THE DRILL SERGEANT: Vital Metals (ASX: VML) has carried out an exploration data review, from which it claims to have identified gold exploration potential at the company’s 100 per cent-owned Watershed tungsten project in Queensland.
The review identified a number of gold exploration targets within tenement EPM 19089, which forms part of the Watershed project, the company considers to be similar to other known occurrences of gold mineralisation in the Hodgkinson Basin region.
All up, eleven gold-bearing vein systems have been identified over 1.5 kilometres at the Elephant Creek prospect from historic drill intercepts of up to:
4 metres at 14.5 grams per tonne gold from 12m; and
Historical grab samples of the veins, which returned assay values of up to 40g/t gold.
Following the review of available exploration data, Vital has established an Exploration Target for Elephant Creek of 3 to 9 million tonnes with a grade range of 1.5 to 2.2 g/t gold and containing 140,000 to 630,000 ounces of gold using a 0.4g/t gold cut-off.
Vital indicated the shallow gold mineralisation at the Elephant Creek prospect to be open in all directions and that it, and many of the other vein targets, require drill testing.
“The gold prospectivity provides an exciting development opportunity for the Watershed project,” Vital Metals managing director Mark Strizek said in the company’s announcement to the Australian Securities Exchange.
“We are very pleased by the results of our recent exploration data review, which has confirmed a number of high quality gold exploration targets within the Watershed project area.”