THE DRILL SERGEANT: Ausgold (ASX: AUC) announced completion of an aircore (AC) drill program conducted by the company’s Joint Venture partner Great Boulder Resources (ASX: GBR), at the Winchester prospect within the Yamarna project in Western Australia.
Ausgold said the recent exploration program consisted of 118 AC holes drilled and a ground gravity survey of 575 stations.
The AC drilling was conducted on a wide-spaced east-west grid measuring 400m by 1000m with the purpose of improving the current geological interpretation.
The drilling identified geochemical anomalism extending over a strike length of 2,500m with nickel values (>1500ppm), coincident copper (>100ppm) and >10ppb PGE (>10 ppm), which is slightly offset from the Bottom-of-hole (BOH) anomalism.
The geochemical anomaly extends anomalism identified at Winchester to the southern tenement boundary.
Previous drilling at the Winchester prospect by Ausgold and GBR had identified nickel-copper-cobalt-PGE mineralisation.
“We are pleased with the results of the recent exploration program which highlight the potential of the Yamarna project,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.
“AC drilling intersecting grades of up to 1.1 per cent copper, 0.7 per cent nickel and 0.04 per cent cobalt over 2,500 metres strike length highlight the potential for significant magmatic sulphide mineralisation.
“Great Boulder continue to advance the Yamarna project by spending $250,000, thereby meeting the first milestone to earn a 51 per cent interest in the project.
“The fast rate of progress ensures the highly prospective Yamarna project continues to be advanced by a focused nickel – copper explorer.
“The Joint Venture is structured in such a way that Ausgold retains a 25 per cent free-carried interest through to a decision to mine, allowing Ausgold to focus its efforts on its 100 per cent-owned Katanning gold project (KGP), where the company continues to have exploration success and is progressing towards a mine development of the 1.04 million-ounce gold Resource.”