Pioneer Resources drilling moves towards gold Resource

THE DRILL SERGEANT: Pioneer Resources (ASX: PIO) released final assay results from three phases of drilling completed between October and December 2015 at the company’s 100 per cent-held Acra gold project, located northeast of Kalgoorlie in Western Australia.

During the final quarter of 2015, Pioneer completed over 5,000 metres of drilling – including 3,936m of aircore (AC – generating new targets), 1,263m of reverse circulation (RC – for mineralisation definition) and 235m of diamond core drilling (for structural and ore-genesis information).

Aircore hole KPAC015 returned 3m at 0.8 grams per tonne gold from 42m.

Pioneer said this had confirmed the Kalpini South mineralised structure extends for at least a further 100m.

Thick intersections of gold mineralisation were also encountered in RC drill holes KSRC031: 9m at 6.17g/t gold from 60m, and KSRC032: 7m at 1.92g/t gold from 106m, which Pioneer claims to demonstrate the presence of premium supergene gold mineralisation from a depth of 35m below surface, with vertical continuity to at least 100m below surface.

The company explained holes KSRC031 and KSRC032 are the start of the program to infill the Kalpini South deposit, to enable a Mineral Resource Estimate to be completed.

Pioneer expects to drill the balance of holes required during the second quarter of 2016.

“The drilling results have provided firm steps forward for the Acra gold project, demonstrating it to be a significant value-adding asset that is in its growth phase, with extensions and discoveries continuing to be revealed, Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.

“We will commit to drilling programs to reach the next commercial decision point as soon as possible.”