Polymetals to move Turner River to scoping study

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THE DRILL SERGEANT: Polymetals Mining (ASX: PLY) has completed its first program of exploration work at the Turner River project in north-west Western Australia since the company assumed management of the project following its acquisition of Lansdowne Resources in September 2012.

 

Turner River project location. Source: Company announcement

 

The program comprised surface sampling as well as reverse circulation percussion and diamond core drilling.

The company said geological mapping and surface sampling assay results indicate potential for repetition of high-grade shoots along strike in areas that have been subjected to limited drilling.

Surface sampling results included:

–    4 m at 11.66 grams per tonne gold from 12 metres, including 2 metres at 22.87 grams per tonne gold from 14 metres; and

–    7m at 0.73g/t gold from 3m.

Best results received from the drilling:
 
–    4m at 2.65g/t gold from 125m;

–    13m at 1.67g/t gold from 197m;

–    3m at 2.37g/t gold from 89m;

–    11.67m at 2.22g/t gold from 70.9m;

–    26.05m at 4.01g/t gold from 18.05m; and

–    10.3m at 1.68g/t gold from 20.5m.

“Turner River is a highly prospective and underexplored region,” Polymetals CEO Frank Terranova said in the company’s announcement to the Australian Securities Exchange.

“The results indicate a significant gold deposit; the proximity of the Base Metals project offers additional near term value potential.

“Polymetals prides itself on developing projects efficiently and quickly.

“An accelerated scoping study is the natural next step and will be complemented by ongoing exploration activities across the gold and base metal projects.”

Based on the preliminary work it has completed and the exploration results it has achieved to date, Polymetals indicated it is bringing forward the commencement of a scoping study for the development of gold mining at Turner River.

The study will consider heap leaching and CIL processing of ore from Wingina Well and nearby prospects.

Capital planning and design work will take into account the potential to incorporate synergies for future base metals recovery from the Discovery and Orchard Tank deposits at Turner River.

The Turner River gold project has a current resource of almost 300,000 ounces of gold.