Heritage eyes gold potential at Rahu

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THE BOURSE WHISPERER: New Zealand and Australian dual-listed exploration play Heritage Gold has received results from a geophysical survey of the Rahu gold prospect, situated within the Karangahake project in New Zealand

Heritage said the results show wide low to moderate grade gold zones appearing to narrow at depth to what it considers may be higher grade mineralised feeder zones, hosting similar grades to those encountered at the nearby Karangahake deposit

Heritage Gold managing director Peter Atkinson said the company has received and interpreted the results of a Controlled-Source Audio-frequency Magneto-Tellurics (CSAMT) survey, conducted by the University of Auckland.

CSAMT is a sophisticated geophysical technique used to determine the electrical resistance of the ground to about 300 metres depth.

Heritage said interpretation of the CSAMT profiles from Rahu show wide silicified breccia zones of relatively low to moderate gold grade near the surface.

The company said these appear to narrow into what may represent higher grade mineralised feeder zones at depths of around 300m below the surface at Rahu.

“This reinforces our existing geological model for Rahu and increases the validity of targeting these geophysical anomalies with deeper drilling for the discovery of higher grades,” Atkinson said in the company’s announcement to the Australian Securities Exchange.

“This is a significant step for Heritage Gold in recognising and evaluating Rahu’s potential.”

The Rahu permit lies immediately to the north of the Talisman mining permit and on the same line of strike as the gold bearing veins at Karangahake.

Heritage considers Rahu’s two kilometre-long zone of coincident geochemical and geophysical anomalies to have similar mineralisation potential to Karangahake.

Previous angled drilling carried out by Heritage Gold intersected anomalous gold and silver at shallow depths in several holes.

These included:

– 6 metres at 2.41 grams per tonne gold and 63.6 grams per tonne silver from 14 metres;

– 8m at 1.71 g/t gold and 29 g/t silver from 37m;

– 11m at 0.88 g/t gold and 5.7 g/t silver from 33m; and

– 66m at 0.49 g/t gold and 2.66 g/t silver from 99 m depth.

The results of the recent CSAMT survey have provided the company with additional knowledge to more confidently plan the drilling of the deeper interpreted feeder zone targets.