Gold: Antipa in festive mood with Rio Tinto-funded Calibre drill success
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With just days to go before Christmas and the new year, some junior resource companies seem to be determined to exit 2019 on a high note by reporting solid drill results.
At the head of the pack is Antipa Minerals (ASX:AZY), with Rio Tinto-funded drilling uncovering further evidence that the Calibre deposit in Western Australia’s Paterson Province is a very large-scale mineral system.
The standout result from the final holes in the 2019 drill program is a thick 310m intercept grading 0.56 grams per tonne (g/t) gold and 0.06 per cent copper from a depth of 95m.
That also included two higher grade zones of 57m at 0.9g/t gold and 0.03 per cent copper from 105m and 141m at 0.72g/t gold and 0.1 per cent copper from 257m.
The shallower zone also includes an 18m interval grading 1.9g/t gold and 0.07 per cent copper from 137m.
Drilling has now extended mineralisation about 350m downdip and 340m along strike to the north of the existing Calibre resource of 47.7 million tonnes grading 0.85g/t gold, 0.15 per cent copper and 0.48g/t silver.
Investors were clearly pleased, sending shares in AZY up 9.1 per cent to 1.2c this morning.
Also in WA, Gateway Mining’s (ASX:GML) drilling has returned results of up to 10m at 13g/t gold from a depth of 65m at the Montague deposit within its Gidgee project.
According to the company, the results not only confirm the quality of mineralisation within the central high-grade zone, they also indicate that Montague is part of a much larger system.
Assays are also pending for holes drilled in the 800m gap between Montague and the NE Caledonian pit to the southwest.
Once all results are compiled and interpreted, the company will assess the potential for extensions to the existing resources at its Montague and Whistler deposits.
Shares in GML were up 13.3 per cent this morning to 1.7c.
Navarre Minerals (ASX:NML) is also piling on the gold hits with drilling at its Stawell Corridor project in Victoria returning hits of 4.75m at 3.5g/t gold from a depth of 206.9m, including 1.15m at 9.8g/t gold and 4.6m at 3.5g/t gold. The results confirm the down-plunge extension of gold mineralisation at the Resolution and Adventure lodes.