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Aphrodite Gold Finds Up To 81 Metres Of Gold Mineralisation

Aphrodite Gold (ASX: AQQ) has found gold grading up to 95.55 grams per tonne from further drilling at the Aphrodite project.

Assay results were received from a five holes of resource infill drilling on the Alpha and Phi Lodes at the project.

Other significant gold intervals included an 81 metre intercept at 1.83g/t gold from 141 metres and a 73 metre interval grading 2.20 g/t gold from 133 metres.

The other highlights included a 57 metre interval at 3.31g/t gold from 128 metres.

Drilling from two rigs also uncovered a 1 metre interval at a phenomenal 95.55g/t gold grade within 7 metres at 15.04g/t gold from 81 metres.

The latest drilling was designed to test the Alpha and Phi gold lodes at Aphrodite to a vertical depth of around 200 metres with holes positioned inside the open pit shell defined by the 2012 Scoping Study.

The drilling at the Aphrodite project, near Kalgoorlie is part of the company's Pre Feasibility Study (NYSE:PFS) currently in progress.

Clearly, the reported results confirm the robustness of the deposit in terms of continuity and grade of the gold bearing lodes in the areas drilled.

Further results will be announced during the coming March Quarter.

Analysis

Today's drilling results confirm the robustness of the deposit in terms of continuity and grade of the gold bearing lodes in the areas drilled. As part of a PFS underway, the drilling builds on previous assay results.

Continued strong drilling results like these could see an increase in the overall JORC gold resource inventory at the Deposit.

They may also lead to better project economics and enhance the project's commerciality.

There are catalysts ahead to increase valuation from a current $9 million market capitalisation of Aphrodite Gold. On an Ev/Oz basis, the company is also undervalued.

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