THE BOURSE WHISPERER: Australian Mines has completed a detailed soil sampling program at the company’s Yargarma project, covering nine kilometres of a regional shear zone located within its tenement in northwest Nigeria.
Results received to date demonstrate a gold-in-soil anomaly extending over two kilometres, which remains open to the south.
Field reconnaissance completed by Australian Mines prior to the commencement of the soil sampling program identified a number of historic and active artisanal gold workings within the Yargarma project.
Location of Australian Mines’ Yargarma project areas within Nigeria’s northwest goldfields. Source: Company announcement
“Given we were confident of gold mineralisation being present at Yargarma, largely due to the presence of artisanal workings on our property area, we therefore wanted to complete the soil sampling survey using specifications that would enable the company to go straight to drilling the anticipated geochemical anomalies, rather than having to go back and do further infill soil sampling,” Australian Mines managing director Benjamin Bell said in the company’s announcement to the Australian Securities Exchange.
“The strategy of Australian Mines remains to progress into drill testing targets as quickly as possible and these latest results from soil sampling will enable just that.
“We anticipate first stage drilling to commence at the Yargarma priority targets in the coming months.”
Australian Mines collected approximately 6,300 soil samples as part of the Yargarma soils program using 100 metre line spacing and 20 metre spacing.
The company has now received assays from approximately 3,800 of these samples.
The company said the sampling was carried out using tight spacing as it was confident gold mineralisation occurred within the tenement, due to the presence of artisanal workings in addition to the positive rock chip assays recently returned.
The detail of the soil sampling survey allows the company to move directly to the drilling stage at this part of Yargarma, without having to carry out further sampling.
The initial soil sampling assay results demonstrate very high gold values including:
6.37 grams per tonne gold, 3.8 grams per tonne gold, 2.4 grams per tonne gold, and 1.9 grams per tonne gold.
The soil sampling has also identified a number of discrete gold anomalies, which the company said appear to sit along the regional shear zone.
This includes an anomaly with a strike length measuring approximately 500 metres, containing a core gold assay exceeding 500 parts per billion (or 0.5g/t) gold, which it claims is exceptionally high for soil assays.
Australian Mines considers the anomalies warrant further investigation and as such, plans to drill test these targets as part of its upcoming drilling program.