Aphrodite Gold (ASX: AQQ) has delivered some stunning drill results including 77 metres at 4.07 grams per tonne (g/t) gold from 139 metres, the highest grade and longest gold intersections reported to date at Aphrodite Gold Project near Kalgoorlie.
That intersection included 13 metres at 11.06g/t gold from latest drilling at the Alpha lode.
Notably, every hole from this reverse circulation drilling program intersected reported multiple zones of gold mineralisation.
Investors may recall that the Alpha Lode forms the eastern portion of the current Aphrodite gold resource area, the 1.03 million ounce total gold resource is contained within the Alpha and Phi Lodes at the project.
Today's drilling results follow sparkling drill results Aphrodite announced from Alpha in the June quarter including 31 metres at 7.83g/t gold from 182 metres including 10 metres at 18.80g/t gold.
The latest drilling continues to confirm the presence of multiple, wide zones of gold mineralisation within the Alpha structure and within potentially open pit mine depths.
Other highlights from the 11 hole (2329 metres) program over a 320 metre strike length at the Alpha Lode included:
- 24 metres at 4.23g/t gold from 209 metres; and
- 36 metres at 2.52g/t gold from 185 metres, including 2 metres at 10.94g/t gold.
The results also included an intersection of 1 metre at 95.29g/t gold, which was hosted within the high grade intersection of 10 metres at 13.51g/t gold from 72 metres.
Importantly - the gold discoveries are the highest grade and broadest to date not just from the Alpha Lode.
The company continues to progress infill drilling programs on both the Alpha and Phi Lodes, which is aimed at increasing the confidence categories of the current JORC Resource. Drilling will continue to mid-December, which provide investors with a strong news flow of results.
The project currently hosts a resource of 10.06 million tonnes at 3.19g/t gold for 1,033,000 ounces. This is comprised of an Indicated 3.67 million tonnes at 3.83g/t gold for 451,000 ounces and an Inferred 6.39 million tonnes at 2.83g/t gold for 582,000 ounces.
Earlier in the month Aphrodite commenced a Scoping Study following positive metallurgical test work of plus 90% gold recoveries from the deposit.
The study will examine the staged development of the deposit by initial open pit mining followed by underground development of higher grade resources.
Also to be examined, the study will investigate the practicalities of utilising available nearby infrastructure close to the deposit, including processing plants.
One of the major benefits already of the Aphrodite deposit is the strategic location 75 kilometres north of Kalgoorlie and in proximity to regional gold mills in need of feedstock ore.
Clearly, these drill results provide confidence in the resource and bode well for confidence in the resource as well as within potentially open pit mine depths. This augurs exceptionally well for the Scoping Study.
In the past, concerns over metallurgical issues may have hampered growth in the overall valuation, which is at the lower end of the EV/Resource ounces relative to its peers. Recent positive metallurgical results have demonstrated this is not a factor.