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  • Pioneer Resources Discovers New High-Grade Gold Zone At Acra In WA 0 comments
    Apr 19, 2013 4:16 AM

    Pioneer Resources (ASX: PIO) has intersected high grade gold from ongoing reverse circulation drilling at its Acra Gold Project in the Eastern Goldfields region of Western Australia.

    Two holes targeting the Kalpini South Prospect returned intercepts of 10 metres at 6.38 grams per tonne gold from 61 metres and 9 metres at 5.31g/t gold from 36 metres.

    Both holes are part of a single traverse of five reverse circulation holes across the prospect and are the first assays from the ongoing 100 hole program for 8,000 metres Pioneer is carrying out for the Acra project.

    Further drilling at Kalpini South is planned for June 2013.

    Kalpini South is located about 250 metres southeast along strike from KalNorth Gold Mines' (ASX: KGM) Gambier Gold Deposit. KalNorth has a total Resource of 255,600 ounces for its Kalpini Field gold deposits.

    Acra Drilling

    Drilling is currently underway at Pioneer's Jubilee East Prospect where aircore drilling had returned high grade gold intercepts of up to 15 metres at 17g/t in January.

    This drilling is designed to substantiate the high grade results and will also test a range of other targets including Camelia, Camelia South and Evelyn Gladys.

    The program is ahead of schedule and is expected to be completed by the end of April with final results expected by the end of May.

    The strategically important Acra Gold Project has the 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. While previous 'large budget' explorers had 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$5.7 million in cash and receivables having received the first deferred payment of $1.2 million from the sale of its Western Mt Jewell Gold Project to KalNorth.

    Two further payments of $1.2 million and $1.1 million will be received on 6 March 2014 and 6 March 2015 respectively.

    Analysis

    The intersection of high grade gold along strike from KalNorth's Gambier Gold Deposit is a strong indicator that Kalpini South has the potential to be a substantial gold deposit in its own right.

    While drilling is still ongoing at Acra, the results also help validate Pioneer's decision to make the project its priority gold focus for 2013.

    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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