Gold: Coziron now in voluntary suspension, will release highly anticipated Top Camp drilling results later this month
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Explorer Coziron (ASX:CZR) is waiting on drilling results to make a “complete assessment” of a 2600m, 13-hole drilling program at the Croydon Top Camp gold project in the Pilbara.
The $24m market cap company — which went into a trading halt Friday after nudging 10 per cent higher on unusually high volume — is now in voluntary suspension until later this month.
Top Camp has a long history of small-scale gold production. In 2018-2019, a total 190.7 grams worth of gold was discovered by prospectors, worth about $15,200 at today’s prices.
This latest drill program was looking for the major source of those nuggets and extensive low-grade gold-in-soil anomalism.
Coziron said initial assay data received from five of the 13 holes drilled provided an “incomplete picture of the significant drilling program undertaken over an area 400m by 600m”.
“The company does not consider the initial results received to be material in and of themselves and believes that in order to provide a complete assessment it needs to consider all the drilling results from the geology being tested.”
The final batch of samples is currently scheduled to be processed between January 18 and 23.
In late December, renowned prospector Mark Creasy increased his stake in the explorer to +66 per cent.
Breakout explorer Oklo (ASX:OKU) has confirmed a new discovery called Koko, 2km south of the Seko deposit in gold-rich Mali. New drilling results include a thick 37m intersection grading 3.24 grams per tonne (g/t) gold, just 11m from surface. The company says ongoing drilling success at Koko could “materially influence” the size of a maiden resource estimate, scheduled for completion in Q2 2020.
The stock nudged 3 per cent higher to 16.5c per share in morning trade.
Resources & Energy Group (ASX:REZ) has launched an aggressive 15,000m drilling program at the flagship East Menzies gold project in WA. Most historical drilling at East Menzies is shallow and “clustered” near outcropping rocks, the company says, which means significant areas of highly prospective tenure remain untested.
“The combination of the historical results and our preliminary work confirms there is huge exploration potential at East Menzies,” chief exec David Frances says. “We need to pursue this in a systematic manner to ensure we develop a thorough understanding of the geology, which will in turn enable us to unlock the full value of the asset.”
The results of this drilling campaign are expected to flow through in the March quarter.