Australian Mines scores positive gold assays
THE DRILL SERGEANT: Australian Mines (ASX: AUZ) has received initial assay results from five of eight drill holes that have been completed at the company’s 100 per cent-owned Yargarma project in Nigeria.
Source: Company announcement
The Yargarma drilling program involves eight diamond core holes, which have been designed to test a series of conceptual targets identified through Australian Mines’ recently completed airborne geophysical and surface geochemical sampling surveys.
Assay results received from the first five holes include:
– 1 metre at 4.45 grams per tonne gold from 34 metres; and
– 1m at 5.92g/t gold from 76m and 2m at 1.19g/t gold from 85m.
Australian Mines said the latest results have confirmed the presence of primary gold mineralisation within second-order geological structures across the Yargarma project area.
The company also said it considers these initial assays validate the current exploration model and demonstrates the project’s potential to host structurally-controlled gold.
“We are very pleased that the first batch of assay results received from our maiden drilling program confirms the presence of primary gold mineralisation within our Yargarma project,” Australian Mines managing director Benjamin Bell said in the company’s announcement to the Australian Securities Exchange.
“These latest results have significantly improved the company’s understanding of the regional geology and will play a crucial role in guiding our future exploration program.
“In addition, Australian Mines is very appreciative of the on-going support the company is receiving from the Nigerian Federal Government, Zamfara State Government and local communities.”
Australian Mines indicated it is currently waiting on assay results from the remaining three drill holes at Yargarma as well as from four diamond core holes drilled within the Kasele prospect.
These pending assays include the samples of two drill holes that tested the depth extension of gold mineralisation presently being extracted by local artisanal miners.
The company is also waiting to receive assay results from the multi-element (base metal) analysis of the Yargarma and Kasele diamond core.