Aphrodite re-estimates Chameleon
THE DRILL SERGEANT: Aphrodite Gold has estimated a new Exploration Target for its Chameleon prospect.
The new target for Chameleon is 2.1 to 2.5 million tonnes at between 1.4 and 1.9 grams per tonne gold for approximately 100,000 to 140,000 ounces of gold at a cut-off of 0.5 grams per tonne gold.
The Chameleon prospect is located five kilometres from the company’s Aphrodite gold deposit and 70km north of Kalgoorlie in Western Australia.
Chameleon forms part of the Scotia Gold Joint Venture project, which Aphrodite farmed into with Breakaway Resources in June this year.
Under the terms of the Joint Venture Agreement, Aphrodite can earn up to 80 per cent of the gold rights in the 217 square kilometre Scotia project tenements.
Location of Chameleon Relative to Aphrodite Gold Deposit. Source: company announcement
“This latest assessment of Chameleon confirms that this prospect, together with other gold prospects within our exploration portfolio, has strong potential to contribute further gold ounces to our overall Aphrodite Operations, Aphrodite Gold exploration and development director Leon Reisgys said in the company’s announcement to the Australian Securities Exchange.”
A small RC drill program comprising four holes is currently underway at Chameleon to provide additional information prior to the conclusion of 2011 to allow a fuller analysis of the mineralisation and planning of a resource drilling program scheduled for 2012.
Aphrodite completed an RC drill program, comprising 16 holes July 2011, which the company said confirmed a gold mineralised zone at Chameleon over a strike length of 600 metres down to a vertical depth of around 200 metres.
Gold intercepts from this drill program included:
– 12 metres at 10.99 grams per tonne gold from 66 metres to 78 metres;
– 6m at 4.48g/t gold from 92-98m; and
– 11m at 2.05g/t gold from 129-140m.
Aphrodite claims modelling carried out at Chameleon indicates gold mineralisation is confined to a shear running along the edge of an ultramafic horizon that shoots away from the contact.
The company said a number of methods were used to complete an estimate of the tonnage and grade ranges including 3D wire framing and block modelling in Micromine, and Leapfrog interpolations.
Aphrodite has further validation of the database together with continued RC drilling planned to be undertaken in 2012 with the aim of announcing a maiden JORC Code compliant resource for Chameleon by mid-2012.