MacPhersons releases Tycho Discovery maiden Resource
THE DRILL SERGEANT: MacPhersons Reward Gold has released a maiden JORC mineral resource statement on its 100 per cent-owned Tycho Discovery gold deposit.
The prospect lies within the company’s MacPhersons Mining License located near Coolgardie in Western Australia.
The updated Mineral Resource estimate has been based on data MacPhersons obtained by completing a campaign consisiting 49 diamond drill holes.
Additional information the company obtained from the previous owner of the tenement consisting of three diamond, 99 RC holes and 67 RAB holes was also used in defining the extent of the mineralised zones.
Mineral Resource estimate results for Tycho Gold
Prospect.
Note: The Mineral Resource was estimated within constraining
wireframe solids based on a nominal lower cut-off grade of 0.5 g/t gold.
The Mineral Resource is quoted from all blocks above a cut-off grade of
0.5 g/t gold. Differences may occur due to rounding.
Source: Company announcement.
MacPhersons said the results have enabled it to take the project from an original exploration target of 7000 ounces to a near-surface Stage 1 mineral resource statement of 44,600 ounces within 11 months of acquisition.
“The resource represents the first stage review on mineralisation mainly within 65 metres of the surface outcropping of the Tycho Discovery deposit,” MacPhersons Reward said in its ASX announcement.
“However, the deposit remains open at depth and along strike.”
The company has commenced pit optimisation studies for a Stage 1 open cut to be planned for mid-2012.
Part of this pit optimisation study will entail drilling to evaluate mineralisation deeper than 65m and strike extensions.
The company also spoke of another opportunity it believes exists for further extensions of gold mineralisation at a new mineralised zone called the Pumphrey gold prospect.
Exploration activity has recently been carried out at Pumphrey one kilometre northwest of Tycho, and 1.5km south of MacPhersons Reward open cut, which returned what the company describedto be a significant gold anomaly.
Follow up auger drilling and trenching has exposed shear zones, quartz veining and carbonaceous shales below one metre to two metres of alluvium cover.
Historical exploration close by to Pumphrey included limited drilling, which in intersected:
10 metres at 2.5 grams per tonne gold, including one metres at 8.5 grams per tonne gold, from 50 metres.
Planning of follow up drilling is currently underway.
“This prospect is another new greenfields project initiated by the MacPhersons exploration team and the Directors believe the opportunity exists for extensions of this gold mineralisation,” the company said.