‘Four from four’: DeSoto strikes gold in all diamond holes at its Fenton project
Special Report: Final assays from first pass-drilling and results of NT-government supported airborne electromagnetic (AEM) survey at DeSoto’s Fenton project have confirmed the presence of a large gold system and new exploration targets for follow-up.
The Fenton gold project contains a 55km-long strike of the Fenton Shear Zone (FSZ), similar in strike and parallel to the prolific Pine Creek Shear Zone (PCSZ) which contains about 17Moz of recorded gold deposits.
The FSZ (which shows all the same characteristics of the PCSZ) however, is vastly underexplored, barring Homestake Gold’s (now Barrick Gold) discovery of gold from an initial 20m drill hit at 1.74g/t from a down-hole depth of 423m, but this program was never followed up.
Assay results for the final two holes (FMD0003 and FMD0004) as part of the four-hole diamond drilling program at Fenton included a best result of 5m @ 1.09g/t gold from 589m in FMD0003.
Importantly, says DeSoto Resources (ASX:DES), substantial widths of mineralisation and associated sulphide and chlorite alteration are “highly encouraging and indicative of a significant gold mineral system at Fenton”.
All completed holes have intersected broad zones of gold mineralisation and DES has identified three high priority conductivity targets at Fenton North and Fenton South from recent survey results.
A total of 18 priority bedrock conductivity anomalies have now been identified immediately to the west, north and south of the 2023 drill collar positions that focused on testing local scale ground geophysical anomalies near historic drill intercepts at FEND018 and FEND014.
DES managing director Chris Swallow says the team is pleased with the exploration approach at Fenton, combining strong structural geological skills with high quality geophysical surveys to intersect the Fenton gold mineralised system in all holes completed to date.
“We are also greatly encouraged by the new targets identified by our NT Government supported AEM survey and the scale of the exploration potential that this program has revealed,” Swallow says.
“We are confident that we can use the new knowledge obtained in our first year of exploration to target higher grade gold mineralisation in the known gold mineralised zone and new AEM target areas.”
This article was developed in collaboration with DeSoto Resources, 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.