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Carawine hits highest-grade gold to date at Hercules, rejects takeover
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Gold and base metals explorer Carawine Resources says drilling at the Hercules prospect – part of its Tropicana North project in WA – just returned the highest gold grade yet.
Results included:
- 4m at 40.1 g/t gold from 239m, including 1m at 137 g/t from 239m; and
- 1m at 23.9g/t from 192m.
“Hercules has delivered, with today’s results, the highest gold grade returned from the prospect to date – increasing the size of the high-grade gold zone, which remains open to the north, south and at depth,” Carawine Resources (ASX:CWX) MD David Boyd said.
“This supports our belief that Hercules is a significant gold discovery.”
Aiming to extend mineralisation
Boyd said the company will continue to target extensions to the main zone of high-grade mineralisation at Hercules, “with assay results pending from three recently completed holes, and at least five more holes planned in the current program.”
“We look forward to sharing the results of this drilling over coming months, along with results from recently completed drilling at the nearby Big Freeze and Beanie prospects, and the planned commencement of regional drilling programs across the Tropicana North Project,” he said.
The company completed 18 holes for 2,912m at Big Freeze and two holes for 396m at Beanie with results expected in the next 6 weeks.
Planning is also in progress for a large air core drilling program designed to test several historic gold anomalies and structural/magnetic target zones identified within the Neale tenement – along with numerous targets recently identified at Pleiades, Python and Tallows North.
Rejected takeover offer from QGold
Last month the company received an unsolicited, on-market takeover offer by QGold Pty Ltd to acquire all fully paid ordinary shares on issue in the company which QGold does not already own or control at 21 cents per share.
Carawine’s directors have now unanimously recommended shareholders reject the offer.
The company will continue to keep all shareholders informed of material developments in relation to the offer.
This article was developed in collaboration with Carawine Resources Limited, 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.
