Pic: John W Banagan / Stone via Getty Images
Coziron, DGO and Golden State launch new drilling programs as the Mallina gold province heats up
Mining
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De Grey’s Hemi gold discovery in the Pilbara is prompting neighbouring explorers like Coziron, DGO Gold and Golden State Mining to fast-track bigger drilling programs of their own.
Mark Creasey-backed explorer Coziron (ASX:CZR) will be heading back into the field to follow up its high-grade Top Camp discovery, where a maiden drill program reported 8m at 10.2 g/t gold in hole CRC007, including 1m at 66.1 g/t.
These results were announced the same day – February 6 – that De Grey (ASX:DEG) confirmed “the potential for a major discovery” at Hemi, right next door.
De Grey has since rocketed from about 4c to +30c per share on a slew of decent follow-up drilling results – that’s an incredible +600 per cent increase in an otherwise dour market.
Meanwhile, Coziron is only now heading back into Top Camp to follow up on that high-grade discovery intercept. Its share price is up just ~15 per cent over the same period.
An initial 600m of diamond-drilling across the CRC007 (discovery hole) section “will provide additional assay intercepts, determine geological setting, orientation, true-thickness and allow finalisation of the follow-up RC drill-plan for the southern section of the 1.5 km long by 400m wide Top Camp prospect”, Coziron says.
“The diamond drill-rig is available for an immediate start as soon the access track repairs are complete, a camp is established, and the pads and sumps are installed.
“Results from logging the diamond drill-core in the field will be used to check and finalise the location and orientation for 2,500 m of follow-up RC drilling that is being also being scheduled for the southern part of the Top Camp prospect.”
Drilling will start once the company has established a “COVID-19 compliant field camp”.
Fellow explorers DGO Gold (ASX:DGO) and Golden State Mining (ASX:GSM) are also gearing up for exploration programs of their own, focussing on ‘Hemi like’ structures associated with the Tabba Tabba shear zone (possible source of the deep gold-bearing fluid) in the Mallina Basin.
DGO Gold – a major De Grey shareholder – says a maiden 35 hole, 3,000m aircore drilling program to test its neighbouring Scottie Well target is contracted to commence as this week.
Drilling is expected to take 8 to 10 days to complete with assays expected four weeks after completion.
DGO also has plenty of cash in the bank, having just completed a $10m placement.
Golden State Mining says it will boost the scale of an initial drilling program at Yule South — just 15km from Hemi — to more effectively test at least five priority targets.
Golden State managing director Michael Moore says the expansion of the initially planned +4000m, five-target aircore program at Yule South “will provide shareholders with a much greater opportunity for exploration success”.
More details on the expanded drilling program will be announced once it is finalised, says the explorer, which has also submitted an application for co-funding from the Western Australian government’s Exploration Incentive Scheme (EIS).
