

Inova commenced the recent drilling at Confucius in July of nine diamond holes and 16 reverse circulation (RC) holes.

Nineteen holes tested quartz-arsenic-bismuth veins over a 400m strike length, on 100m sections.

The company designed the campaign to intersect projected surface veins.

So far, drill results are only available for half of the drilling, with further results expected soon.
 
Inova said the drilling to date has demonstrated mineralisation continuity over a 400m strike length on the eastern vein system with one section, reporting high-grade gold intercepts to 80m below surface.

The company has identified three other gold anomalies at the Confucius prospect it considers to be worthy of follow up drilling.

Further geological and structural work is underway to identify key controls on the gold-mineralisation and to develop a predictive model for high-grade mineralisation.