Gold: These ASX small caps have uncovered golden riches in Mali
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Oklo Resources (ASX:OKU) has hit the ground running in its resource definition drilling program at the Seko prospect within its Dandoko project in west Mali, with the first holes returning a top hit of 47m at 10.97 grams per tonne (g/t) gold from a depth of 48m.
This top result in the lightly tested northern end of the SK1 anomaly also included a stunning intersection of 7m at 60.57g/t gold from 54m.
Grades above 5g/t gold are generally considered to be high-grade.
“Our 2019-20 field season is off to an excellent start with the first batch of assay results providing strong indications for a new high-grade shoot developing within the lightly drill-tested northern end of SK1,” managing director Simon Taylor said.
“The resource definition drilling program is progressing well with the shallow AC [aircore] component now completed and the deeper RC [reverse circulation] and diamond drilling phase expected to commence in late November.”
Seko comprises five coherent gold trends with a combined strike length of about 7km that was identified by auger drilling.
The current 10,000m program is focused on infill drilling and closing off areas of near-surface mineralisation at these anomalies and surrounding areas in advance of a maiden resource estimate.
Oklo’s Dandoko project is located about 30km east of B2Gold’s 7.1-million-ounce Fekola project and 50km south-southeast of Barrick Gold’s 12.5-million-ounce Loulo project.
Shares in Oklo were up 28 per cent to 16c this morning.
Also operating in Mali, lithium-focused Mali Lithium (ASX:MLL) has now proved up the potential for its secondary gold tenements to develop further resources for treatment at Barrick Gold’s nearby Morila gold mine.
While its attention remains focused primarily on the Goulamina lithium project, drilling completed at the K1 prospect within the Koting project in southern Mali returned some noteworthy intersections of 12m at 8.92g/t gold from 63m, including 6m at 16.53g/t gold and 4m at 11.1g/t gold from 100m.
The company’s gold portfolio has already generated $4.46m in royalties over the past 12 months through a joint venture with Barrick.
Its Koting project is adjacent to Morila and was chosen for its potential to develop further resources for potential treatment at the Morila plant.
“The high-grade nature of some of the intersections indicate the potential tenor of mineralisation that may be discovered at other nearby prospects within our Koting landholding,” managing director Chris Evans said.
“Mali Lithium is committed to, and focused on, developing its flagship Goulamina lithium project, but recognises the potential for discovering additional gold mineralisation close to Barrick Gold’s Morila plant.”
While the K1 anomaly is the only one to have been tested by drilling to date, the company has a suite of drilling targets at Koting and is now assessing its options for exploration to realise value from its gold portfolio.
Meanwhile, Legacy Iron Ore (ASX:LCY), whose recent activity seems to be focused on anything but iron ore, is currently undertaking field work to confirm drill locations for the next round of gold drilling at the Kangaroo Bore deposit within its Mt Celia project in the Kalgoorlie region.
This drilling will be aimed at testing potential extensions of mineralisation at the project, which currently hosts a resource of 133,000oz grading 1.48g/t gold. The company will also investigate a number of areas where prospectors have reported recovering a number of nuggets totalling 4 ounces of gold.