Gold: Canterbury Resources hits high grades in PNG, ‘evidence’ of a big system
Canterbury Resources (ASX:CBY) claims there is “growing evidence” of a fertile copper-gold porphyry system at its Ekoato project in PNG.
High grade assay results from a four-hole scout drilling program at Ekoato included 18m at 6.23g/t gold, 13.0g/t silver and 0.18 per cent copper from 164m. Assays are pending from 199m to the end of the hole at 329.6m, the company says.
Broad intercepts hosting visible sulphides, including chalcopyrite (copper ore), also indicate the system “has significant size-potential”.
“We are very pleased with the high-grade assay results recorded in EK004 and our geological observations from the drill program confirm the company’s pre-drilling interpretation that Ekoato represents the exposed top of a potentially large-scale copper-gold porphyry system,” Canterbury boss Grant Craighead says.
“We look forward to receiving further assay results from the lower part of EK004 shortly, ahead of planning of the next phase of exploration.”
The stock gained 3.5 per cent to 30c in morning trade.
Explorer Nagambie Resources (ASX:NAG) says it is sitting on a “Fosterville-style” underground sulphide-gold target at its Wandean tenements in Victoria. Nagambie didn’t hit any decent gold in its first drilling attempt – a 1.1km deep diamond exploration hole — but the company says the drilling, combined with geophysics and historical elevated gold-in-soil anomalies, all combine “to support the sulphide-gold target”.
Nagambie listed in 2006 to explore around the former namesake mine in rural Victoria, which produced about 134,000oz of gold from open pits between 1989 and 1995. That never really panned out, but these guys are innovators. One of these water-filled pits is pretty big — 900m long and 50m deep — which is why the company has plans to store excavation material (called PASS) produced from tunnelling and other excavation work at the West Gate Tunnel, Melbourne Metro Rail and North East Link.
It would look something like this:
A contact this big would be a big deal, but it’s no sure thing.
Did we mention there’s also a Department of Defence (DOD) underwater explosives testing facility in one of the pits? The DOD is going to pay Nagambie $150,000 a year for a 20-year lease. Bonus.