Auzex Resources (ASX: AZX) has received a major time and cost boost at the Bullabulling Gold Project joint venture, following a drill spacing study.
The joint venture partners agreed with geological consultants the required drill spacing to define JORC Indicated resources could be increased to 75 metres north-south and 35 metres east-west.
The widening drilling will reduce both the timeline and cost to complete the current infill drilling program along the Bullabulling Trend which exceeds eight kilometres in length, and importantly confirms Bullabulling as consistent and highly predictable mineralisation.
The phase two infill drilling which is currently underway will be completed using the wider drill spacing with over 25,000 metres already completed.
There is now less than 45,000 metres of infill drilling required to convert Inferred resources to Indicated resources, which is about half the total originally reported.
With the drilling program now taking less time, the other major plus is that the drill rigs can be released to accelerate the exploration program.
Auzex said the substantial historic drilling data acquired on acquisition has now been significantly duplicated and will now only be used as a supplement to future JORC estimates, with an updated JORC estimate in the process of being finalised with release imminent.
John Lawton, managing director of Auzex, commented, “This is a highly encouraging result and confirms the understanding of our technical team, that Bullabulling is a very large and highly continuous mineral system.
"The planned infill drill program has been halved to less than 45,000 metres remaining, as a result of the drill spacing study and will now be completed by November.
"This outcome will enable the joint venture to further accelerate the exciting exploration program along strike of the Bullabulling Trend.”
The current JORC Resource at Bullabulling is; 41,517,000 tonnes at 1.48g/t gold for 1.98 million ounces of gold at a 0.7g/t gold cut-off.
Bullabulling is located near Coolgardie and approximately 65km south-west of Kalgoorlie, Western Australia, and has been previously been mined producing 371,000 ounces gold in the 1990’s.
Auzex's joint venture partner at Bullabulling is GGG Resources (ASX: GGB; AIM: GGG), with both companies holding a 50:50 interest.