THE DRILL SERGEANT: Cygnus Gold (ASX:CY5) announced to the Day Two crowd at the Diggers & Dealers Forum in Kalgoorlie that it has completed first pass surface sampling and ground gravity over high ranking targets on the Lake Grace project.
The Lake Grace project is subject to an Earn-in Agreement with Gold Road Resources (ASX: GOR) with Cygnus managing the exploration programs.
Cygnus Gold has collected ground gravity data over the Holland Rock 3 (HR3) and Panhandle prospects, from which it has identified several high priority targets with coincident surface gold anomalism.
Follow up drilling is planned once all assays are received and have been interpreted.
The company said that surface sampling over the HR3 target identified a thin, 500 metre long (open to the north) gold anomaly associated with a NE trending structure adjacent to a coherent multi-element anomaly, loaded with what Gygnus described as ‘pathfinder’ elements typically associated with gold mineralisation in the region.
Results from surface sampling over the Panhandle prospect are expected in the next month with follow up aircore and RC drilling planned later in the year to test these emerging targets during the summer drilling season.
Cygnus has also collected ground gravity data at selected prospects on the Wadderin project, also subject to an earn-in agreement with Gold Road.
Results from these surveys will be announced once interpretations are completed in the coming weeks.
“It’s great to see these exciting results from the first programs at Lake Grace and Wadderin,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.
“We’ve made significant progress since listing in January, from targeting to on-ground programs including the use of low-cost gravity surveys to define high quality gold targets for follow up.
“We appreciate the support of our partner Gold Road Resources on these projects as we prepare targets for drilling in the coming months.”