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Aphrodite Gold eyes plus 100,000 gold ounce target at Chameleon Prospect

Aphrodite Gold (ASX: AQQ) is continuing to expand its operations near Kalgoorlie, and has now placed a gold exploration target on the Chameleon Prospect, which forms part of the Scotia Gold joint venture project with Breakaway Resources (ASX: BRW)

Aphrodite is using a farm-in to gain exposure to Chameleon, which now has a 100,000 to 140,000 gold ounce exploration target, which is derived from 2.1 to 2.5 million tonnes at between 1.4g/t and 1.9g/t gold.

The target has been estimated to a vertical depth of around 200 metres with mineralisation remaining open at depth.

Leon Reisgys, exploration and development director, commented: “this latest assessment of Chameleon confirms that this prospect, together with other gold prospects within our exploration portfolio, has strong potential to contribute further gold ounces to our overall Aphrodite Operations”.

Exploration underway at Chameleon

A four hole reverse circulation program is currently underway at the prospect which is targeting additional information to allow a fuller analysis of the mineralisation and planning of a resource drilling program scheduled for 2012.

Some results though have already been received by the joint venture, from a 3200 metre program earlier in the year.

Highlights included:

- 12 metres at 10.99g/t gold from 66 metres;
- 6 metres at 4.48g/t gold from 92 metres; and
- 11 metres at 2.05g/t gold from 129 metres.

Chameleon historical highlights add spice

Adding some more spice to the prospect, historical highlights include:

- 29 metres at 3.40g/t gold from 124 metres;
- 22 metres at 5.43g/t gold from 150 metres; and
- 8 metres at 3.39g/t gold from 202 metres.

Joint venture

Under the terms of the joint venture Aphrodite can earn up to 80% of the gold rights in the Scotia Project tenements which cover almost 220 square kilometres.

Where the story gets really interesting for Aphrodite is the joint venture is located just a few kilometres from the plus 1 million gold ounce Aphrodite Gold Deposit - allowing the company to continue to boost its gold exposure in this highly prospective region.

77m at 4.07g/t gold

Investors will remember that Aphrodite continues to move forward in leaps and bounds at the Aphrodite Gold Deposit, where six weeks ago the company intersected the very impressive 77 metres at 4.07g/t gold from 139 metres.

The intersection included the high grade portion of 13 metres at 11.06g/t gold, discovered in the Alpha lode. Other highlights from the lode include 31 metres at 7.83g/t gold from 182 metres, including 10 metres at 18.80g/t gold - announced earlier in the year.