Gateway drilling uncovers new gold zone at Gidgee
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Gateway’s drilling has identified a new gold mineralised zone below and along strike from the existing 120,000oz Montague-Boulder resource at its Gidgee project.
Importantly, the discovery of the new structure, which remains untested along strike to the north and south, indicates the presence of a series of stacked lodes along the margin of the Montague Granodiorite.
This result builds on Gateway Mining’s (ASX:GML) recent success in identifying high-grade gold mineralisation hosted in multiple structures along the 2.5km long Northwest Margin of the Montague Granodiorite Dome.
The company added that the wide-spaced nature of drilling highlights the potential scale of the mineralised system and provides an opportunity to rapidly expand the new position with additional drilling.
“Following hard on the heels of the exciting new Evermore results reported last week, the latest batch of assays from our recent 14,300m drill program has revealed a significant new mineralised position immediately adjacent to the 120koz Montague-Boulder resource,” managing director Mark Cossom said.
“These new results extend a historic intercept some 125 metres down-dip, delineating a significant new thick gold zone that sits immediately beneath and adjacent to the existing Resource and historic pit. There is clear potential to expand this zone in both directions and to test the surrounding granodiorite for multiple stacked lodes.
“What is important to note is that our strategy of undertaking relatively wide-spaced drilling across the project has been incredibly successful, demonstrating the scale and potential of the mineralised system and giving us a number of areas that clearly require more tightly-spaced in-fill and follow-up drilling.”
Final assay results from the drill program are expected over the next two weeks.
These include holes drilled between the Montague-Boulder open pit and NE pit and around the Whistler open pit as well as the remaining five diamond holes drilled at Evermore and holes completed as part of the Western Australia Exploration Incentive Scheme co-funded program.
The drilling was carried out as part of a 91-hole reverse circulation program totalling 14,311m and a six-hole diamond drilling program that targeted the Evermore discovery and other prospective areas within the Northwest Margin target area.
Results such as 7m grading 3 grams per tonne (g/t) gold from 84m and 7m at 1.5g/t gold from 113m within GRC696 and the previously reported intersection of 5m at 2.7g/t gold from 115m in GRC583 had led to the definition of the new structure.
Notably, GRC696 was drilled about 75m updip of the intersection at GRC583, confirming the presence of multiple lenses of continuous flat-lying mineralisation over a dip extent of at least 125m.
Gateway has commenced an aircore drilling program to test several large targets across the Gidgee project including further extensions to the Achilles South corridor.
This article was developed in collaboration with Gateway 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.