Cassini Resources Confirms H-T Lode Potential

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THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced further drilling success at the West Musgrave Project (WMP) Joint Venture with OZ Minerals (ASX: OZL) in Western Australia.

This time the announcement stemmed from extension drilling at the Babel deposit.

Cassini Resources explained diamond drillhole CZD0077 is the first hole to test a strong Moving Loop Electromagnetic (MLEM) and coincident Down Hole Electromagnetic (DHEM) conductor representing an extension to the Babel Deposit.

The hole intersected:
25.6 metres at 0.63 per cent nickel, 1.04 per cent copper, 0.03 per cent cobalt, 0.23 grams per tonne platinum group elements (PGE) and 0.11g/t gold from 317.3m, hosted with a 34m zone of gabbronorite.

This hole is consistent with the nearest drill hole, WMN4049, that returned an earlier intercept of:
25.1m at 0.94 per cent nickel and 0.94 per cent copper, 0.03 per cent cobalt, 0.28g/t PGE and 0.11g/t gold from 311.6m.

This mineralised zone known as the H-T Lode, which the JV has interpreted to appear as the faulted extension of the Startmeup Shoot and demonstrates a similar style of mineralisation, grade and geometry.

Cassini said the H-T Lode is now considered as an important target as an extension to the proposed Babel open pit design either by cutback or through underground mining.

“The JV Partners are encouraged with this early success to the resource extension program which demonstrates the potential up-side to the existing Nebo-Babel resource,” Cassini Resources said in its ASX announcement.

“The diamond rig is currently drilling other extension and infill targets at Nebo and Babel.

“A follow-up hole will be drilled to test mineralisation along strike to the west, which is currently open, following completion of DHEM and geological interpretation.

“A second diamond rig has recently started drilling at the One Tree Hill prospect following the company’s systematic plan for regional exploration throughout 2018.”

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Draig Resources Claims Second Tribune Gold Discovery

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THE DRILL SERGEANT: Draig Resources declared a new gold discovery situated only 250 metres in the footwall of the Tribune Lode at the company’s Bellevue gold project in Western Australia.

Draig Resources completed a total of five holes, consisting of three re-entries of previously drilled Tribune Lode holes and two new holes from surface, which it said has confirmed mineralisation over 800 metres strike within what was known as the Gap target.

The company described the target is being situated in a position that potentially represents the offset continuation of the historic Bellevue Lode (previously mined underground) to the west of the Highway Fault and is in the footwall, below the recent Tribune Lode gold discovery.

The first drill hole into this new target area (DRDD059) from which was reported an intercept of 3.4 metres at 10.4 grams per tonne gold from 575.3m in pyrrhotite, chalcopyrite, quartz veining with abundant fine visible gold inclusions.

Latest results from broadly spaced (approx. 250 metres apart) drilling has defined a new high-grade gold zone over 800 metres strike length:

DRCD022
2.5m at 13.1g/t gold from 560.5m, including 1m at 28.5g/t gold from 560.5m;

DRDD059
4.3m at 8.8g/t gold from 575.3m, including 3.4m at 10.4g/t gold from 576.2m and 0.3m at 44.4g/t gold from 584.3m;

DRDD051
0.5m at 16.2g/t gold from 565.5m;

DRDD060
1.4m at 9.7g/t gold from 597.8m, including 0.5m at 20.7g/t gold from 598.6m; and

DRDD055
0.3m at 35.8g/t gold from 627.2m.

“The company is pleased to report its second new significant high-grade gold lode discovery at the Bellevue gold project,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“This new discovery is currently defined over a strike length of 800 metres and we see significant potential to extend this as we step out with our current drill program.

“To consistently hit in all holes drilled this new mineralised shear zone and grades encountered over step-out drilling greater than 250 metres apart is extremely encouraging and points to the high quality of the mineralised lode system at the Bellevue gold project.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Alto Metals Widens Hancock Anomaly

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THE DRILL SERGEANT: Alto Metals (ASX: AME) has widened a gold-in-soil anomaly at the Hancocks prospect, part of the company’s Sandstone gold project in the East Murchison Mineral Field of Western Australia.

Alto Metals has received assay results for an additional 271 soil samples from the Hancocks prospect, taking the total to 478 samples collected in April 2018, which have defined a highly anomalous and coherent +15 parts per billion (ppb) gold-in-soil anomaly over eight square kilometres.

The company indicated that 93 of these samples (19% of total collected) assayed greater than 30ppb.

“Results from the first of three batches of soil samples collected at Hancocks, south of the Bull Oak open pits were reported on 13 June 2018,” Alto Metals explained it its ASX announcement.

“The results from the remaining two batches have now been received and integrated with the first batch to show the totality of the Hancocks eight square kilometre gold-in-soil anomaly.

“The regolith in this area is shallow, and there are numerous shafts and pits present (developed in the period 1894-1920) where the dumps surrounding the shafts contain fresh differentiated dolerite, banded iron formation (Bif), sediments and quartz.”

 

Email: admin@altometals.com.au

Website: www.altometals.com.au

 

Triangle Energy Now Registered Operator at Cliff Head

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THE BOURSE WHISPERER: Triangle Energy (ASX: TEG) via its operating affiliate Triangle Energy (Operations) Pty Ltd (TEO) has become Registered Operator of the Cliff Head Joint Venture onshore and offshore facilities, located in the Perth Basin approximately 300 kilometres north of Perth.

Triangle became the majority (78.75%) owner and operator of Cliff Head in May 2017, at which time a third party contractor was the Registered Operator of the facilities on behalf of the Joint Venture.

To become the Registered Operator, TEO developed two Safety Cases for the Cliff Head facilities that were accepted and approved by the relevant Regulatory Authorites: The Western Australian Department of Mines, Industry Regulation and Safety (DMIRS) for the onshore Arrowsmith Stabilisation Plant (ASP), and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for the offshore Cliff Head Alpha Platform.

Triangle Energy said that the Approval of the Safety Cases demonstrates that TEO, as the new Operator of Cliff Head, has properly identified hazards and risks, can describe how the risks are controlled, and has defined the safety management system in place to ensure these controls are effectively and consistently applied.

Triangle commissioned a full and independent Operational Readiness Review to strengthen its accountability as the Registered Operator.

The review will ensure TEO is capable to not only comply with the approved Safety Cases but also has the full suite of processes, systems and competent people to execute production operations upon operatorship handover.

“Benefits of being the Reigstered Operator include more effective communication between the operation and management, improved response times to opportunities or issues, and increased in-house knowledge and accountability,” Triangle Energy managing director Rob Towner said in the company’s announcement to the Australian Securities Exchange.

“Strategically, operational control will allow Triangle to drive systemic changes to the Cliff Head Operation, including updating maintenance plans and optimising operating models, all of which will yield sustainable cost savings and increased margins.

“The Safety Cases are tailored for maintaining the integrity of the operation and demonstrate that we know the risks and can manage them effectively.

“Approval of the two comprehensive Safety Cases is a great achievement and I’d like to thank everyone involved in developing these documents, liaising with DMIRS and NOPSEMA, and helping Triangle become the Registered Operator of its own assets.”

 

Email: admin@triangleenergy.com.au

Website: www.triangleenergy.com.au

 

Cassini Resources Confirms Yappsu Mineralisation Hit

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THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced a second serious intersection of massive sulphide mineralisation at the Yappsu prospect within the company West Musgrave Project (WMP) Joint Venture in Western Australia with OZ Minerals (ASX: OZL)

Cassini Resources released the assay results of diamond drill hole CZD0076B, from which it had previously reported visual observations in June.

The company said the best assay results for CZD0076B confirmed nickel and copper sulphide mineralisation in three distinct units:

1. A massive sulphide zone returning 6.45 metres at 1.67 per cent nickel, 1.07 per cent copper, 0.14 per cent cobalt and 0.49 grams per tonne platinum group elements (PGE).

These levels of cobalt and platinum group elements (PGE) are some of the highest recorded at the WMP;

2. An upper heavily disseminated zone of 15.25m at 0.6 per cent nickel, 0.77 per cent copper, 0.02 per cent cobalt, 0.31g/t PGE and 0.18g/t gold. Significant gold mineralisation potential has not been previously recognised.

3. A lower broad disseminated zone of 55.6m at 0.32 per cent nickel, 0.34 per cent copper, 0.01 per cent cobalt 0.23g/t PGE and 0.06g/t gold.

The combined weighted average of all intercepts is 77.8m @ 0.49 per cent nickel, 0.49 per cent copper, 0.2 per cent cobalt, 0.29g/t PGE.

Cassini described this as, “the most significant intercept at the prospect to date on a contained metal basis”, adding that it has confirmed its belief that historical drill holes had not intersected the core of the mineralised system.

Mineralisation has continuity over 250m down-plunge and appears to be strengthening at depth which remains completely open and is yet to be tested by the JV’s current Downhole Electromagnetic (DHEM) or surface Moving Loop Electromagnetic (MLEM) systems.

Additionally, the disseminated mineralisation has a weak EM signature and may extend up-plunge closer to surface than indicated by the EM models.

The up-plunge position has not been tested by drilling.

The company considers this result to be a turning point in the exploration of the Yappsu prospect within the context of the broader WMP.

It Although an early stage prospect, Yappsu is currently being pursued by the JV as an opportunity that could support the development of the Nebo-Babel deposits.

“The results from the first two holes at Yappsu are very significant,” Cassini Resources managing director Richard Bevan said in the company’s announcement t the Australian Securities Exchange.

“The mineralised trend north east of Nebo-Babel has now been shown to host some of the highest tenor sulphide mineralisation identified so far in the project area.

“This has big implications for our continued exploration programs and also for the development scenarios at Nebo-Babel, where the discovery of additional high-grade ore could materially impact the project metrics.

“The early success of our exploration program is a result of the significant work of our technical team and has demonstrated that our targeting strategy is becoming very efficient and effective indeed.”

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Vango Mining Locates Coarse Vein Gold at Apex Prospect

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THE DRILL SERGEANT: Vango Mining (ASX: VAN) declared generation of another high‐grade gold target at the company’s 100 per cent‐owned Plutonic Dome gold project in the Mid‐ West region of Western Australia.

Vango Mining said the identification of the new target came via discovery of widespread coarse ‘nugget’ gold at surface and vein‐hosted gold in float samples at the Apex prospect, located in the north east of the project.

Vango recently conducted a first‐pass reconnaissance exploration program around Apex and other tenements in the area, led by leading minerals prospector Bob Creasy that returned multiple coarse gold ‘nuggets’ and located the coarse vein‐gold in weathered float in an area of shallow cover.

The float is interpreted as being close to a contact zone between a Syenite intrusive and inter‐bedded mafics and ultramafic meta‐volcanics tying in with the company’s view that the location of coarse vein‐gold in granitic/syenitic float rocks may indicate a bedrock source for the wide‐spread coarse nuggets in this area.

“The bedrock below the coarse‐vein gold discovery has yet to be examined in detail or been subjected to systematic gold‐focused exploration programs,” Vango Mining said in its ASX announcement.

“The company now plans to conduct a surface mapping/prospecting programme of the Apex area to identify priority zones, and then commence geochemical drilling to test for primary, high‐grade, gold mineralisation.”

Vango is currently drilling key targets within the Plutonic Dome project area, commencing with the Trident gold deposit.

This drilling has already delivered intersections of very high‐grade gold mineralisation and drilling is now stepping‐out to target repeats of the ‐high grade core of the Trident deposit at depth.

Drilling is also planned to test the Cinnamon, conglomerate hosted, gold deposit.

In parallel with the drilling at Plutonic Dome, Vango has commenced a regional exploration program across the wider Plutonic Dome project, designed to define and assess other target areas across the project.

 

Website: www.vangomining.com

 

Alliance Resources Identifies New Weednanna Gold Shoots

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THE DRILL SERGEANT: Alliance Resources (ASX: AGS) has postponed the release of a maiden Mineral Resources at the company’s Weednanna gold prospect in South Australia.

Alliance Resources explained the postponement is due to recently-competed 3D modelling of historic gold mineralisation being brought into JORC Code 2012-compliance.

“The 3D modelling of this historic gold mineralisation is essential for the purposes of planning exploration in order to grow the project going forward,” Alliance Resources said in its ASX announcement.

“The historic gold mineralisation is now reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code), in order that it may be included in the maiden mineral resource estimate.

“Accordingly, the timing for completion of the mineral resource estimate has to be extended whilst this work progresses.”

Alliance said that 3D geological modelling completed at Weednanna in support of the maiden mineral resource estimate was initially planned to be restricted to the areas of highest drilling density around gold mineralised Shoots 1 to 4.

However, as Alliance’s understanding of the lithological and structural controls on the distribution of gold has evolved the importance of additional gold mineralisation was recognised from drilling intercepts in the historical database.

Thirteen gold shoots were identified during the 3D modelling process, including Shoots 1 to 4 that have been the focus of Alliance’s drilling activities during 2017 and 2018.

During 2017 and 2018 Alliance has systematically completed re-logging of all available RC chips and diamond core from Weednanna to provide detailed data for geological interpretation and 3D modelling.

Where drill chips or diamond core were not available for re-logging, the company re-digitised historic geological logging sheets to ensure the capture of all available geological data.

In total, 256 RC holes for 20,889 metres and 40 diamond holes for 4,779.6 metres were re-logged in addition to the 92 RC holes for 14,341 metres drilled by Alliance during 2017 and 2018.

Cross-sectional interpretation was completed on 25m spaced traverses along the 1,325 metre strike length of the prospect.

The Weednanna prospect forms part of the Wilcherry project Joint Venture between Alliance (71.09%) and Tyranna Resources (ASX: TYX) (28.91%).

 

Email: info@allianceresources.com.au

Website: www.allianceresources.com.au

 

Rox Resources Nickel Projects Take Poll Position

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THE INSIDE STORY: A shopping expedition at the start of the year reinforced the quality of Rox Resources’ (ASX: RXL) portfolio of nickel projects.

Rox Resources’ financial position is one many of its junior exploration company peers would relish.

Thanks to some judicious project divestment strategies in 2017, Rox currently boasts a war chest of around $14 million in cash and receivables.

Such a strong financial position means the company can carry out extensive exploration programs while scanning the market for suitable new asset opportunities to build shareholder value.

However, kicking the tyres on a few possible project acquisitions revealed plenty about the projects it already owned outright – that they were as good, if not better than what was on offer.

“We spent a considerable amount of time looking at projects and we looked seriously at two or three projects that didn’t come up to scratch,” Rox Resources managing director Ian Mulholland told The Resources Roadhouse.

“The question we had to ask was would we spend money on that project versus spending money on what we already had, and the answer was, no.

“That’s not to say that something fantastic may not come up in the future – there’s just nothing worthwhile around at the current point in time.

“That’s why we have decided to increase our focus on our nickel projects.”

Rox Resources has two nickel sulphide projects in the Northern Goldfields region of Western Australia.

Rox discovered the Fisher East nickel province in December 2012 and has since made further open-ended nickel sulphide discoveries.

Mineral resources have been defined over the Camelwood, Cannonball and Musket deposits totalling 2 million tonnes at 2.5 percent nickel containing 50,000 tonnes of contained nickel with Indicated Resources accounting for 95 per cent of the total resource.

The company has completed a Scoping Study on this mineral resource, which concluded the project as being low technical risk and financially viable at ‘normal’ nickel prices.

Since completion of the study the ‘normal’ nickel price has enjoyed a ‘supernormal’ run from around US$4 per pound a year ago to currently hover around US$7 per pound at time of writing.

The second project is the advanced Collurabbie nickel-gold exploration project, also located Northern Goldfields and situated just 70 kilometres due east of the Fisher East project.

The Collurabbie project hosts the Olympia nickel sulphide deposit, with a JORC 2012 Inferred Mineral Resource of 573,000 tonnes at 1.6 per cent nickel, 1.2 per cent copper, 0.08 per cent cobalt, 1.5 grams per tonne palladium, 0.85g/t platinum.

The two projects offer attractive synergies as should both projects come into production, ore from Collurabbie and Fisher East could potentially be treated at the same plant.

“We are now focusing on our two nickel projects with the goal of increasing the Resource, while the nickel price is continuing to go up, to the point where we can make a decision on commencing a Pre-Feasibility Study over the next 12 to 24 months,” Mulholland said.

Rox has launched into a program of work at both projects designed to both discover new deposits and increase existing resources.

At Fisher East 2,100m of diamond drilling has been drilled to extend the Musket and Camelwood deposits by testing previously defined strong downhole EM anomalies, and at Corktree to test a very strong one-kilometre long EM conductor, detected from surface.

Additional aircore drilling at Collurabbie (5,000m) and Fisher East (1,200m) is continuing to define geochemical trends, from which the company will target deeper drilling to discover new nickel sulphide orebodies.

“We did a diamond drilling program at Fisher East during April/May this year, with the outcome of extending two of the project ore bodies by 150m in depth, but more importantly, we demonstrated that the systems continue,” Mulholland explained.

“While we are not necessarily proposing to drill those out as Resources, because they are quite deep, it does mean that once we can get into production we have an open system, at depth, which we will be able to access from underground.

“Our focus is going to be on doubling the Resource within the top 500 metres.”

Results received from this drilling were highly encouraging, including:

MFED080 at Musket
4.3 metres at 2 per cent nickel Ni from 701.7m, including 0.3m of massive sulphides grading 8.1 per cent nickel from 701.7m;

MFED076W1 at Camelwood
2.4m at 2.4 per cent nickel from 718.3m, including 0.2m of massive sulphides grading 5.2 per cent nickel from 718.9m; and

MFED081 at Camelwood
0.3m at 7.5 per cent nickel of massive sulphides from 288.8m.

The result at Musket held some significance in that it broadened the prospective area for drilling and indicated that mineralisation extends to at least 700 metres depth.

Added to this, the two drill holes at Camelwood indicated that target’s nickel sulphide system to be more extensive than currently contained in the existing resource.

“The drilling at Fisher East moved us another step closer to our continuing overall aim of making a new game changing massive nickel sulphide discovery through exploration, while we increase resources at known deposits and continue to assess development options,” Mulholland enthused.

“We now know that the nickel sulphide systems at Musket and Camelwood are extensive and offer significant potential to develop a large resource base.”

Rox firmly stamped its nickel focus by announcing its intention to spin out its Mt Fisher gold project into a newly established, 100 per cent-owned subsidiary, Helios Gold Limited via an Initial Public Offering.

The Mt Fisher gold project is located 270km north of Leonora, adjacent to the Fisher East nickel project, and contains a mineral resource of 973,000 tonnes grading 2.75g/t gold for 86,000 ounces of gold.

Ironically, Rox originally acquired the Mt Fisher tenements in 2011 for the gold potential the project area offered, however the discovery of nickel at Fisher East since that time has made it difficult for the company to give the gold assets the proper focus they merited.

“The IPO is basically a new set of funds dedicated to that project,” Mulholland said.

“It means we can use our substantial bank balance to focus on our nickel projects while we have new funds and a new team taking the gold project in a new direction.

“Trying to do both would ultimately mean that we would not give either the full attention they both deserve.”

Mulholland believes expanding the company’s nickel presence, with the commodity trending the way it currently is, is an ideal approach for it to take, especially given the quality of the projects it already has in its portfolio.

“Further expansion of our current portfolio really depends on whether we are able to locate projects that we consider good enough to spend our money on.

“Our strategy is to increase our nickel Resources to take advantage of the nickel price upswing, to get to the point where we can be making some development decisions.

“If other opportunities emerge along the way, we’ll look at them, but they are going to have to be a lot better than the projects we currently have.”

 

Rox Resources Limited (ASX: RXL)
…The Short Story

HEAD OFFICE
Level 1, 34 Colin Street
West Perth WA 6005

Ph: +61 8 9226 0044

Email: admin@roxresources.com.au
Web: www.roxresources.com.au

DIRECTORS
Stephen Dennis, Ian Mulholland, Brett Dickson

 

Draig Resources Riding in Fast Lane to Resource Estimate

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THE INSIDE STORY: Draig Resources (ASX: DRG) has changed its name to Bellevue Gold Limited (ASX: BLG).

Tha change follows Draig’s early exploration success at its Bellevue gold project that has the company  to sustain and repeat its efforts.

Late last year, Draig Resources announced discovery of the Tribune Lode at the Bellevue gold project, located 400 kilometres north west of Kalgoorlie in Western Australia.

The Bellevue gold mine was once one of Australia’s highest-grade historical gold mines producing approximately 800,000 ounces of gold at 15 grams per tonne gold over 100 years before closing in 1997.

Bellevue changed hands numerous times between some of the industry’s biggest-hitting companies yet very little modern exploration was undertaken as it never fell into their collective portfolio considerations.

Thus, Draig Resources became the first company to conduct any exploration work of note on the mine and surrounding area in the last 20 years.

After confirming historical intersections at Bellevue, Draig commenced drilling on the Tribune Lode, a Bellevue parallel structure located immediately to the west of the Highway Fault and about 300m to the west to the historic Bellevue underground mine.

The move paid off immediately making a new gold discovery with the first hole of the program.

Drillhole DRRC0024 was drilled in a relatively untested area situated mostly under the Western Mineralised Corridor shallow transported sand cover, returning assays including:

7 metres at 27.4 grams per tonne gold from 92m, including 5m at 37.5g/t gold from 92m.

Step-out extensional drilling confirmed the high-grade mineralised system to be extended to the south, at depth and down plunge.

Draig followed this result up in March and May this year with further Tribune discovery results from drilling focused on preparing the estimation of a maiden Resource, infilling to a regular 80m by 40m grid pattern over the tested 550m of strike.

Additional work, including follow up DHEM target plates from the first pass exploration holes also produced highly-encouraging results.

The drilling and subsequent DHEM work demonstrated Draig was be looking in the right area by detecting several new high-grade ore shoots, all of which lifted the overall exploration potential of the strike extensions.

Results from the follow-up drilling for the first half of this year included:

DRDD020
2.5m at 29g/t gold from 147.5m and 3.8m at 5.2g/t gold from 133m;

DRDD031
9m at 5.4g/t gold, including 2m at 15.2g/t gold from 375m (The deepest hole drilled to date at Tribune Lode showing remains open);

DRDD034
7m at 7.2g/t gold, including 2m at 17.8g/t gold from 288m (the most southern hole drilled to date at Tribune lode showing remains open);

DRDD036
2.4m at 16.6g/t gold from 102m downhole;

DRDD043
4.1m at 6g/t gold from 92.5m downhole;

DRDD057
4.4m at 13.5g/t gold from 306m downhole (NEW SHOOT POSITION identified from DHEM);

DRDD050
9.5m at 5g/t gold, including 2.6m at 12.7g/t gold from 326.5m (NEW SHOOT POSITION identified from DHEM); and

DRDD038
2.3m at 8.2g/t gold from 53.7m and 0.3m at 31.8g/t gold from 64.9m and 2m at 9.3g/t gold from 92m downhole;

Further scout drilling conducted 160m to the north of the drill grid resulted in two holes intersecting Tribune style shearing and veins.

Results for these were pending at time of writing, however while the intersections didn’t demonstrate any noteworthy sulphide mineralisation, follow up DHEM indicated highly conductive plates as off hole conductors providing Draig with new shallow and high priority drill targets.

“We announced the Tribune discovery hole in December 2017 and, taking the Christmas break in to consideration, just five months later we are looking at coming out with a maiden Resource,” Draig Resources executive director Steve Parsons told The Resources Roadhouse.

“We are also very excited with our second target – the possible extension of the historic Bellevue Lode that results indicate we may have encountered already, again with our first drill hole into this new target.”

Draig completed its first deeper drill hole at the Bellvue gold mine designed to test the area known as the ‘Gap’ targeting the offset and extension of the historic high-grade Bellevue underground mine Lode position.

The results showed the drilling had encountered a new high-grade mineralised gold zone, returning assays of:

BRDD059
4.3m at 8.8g/t gold, including 3.4m at 10.4g/t gold from 576.2m; and

A secondary zone of 0.3m at 44.4g/t gold from 584.3m downhole.

Results were similar in widths and style of mineralisation to the historical Bellevue mine, which is not so surprising as existing Bellevue underground mine development is located only 190m from the mineralised drill intercept.

“The last few months have been a pretty exciting time for us, especially since the discovery of the new high-grade Tribune lode located just west of the old Bellevue gold mine,” Parsons said.

“We had spent time preparing to drill the deeper target below the Bellevue mine looking for the offset extension of that underground mine and we would have been drilling there earlier, except for the early success we had with the Tribune discovery.

“That was a most welcome distraction, however, once we finally got to drill at Bellevue, our first hole appears to have snicked, what we believe could be, the extension to the Bellevue Lode.

“The next couple of months will all be about conducting EM work and stepping out on this new lode.

“We will also be carrying out step-out drilling to the north and to the south of the Tribune discovery.”

Draig quickly commenced that step-out drill program looking to gain a deeper understanding of what it thinks could be a potentially abundant mineralised zone.

Activity on the project area is furious with diamond drilling testing the potential offset ore positions west the of the Highway Fault, and the Tribune Lode footwall potential ore positions.

On top of a recent $8 million raising to new institutional investors from Australia, Asia and North America and existing institutions and sophisticated investors, Draig has been allocated an EIS co-funding grant of $200,000 for a single drill hole to assist in this exploration.

Draig has identified the Western Corridor as a major exploration target and has deep diamond drilling planned to be followed up with DHEM to highlight potential ore positions.

Extensional diamond drilling at the Tribune lode is testing modelled DHEM conductors to the north of the existing mineralised extent as well as to the south towards Southern Belle target area.

Reverse Circulation (RC) drilling will infill the top 50m of the Tribune Lode to 40m by 20m centres ready for future economic extraction study work.

“Geological ore bodies are always more complicated than just identifying a straight line on a map,” Parsons said.

“Having said that, we hit the mineralised zone – and the exact target, our technical team had identified.

“So, if it looks like an apple and tastes like and apple it should be an apple, but we prefer to take a conservative approach and want to drill a few more holes so that we can be certain we have hit the Bellevue Lode.

“Once we have completed the extra drilling we should have a really good handle on what is going on.

“We are well on track for releasing our maiden Resource when we said we would and at this stage it is looking at being very good high-grade and, most importantly, open so we can expect to revisit that Resource in the second half of this year.”

 

Draig Resources Limited (ASX: DRG)
…The Short Story

HEAD OFFICE
Suite 3, Level 3
24 Outram Street
West Perth, WA, 6005

Ph: +61 8 6424 8077

Email: admin@draigresources.com
Web: www.draigresources.com

DIRECTORS
Ray Shorrocks, Steve Parsons, Guy Robertson

 

Intermin Resources Highlights Potential Goongarrie Lady Gold Extensions

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THE DRILL SERGEANT: Intermin Resources (ASX: IRC) has completed a 500-metre reverse circulation (RC) extension program at the company’s 100 per cent-owned Goongarrie Lady gold project, north of Kalgoorlie in the Western Australian goldfields.

Intermin Resources completed four holes targeted into discrete areas approximately 100m south of the southernmost drilling the company completed last year.

Three exploration drill holes testing up to 500m south of the current pit design all returned new gold mineralisation, including:

GLRC1804
2 metres at 1.5 grams per tonne gold from 32m, 1m at 1.41g/t gold from 45m, 2m at 17.7g/t gold from 47m and 2m at 1.48g/t gold from 68m;

GLRC1806
1m at 2.34g/t gold from 45m; and

GLRC1805
1m at 0.56g/t gold from 43m.

“These latest results have demonstrated the potential to extend the project to the south and we look forward to the results of the follow up drilling and assessing the impact on the current production profile and project economics,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

Intermin indicated it plans to fast track drilling at the Goongarrie Lady South area with an initial 1,000m of RC drilling planned.

The drilling will attempt to link up GLRC1804 and GLRC1805 to the projected mineralised trend south of the pit.

Several holes will also test the ground around GLRC1806.

 

Email: iadmin@intermin.com.au

Website: www.intermin.com.au