THE BOURSE WHISPERER: Copper – gold exploration play Quintessential Resources has claimed confirmation of high-grade gold mineralisation in trenches at the company’s Semben prospect in Papua New Guinea.
Quintessential collected 225 trench and channel samples at the Sembe prospect of between 1 metre and 3 metre lengths from historic trenches that had been cleaned and deepened.
The company also collected 19 rock chips and five rock float samples.
Semben trench sample locations and results. Source: Company announcement
Quintessential has re-assayed all trenches it has located and excavated three new short trenches on the project to ensure it has a comprehensive and valid data set from which to work with.
Six of the rock chip samples recorded greater than 1.0 grams per tonne gold, with a peak grade of 5.37g/t gold and 95g/t silver in widely dispersed areas.
The recently completed trench results include:
– 3 metres at 27.40 grams per tonne gold and 29.0 grams per tonne silver;
– 18m at 3.13g/t gold and 14.2g/t silver;
– 1m at 21.10g/t gold and 28.3g/t silver;
– 5m at 5.35g/t gold and 23.7g/t silver; and
– 8m grading 2.27g/t gold and 15.5 g/t silver.
“Quintessential are committed to aggressively exploring the Bismarck licence. Quintessential Resources managing director Paige McNeil said in the company’s announcement to the Australian Securities Exchange.
“We continue to drill at Tekem and Mal and have now completed a regional reconnaissance exploration program at the exciting Semben gold prospect.
“The mineralised structure at Semben is interpreted to be up to three kilometres long and Quintessential will now evaluate the strike potential and geometry with systematic grid based soil sampling.
“Six very short diamond core holes (282m total) were drilled on four fences at Semben in 1992/93 over a 500m strike length and results to 28.6g/t gold were returned.
“Additional trenching will also be undertaken and the cohesive and high tenor gold results will be drill tested by the company’s CSD500 diamond coring rig when possible.
“The Semben area has excellent high-grade gold potential that Quintessential intend to fully investigate.”