Mutiny hits new gold vein at Deflector

THE DRILL SERGEANT: Recent diamond drilling carried out by Mutiny Gold (ASX: MYG) has identified a new shallow high-grade vein 300 metres from the existing resource at the company’s Deflector gold, copper, silver project in the Murchison region of Western Australia.

The drilling has returned:
3.08 metres at 9.9 grams per tonne gold, 7.5 per cent copper and 56.4g/t silver from 96.51m down hole 300m south and 200m west of the existing Deflector resource.

The drilling also encountered mineralisation 30m below the Deflector resource, returning an intersection of:

5.76m at 4.6g/t gold, including 0.23m at 92.9g/t gold.

 

Location of Mutiny diamond drilling in relation to the Deflector
Resource outline showing the surface projection of the new high grade
vein intersected in 14DEFDD015. Source: Company announcement

 

“The step-out holes, which are the first significant exploration holes at Deflector for five years, highlights the potential to increase the existing reserve of 322,000 gold ounces and 16,000 tonnes copper,” Mutiny Gold managing director Tony James said in the company’s announcement to the Australian Securities Exchange.

“The discovery of a shallow high-grade gold, copper, silver vein over 200 metres west and 300 metres south of the Deflector deposit confirms our belief in the exploration strategy focused on the under-explored seven kilometres long Deflector Corridor.

“Our geological and technical understanding of the mineralisation improves on a daily basis and we will continue to explore in parallel with the development of the Deflector project.”

Mutiny recently completed a review of the Deflector feasibility study, which the company said found the project will have all-in sustaining costs of just $723 per ounce and a preproduction capital cost of $67.6 million.

Average annual production is 60,000 ounces per annum gold and 2,800 tonnes per annum copper.

Buoyed by the project’s strong economics, Mutiny indicated it is now looking at funding options for Deflector while its exploration activities continue.

Email: mgl@mutinygold.com.au

Website: www.mutinygold.com.au