Drilling has hit significant high-grade gold from 64 metres depth at its Aphrodite project in Western Australia.
The outstanding results received from 1 metre at 168.66g/t gold from 150 metres depth are the highest grade to date at the project.
The results show there is significant potential to define high grade areas within the planned open pit.
The cracking grade was part of an intersection of 7 metres at 24.92g/t gold from 150 metres including 1 metre at 168.66g/t (5.42 ounces per tonne) gold.
All holes reported multiple zones of gold mineralisation.
This was part of a brace of assays received from 8 reverse circulation holes drilled on the Alpha Lode, one of two principal lodes which host the current 1.04 million ounce JORC resource for the Aphrodite Gold Deposit.
Best results included:
- 3m at 8.33g/t from 64 metres
- 13m at 2.83g/t from 78m and 11m at 2.22g/t from 113m and 14m at 1.74g/t from 152m
- 19m at 2.30g/t from 170m + 6m at 1.84g/t from 126m + 6m at 1.84g/t from 80m - APR1261
- 4m at 4.35g/t from 81m including 1m at 13.04g/t - APR1257
Exploration and development director Leon Reisgys said, "There are some excellent intersections which demonstrate the potential for delineating high grade areas within the planned open pit.
Further drilling is planned around these zones."
The latest program on the Alpha Lode has been resource definition / infill drilling to a maximum vertical depth of around 200 metres with the positioning of the holes largely constrained by the Scoping Study modelled open pit.
Ongoing work - PFS
A Pre Feasibility Study is being underway by internationally recognised consultancy firms, Tetra Tech and Mineral Engineering Technical Services Pty Ltd (METS) for the Aphrodite Gold Project.
The Scoping Study completed during the previous Quarter showed a combined open pit and underground mining operation over a project life of 9 years with an estimated total gold production of 550,000 ounces based on current resources with peak production of around 85,000 ounces per annum.
The PFS which will further examine the preferred scenarios of (i) establishing a fully integrated processing plant to produce gold doré on site, and (ii) processing of ore to produce a high gold grade concentrate for toll treatment or sale.
The proximity of the project to Kalgoorlie, the Goldfields Gas Pipeline and the Goldfields Highway will significantly reduce the need for excessive spending on project infrastructure.
Various opportunities exist to optimise the Project and economic returns, including reducing initial capital inputs, improved gold recovery, and delineating gold bearing lodes between the Alpha and Phi lodes.
The classification of the 1.04 million ounce in resources has improved substantially with a large portion of potentially open pit minable resources now in the Indicated category.
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.