The latest results — including one of the best intercepts ever returned at Munda —confirms that this is a large gold system very amenable to open pit mining.
Explorer Auric Mining (ASX:AWJ) owns three projects in the WA goldfields including ‘Munda’, which has a current inferred resource estimate of 173,700oz gold.
Shortly after buying Munda in September last year Auric realised the resource could be substantially upgraded.
A 27-hole drilling program, which started the day after Auric listed on the ASX in February, was recently completed at Munda with a total of 3664m drilled.
The program tested potential extensions to known gold mineralisation together with several locations where gold anomalism indicates that other deposits might be present.
Assay results have now been received for 14 of the 27 holes.
They include an intercept of 13m at 14.62g/t from 60m depth, which in turn included 1m at 137.4g/t from 65m.
This is one of the best intervals ever returned from Munda, Auric says.
“The latest results include one of the best intercepts ever returned at Munda and confirm the mineralisation style; a large gold system including frequent and substantial widths of high grades but with limited continuity which will be very amenable to open pit mining at lower cut-off grades,” Auric technical director John Utley says.
“The task now is to convert current resources from Inferred to Indicated or Measured and to expand resources where the latest drilling demonstrates that potential.”
Assay results are pending for the final 13 holes.
This article was developed in collaboration with Auric, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.