THE BOURSE WHISPERER: Reconnaissance soil sampling conducted by Echo Resources (ASX: EAR) at the company’s Yandal project has identified a 5.5 kilometre long gold-in-soil anomaly at the Marvin prospect.
The Marvin prospect is located 85km south of Echo’s Julius gold discovery, and 3km west of open-cut workings at the Mt McClure-Bronzewing gold mine, in central Western Australia.
The company has also identified a second anomaly at the Magrathea prospect, situated 4.5km south of Marvin.
Combined, the gold anomalies extend over a strike length of 11km.
Echo said it intends to carry out further sampling to see if these two anomalies coalesce.
Marvin and Magrathea gold-in-soil anomalies over satellite image. Source: Company announcement
“First pass soil sampling at Marvin and Magrathea has successfully outlined two previously unknown, large-scale gold-in-soil anomalies adjacent to the Yandal gold province, one of Australia’s most significant gold mining districts,” Echo Resources managing director Dr Ernst Kohler said in the company’s announcement to the Australian Securities Exchange.
“The full extent of the Marvin and Magrathea anomalies remains to be tested.
“Further soil sampling programs will commence next week to provide infill samples between the anomalous first pass traverses, and to test the area between Marvin and Magrathea.”
The Marvin and Magrathea anomalies are developed over variably weathered, north-northwest- striking mafic and granitic rocks along a major shear zone that defines the western margin of the Yandal Greenstone Belt.
In contrast to the Yandal Belt, which has been the subject of intensive exploration for gold over the past two decades, Echo explained there is little evidence of historical prospecting activities at Marvin and Magrathea.
Both prospects are situated within a 290 square kilometre package of granted exploration licences and an exploration licence application that are all 100 per cent-owned by Echo.