First seven assays encourage Auric’s Munda gold pursuit
Recently listed Auric Mining has finished a 27-hole RC drill program at its Munda gold project, with first assays supporting the expansion of the project’s resource.
Results from the Goldfields project include 13m at 6 grams per tonne gold from 98m, including 5m at 13.27g/t from 106m which itself included 1m at 42.85g/t from 108m.
Another assay came in at 5m at 3.46g/t gold from 87m.
The assays were reported from the first seven holes drilled at Auric’s (ASX:AWJ) Goldfields project with intercepts largely outside the current resource at Munda.
A further 20 assays are pending.
Managing director Mark English said the early results were highly encouraging.
“The aim of the 27-hole drilling program was to extend the known mineralisation and increase the current resource at Munda,” he said.
“We are confident we’ll be able to improve the resource and the first of the 27 holes confirms the geological model and gives us considerable confidence in the program.
“With assay labs working overtime, we hope to have the balance of the reporting by mid-April.”
The drill program was completed to a total of 3664m and designed to test potential extensions to known gold mineralisation along the basalt-ultramafic contact and along the mineralised structure together, with several locations where gold anomalism indicates that other, distinct zones of gold mineralisation may be present.
There have been a number of phases of exploration and resource drilling at Munda since the 1960s, the majority of which was undertaken by Western Mining Corporation.
Subsequent programs were carried out by six different companies, including the excavation of a small trial pit by Resolute Mining in 1999.
Munda is the flagship of Auric’s three gold projects near Widgiemooltha a modern nickel hotspot between Kambalda and Norseman.
The company’s approach is to apply a gold lends to previously nickel-focused assets, and at Munda it has an inferred resource of about 174,000 ounces at a 0.5g/t cut-off. Drilling intends to grow and expand this resource.
The project sits adjacent to Mincor Resources’ Widgiemooltha gold project, where substantial work has been carried out over the past three years, including mining in 2018-19.
Auric’s other holdings in the region include the Jeffreys Find gold project, in close proximity to Karora Resources’ (formerly RNC Minerals Corporation) prolific Higginsville gold operations, and the greenfields Spargoville project.
This article was developed in collaboration with Auric Mining, 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.