Gold: This $3.5m market cap explorer is right next door to Rumble’s high-grade find in the Fraser Range
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In July, Rumble (ASX:RTR) revealed a “significant” high-grade gold find, made by JV partner Independence (ASX:IGO) at the Thunderstorm project in the Fraser Range of WA.
Drilling delivered hits of 25m at 2.42 grams per tonne (g/t) gold from 42m, including 5m at 10.85g/t from 49m.
Rumble called it “the most significant gold intercept in the Fraser Range in recent years outside of the Tropicana gold system”.
And now Nelson Resources (ASX:NES) hopes to unearth something very big in the Fraser Range, home to high profile deposits like Nova, Tropicana and now Thunderstorm (maybe).
Nelson’s newly acquired 105sqkm Tempest project neighbours the Rumble discovery:
Historic exploration at Tempest has been minimal and early stage within the project area, Nelson says.
This work was also unrelated to this “anticipated” extension of the paleochannel identified at the Thunderstorm project (see orange line above).
Nelson will now re-examine historical exploration work and conduct several targeted geophysics programs, which will guide subsequent drilling programs.
Nelson exec director Adam Schofield these initial geophysics programs will kick off in the next 6 to 8 weeks, with maiden drilling at the end of January next year.
“Most of the [previous]exploration in this area is shallow aircore and auger,” he told Stockhead.
“With the depth of the cover in this area, geophysics seems to be identifying targets more effectively than traditional exploration. This has been show by IGO’s work.”
Former Canadian cobalt explorer Meteoric Resources (ASX:MEI) hit visible gold (if you squint) in first ever drilling at the Novo Astro project in Brazil:
Assays will be available from late November, the company says. The stock – up 285 per cent over the past year – gained 9 per cent to 5.9c on the news.
Phase 2 drilling at Marmota’s (ASX:MEU) Aurora Tank discovery in South Australia will kick off in a couple of weeks. The shallow 5000m, 60-hole program will follow up on phase 1 hits like 1m grading 120g/t gold, just 21m from surface.
Marmota’s share price – which is up 44 per cent over the past 12 months to 2.6c – was flat in early trade.