Ausgold Intersects Further Jinkas South Mineralisation

THE DRILL SERGEANT: Ausgold (ASX: AUC) reported results of reverse circulation drilling (RC) undertaken at the Jinkas South prospect, within the company’s 100 per cent-owned Katanning gold project (KGP) in Western Australia’s south-west.

Ausgold commenced the drilling in March targeting high-grade gold mineralisation within the Jinkas South area it considers having potential to add both grade and total ounces to the current KGP Mineral Resource, which stands at 25.1 million tonnes at 1.29 grams per tonne gold for 1.04 million ounces of gold.

Intercepts from the recent RC drilling at Jinkas South include:

16 metres at 6.21 grams per tonne gold from 114m, including 4m at 22.38g/t gold;

5m at 1.88 g/t gold from 76m;

25m 1.13 g/t gold from 115m including 5m at 3.41 g/t gold;

6m at 2.11 g/t gold from 97m;

4m at 2.63 g/t gold from 72m including 2m at 4.65 g/t gold;

12m at 0.85 g/t gold from 63m including 6m at 1.15 g/t gold;

5m at 1.45 g/t gold from 71m including 4m at 1.70 g/t gold; and

14m at 0.98 g/t gold from 86m including 1m at 7.30 g/t gold.

Ausgold said the new drilling had combined with a ground gravity program to identify controls on high-grade gold mineralisation and supports the recent geological interpretation along the eastern edge of the Jinkas deposit.

“RC drilling at Jinkas South has again intersected high-grade gold mineralisation, further extending the identified zone of high-grade mineralisation over a strike length of 350 metres,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“This high-grade mineralisation remains open along strike making it an attractive target with the potential to significantly add to the 1.04 million ounces already identified at the KGP.

“With the new gravity survey, several previously unidentified faults have been highlighted allowing more targeted drill programs in the future.

“Further work is currently being undertaken to better delineate gold mineralisation down dip of and along the Jinkas trend.

“These represent immediate exploration targets coincident with gravity anomalies, where the Jinkas and White Dam lodes coalesce.

“This down-dip position towards the east remains poorly tested with the current drilling at the KGP only effectively testing the top 150 metres, leaving the down- dip extent of the Jinkas-White Dam mineralisation largely untested.”





Ausgold Raises $1.8M to Advance KGP

THE BOURSE WHISPERER: Ausgold Limited (ASX: AUC) has received binding commitments for a share placement to raise $1.8 million by will issuing 90 million shares at an issue price of two cents each.

Ausgold indicated the fuds raised will be used to advance exploration at the company’s Katanning gold project, with work to include drilling targeting extensions to current Resources, newly identified near Resource targets and regional targets within the broader Katanning landholding and to provide additional working capital.

“We are pleased to have completed this placement which provides funds to commence a significant exploration program at the Katanning gold project,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“An RC and EIS co-funded diamond drill program targeting high-grade gold mineralisation north and south of the Jinkas Resource is set to commence in the first week of March.

“This will be followed by a regional aircore drilling program to test gold-in-soil anomalies along the newly identified Western trends located within five kilometres of the Jinkas Resource.

“Both target areas have significant potential to further contribute to the 1.04 million ounce gold Resource within the KGP.

“We look forward to delivering further growth through exploration success as 2019 is shaping up to be an exciting year for Ausgold and its shareholders.”





Ausgold Commences Katanning RC Drilling

THE DRILL SERGEANT: Ausgold (ASX: AUC) has kicked off a major reverse circulation (RC) drilling program at the company’s 100 per cent-owned Katanning gold project (KGP), located in the south-west region of Western Australia.

Ausgold said the 24,000 metre RC program is designed to target mineralisation within a 10 kilometre radius of the KGP resource area.

“The initial phase of RC drilling will test strike extensions of the Jinkas deposit as well as new targets generated through the re-interpretation of historical exploration data and the recent round of air core (AC) drilling and ground-based geophysics including gravity and moving loop electro-magnetic (EM) surveys at Jackson-Olympia, Jinkas, Lukin and Fraser,” Ausgold said in its ASX announcement.




Ausgold Highlights Katanning Gold Mineralisation Extensions

THE DRILL SERGEANT: Ausgold (ASX: AUC) announced it has initial results from air core drilling (AC) carried out at the company’s 100 per cent-owned Katanning gold project (KGP) in Western Australia.

Ausgold completed the large AC drill campaign of 331 holes through December 2017 and January 2018, targeting geochemical and geophysical targets along strike from known gold mineralisation.

Part of the campaign, consisting 264 AC drill holes, tested along strike on the Jackson-Lone Tree and Olympia-Jinkas mineralised trends at the KGP.

The AC drilling results have been received from 181 of the 264 holes drilled, with results from a further 83 holes drilled in the Jackson-Olympia area pending.

Ausgold said the results from Jackson have highlighted the continuity of east-dipping (40-60m) gold mineralisation from Lone Tree towards Jackson in the north.

The company said this northward trend was evident in aeromagnetic images and the continuity of mineralisation has been confirmed by the recent round of drilling with a number of intercepts returning greater than one gram per tonne gold, including three bottom-of-hole intercepts greater than 0.5g/t gold (holes BSAC1593, BSAC1603 & BSAC17420).

Olympia is located 820m north along strike from the Jinkas mineralisation and has a similar moderate easterly dip.

Ausgold said the latest AC drilling results have extended mineralisation a further 700m towards the northwest and highlight prospective mafic granulite that is locally folded around a quartz monzonite (previously referred to as adamellite) body.

“With this latest round of air core drilling, we have significantly advanced our knowledge of the geology and the extent of gold mineralisation within our 100 per cent-owned Katanning gold project,” Ausgold chief executive officer Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“The initial results have highlighted the relatively untested continuity between Resources that have significant gold grades being intersected close to surface.

“There remains significant potential to grow the KGP’s mineral inventory through near-Resource additions and elsewhere along the project’s total 17-kilometre strike length.”