Exterra reports early high-grade drilling results
THE DRILL SERGEANT: Gold-focused exploration and development company, Exterra Resources has received some impressive high-grade assay results from the first two holes of an eight hole program of diamond drilling being carried out at the Second Fortune mine situated within the company’s Linden gold project in Western Australia.
Exterra has completed three holes so far and is waiting on results from the third.
Highlights from the results received for the main lode are:
– 0.8 metres at 31.68 grams per tonne gold; and
– 0.6m at 43.50 g/t gold.
The company said the three completed holes all contained visible gold, and is of the opinion that the results have confirmed the continuity of the high-grade Second Fortune main lode system at depth below the current resource.
“The program totals approximately 2,600 metres of HQ/NQ coring and is expected to be completed during May 2012,” Exterra Resources said in its ASX announcement.
“It is aimed at testing the continuity of the high grade lode system below and along strike of the deepest drilling completed to date at approximately 250 vertical metres.
Second Fortune Long Section. Source: Company announcement
“Holes planned will test the lode system to 300 vertical metres and, subject to results, are expected to provide a basis for upgrading the current Resource and commencement of a Feasibility Study into developing the Second Fortune underground mine.”
Exterra completed an earlier round of drilling in 2011 that confirmed the high-grade nature of the Second Fortune lode system.
This resulted in the company reporting a maiden JORC Code-compliant Inferred Resource of 207,000 tonnes at 7.9 grams per tonne gold for 52,270 ounces.
“The results received so far confirm the robust high grade continuity of the Second Fortune vein system,” Exterra said.
“The full program of eight diamond drill holes is expected to form the basis for an upgrade of the current Resource at depth, subject to further positive results.”