Vector Resources (ASX: VEC) continues to exceed the markets expectations in progressing exploration at the Gwendolyn East Project in Western Australia.
Vector provided an update to the market today on the current status of the company's Gwendolyn near term production strategy.
The news flow from Gwendolyn is set to ramp up in the short term, with an updated JORC Resource expected within the next week. The current resource is 1.21 million tonnes at 2.71g/t gold for 106,000 ounces.
Add to this new assays in a fortnight from extension drilling, with Vector currently drilling in the vicinity of the stunning 5 metres at 253.33 grams per tonne (g/t) gold from 24 metres, including 1 metre at 1,165g/t gold - announced just last week.
These highly anticipated results would then be set for an August delivery.
The defining positive characteristics at Gwendolyn include that the mineralisation envelope continues to expand in all directions, with feasibility work also underway - and importantly - no heritage or environmental issues have been identified.
Mine feasibility work will commence when Vector considers the resource is of a sufficient size, and at least two of the mineralisation boundaries are identified, which is currently scheduled for the September quarter 2012.
Mt Dimer update
Mt Dimer is one of Vector's gold assets positioned less than 100 kilometres from Southern Cross, with the project previously mined between 1989 - 1997 during a time when gold prices was below $300 US an ounce.
The company spent more than six months compiling four separate sources of electronic and hard copy data on Mt Dimer from previous owners into one complete data set, with the completion work allowing the exploration team to focus on areas that were diffident on information and provide real exploration targets.
Earaheedy Joint Venture update
The Earaheedy joint venture between Vector and Cazaly Resources (ASX: CAZ) is progressing, with a reverse circulation commencing in late May, comprising 20 holes for close to 1,700 metres within Exploration Licence E69/2063 (Hawkins Knob).
Drilling is targeting surface manganese mineralisation at the Blue Cliffs and Blue Nugget prospects.
Vector added in the update that the Anglo American farm-in agreement has consisted of multiple site visits conducting surface geological mapping of the Cecil Rhodes and Sydney Heads outcrops.
Mapping to date in combination with recently interpreted aeromagnetics have identified significant targets to explore. Anglo American intends to continue their field work and mapping programs to assist with refining potential drill targets.
Currently drilling is scheduled for the second half of 2012.
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