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  • Pioneer Resources Resumes Drilling Near 15m At 17g/T Gold Hit At Acra 0 comments
    Apr 12, 2013 12:49 AM

    Pioneer Resources (ASX: PIO) has restarted drilling to substantiate high grade gold intercepts of up to 15 metres at 17 grams per tonne gold Acra Gold Project in the Eastern Goldfields region of Western Australia.

    Aircore drilling at the Jubilee East Prospect had returned the high grade intercept early in January.

    While Pioneer had originally intended to drill 40 reverse circulation holes for 5,000 metres, though it has the flexibity to alter the drilling program based on results in this highly prospective area.

    It has so far completed about 20 of the holes.

    The initial reverse circulation drilling targeting the high grade gold is expected to be completed by the end of April with results expected by mid-May.

    The scout reverse circulation drilling will test a range of other targets and is expected to be completed by end May with results by the end of June.

    These targets include Kalpini South, Camelia, Camelia South, Evelyn Gladys and Acra South.

    Acra Gold Project

    Pioneer moved to 100% of the gold rights for the strategically important Acra Gold Project, which has scale to be a 'company-maker'. The project has a 20 kilometre long zone of gold targets, coincident with large structures.

    Acra consists of anomalies confirmed by modern geochemistry, clusters of older drill holes that intersected gold, and nugget patches.

    Jubilee East Prospect, the primary target of the current reverse circulation drilling, is a 4 kilometre-long target.

    Acra is Pioneer's priority gold project for 2013. It is worth stressing that previous 'large budget' explorers have all focussed on nickel during the past 20 years at Acra. Pioneer is the first modern explorer to hold the amalgamated project with a primary focus on gold.

    Pioneer is well-funded for its exploration activities with around A$3.7 million at the end of December 2012.

    The company has also received the first deferred payment of $1.2 million from the sale of its Western Mt Jewell Gold Project to KalNorth Gold Mines (ASX: KGM). Two further payments of $1.2 million and $1.1 million will be received on 6 March 2014 and 6 March 2015 respectively.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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