Gold: Rumble found some new gold targets in the Paterson, including a ‘large dome structure’
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Junior gold player Rumble Resources (ASX: RTR) has completed an airborne magnetic survey at its Lamil project in WA’s Paterson Province.
And the company reckons it’s found four drilling targets in previously unexplored areas, which bear a close resemblance to other high-grade deposits in the region.
Shares in Rumble were up 6 per cent at 5.3 cents this morning.
The first target Rumble highlighted was a “large dome structure”, with a depth of cover that could be as much as 100 metres.
“Magnetic processing suggests a deep intrusion at depth – potentially indicating a mineralising source,” Rumble said.
The company said the dome had similar properties to the world-class Telfer copper-gold deposit situated 30km to the north-east.
Target two was situated in a hinge zone of a plunging synform with depth of 50-100m, which bears a resemblance to Nifty Cu, a 2-million tonne copper deposit 60km away.
Looking ahead, the company said it will carry out “definition gravity surveys and subsequent drill testing” at the sites. Technical director Brett Keillor highlighted the importance of the fact that the region remains unexplored.
“The latest airborne magnetics has highlighted at least two potential target styles in an area which has been overlooked due to the previous perception of ubiquitous deep cover,” Keillor said.
Junior explorer Encounter Resources (ASX: ENR) is going on the hunt for gold, and Newcrest Mining is going to pay for it. The two companies are engaged in a joint venture exploration program across the Tanami and West Arunta Provinces in WA. “These projects have the potential to host gold deposits of scale that appeal to Newcrest and, as such, they provide Encounter shareholders with significant leverage to a pipeline of potential Tier 1 projects fully funded by a major gold producer,” Encounter MD Will Robinson said. Shares in Encounter were up 6.25 per cent to 8.5 cents this morning.
Drilling is under way at Saturn Metals’ (ASX: STN) Apollo Hills gold project, near Leonora in the WA goldfields. Three holes for a total of 300m are planned, to test for new styles of mineralisation. The iniative is being fund in part by the WA government, to encourage innovation “that leads to the next generation of mineral discoveries in the state”. Shares in STN were unchanged at 15.5 cents.
Alacer Gold Corp (ASX: AQG), dual-listed in Canada and Toronto, has completed a pre-feasibility study at its Gediktepe project in Western Turkey (as an aside, Turkey is the worst mining jurisdiction in the world for workplace accidents). The company provided an updated mineral resource estimate of 345,000 contained gold ounces — more than double the previous estimate. Alacer shares were down 3 per cent in morning trade to $3.65.
And Emerald Resources (ASX: EMR) was up five per cent to 4.1 cents after providing an exploration update on its Okvau Gold Project in Cambodia. The company’s recent drilling program revealed mineralisation grades 1.14 to 13.5 grams per tonne, and a 7m stretch at 18.75 g/t which Emerald said highlights the “potential existence of an eastern feeder structure at Okvau”.