Aphrodite Gold confirms new gold potential

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THE DRILL SERGEANT: Aphrodite Gold (ASX: AQQ) has been encouraged by gold results it has received from maiden exploration drilling programs being conducted over the Stubby Tail and Blue Tongue prospects located close to the company’s Aphrodite gold deposit, north of Kalgoorlie in the Eastern Goldfields of Western Australia.

A Pre-Feasibility Study is currently underway at the Aphrodite deposit.

Both Stubby Tail and Blue Tongue lie within the Scotia project tenements which Aphrodite farmed into with Breakaway Resources (ASX: BRW) in June 2011.

Under the terms of the JV Agreement Aphrodite Gold can earn up to 80 per cent of the gold rights in the Scotia tenements – so far it has earned a 51 per cent interest.

Four Reverse Circulation (RC) were recently completed at the Stubby Tail prospect.

Gold intercepts from this drilling included:

–    13 metres at 0.54 grams per tonne gold from 48 metres;

–    12m at 0.46g/t gold from 128 metres; and

–    12m at 0.46g/t gold from 126m.

“The most recent and historic drill results at Stubby Tail are significant in that they confirm the presence of a well-developed zone of bedrock gold mineralisation and associated alteration over a considerable area,” Aphrodite Gold said in its ASX announcement.

 

Stubby Tail gold prospect – drill hole locations and results. Source: Company announcement

 

Three RC holes conducted at the Blue Tongue gold prospect returned intersections including:

–    4m at 1.85g/t gold from 138m and 6m at 0.81g/t from 113 metres.
 
“Drill results indicate that gold mineralisation is related to pyrite alteration within a broad shear zone,” Aphrodite said.

Aphrodite said the recent and historic drilling it has undertaken to date demonstrates potential to delineate moderate grade gold mineralisation within structurally controlled positions.

To this end the company indicated it has further exploration work planned over both the Stubby Tail and Blue Tongue prospects, as well as other gold targets within the Scotia tenements, following further review and interpretation of results.