Octagonal Resources intersects big gold during development

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THE DRILL SERGEANT: Octagonal Resources (ASX: ORS) has intersected a swathe of high-grade gold while carrying out mine development on the 1100 level of the Alliance South deposit at the company’s Maldon gold project in Victoria.

Underground mine development work being undertaken by Octagonal has intersected high-grade gold in the Eaglehawk Reef at the Alliance Shoot.

 

Eaglehawk Reef with the Union and Alliance shoots and the Alliance South deposit. Source: Company announcement

 

The company has claimed to have hit an 18.5 metre strike length of reef averaging 21.4 grams per tonne gold over 3.5 metres width.

This includes a high-grade zone of 9.5m of reef averaging 32.1g/t gold over 3.2m width.

Individual face channel sampling has returned assays of up to 186.3g/t gold.

Octagonal explained the gold is located at the southern end of its planned mine development of the 1100 level, in an area where no previous exploration drilling has taken place.

“These bonanza results on the Eaglehawk Reef have confirmed our belief in the high-grade potential of the Alliance South Shoot,” Octagonal Resources managing director Anthony Gray said in the company’s announcement to the Australian Securities Exchange.

“The historic ore shoots at Maldon were generally 40,000 to 80,000 ounces in size and averaged 28 grams per tonne gold.

“We think that we’re onto one of these, but can’t be certain until we have completed more mine development.

“These results vindicate the significant time and funds that we have invested into developing the Alliance South deposit.

“It was always logical to assume the potential for a high-grade shoot from the cluster of visible gold intersections in exploration drilling, but it’s fantastic to have confirmation from high-grade mining faces.

“We will continue development to the south to assess the length of this ore shoot, before commencing stoping, and extending the decline down to the 1080 level.”

Email: info@octagonalresources.com.au

Website: www.octagonalresources.com.au