GTI Resources gears up for deeper drilling at Niagara gold project
Special Report: Early stage drilling at GTI Resources’ (ASX:GTR) Niagara gold project has intersected “encouraging” quartz vein structures across a number of significant gold in soil anomalies.
This 52-hole aircore drilling campaign targeted six of eight significant ‘gold in soil’ anomalies to an average depth of ~45m “intersecting quartz veining in a number of drill holes at predicted positions”, GTI says.
“The intersected veins are occasionally associated with pyrite selvages and as fracture fill and silicification,” the company says.
“The relationship between the geochemical anomalies and the intersection of quartz veins will be established once assay results have been received.”
Assay results are expected in “mid to third week” of October and multi-element geochemistry soon after.
A larger RC rig is scheduled to start testing the deeper bedrock targets late October after results from the current round of air core drilling have been received.
GTI now holds a contiguous land package covering ~5km of the historical Niagara gold trend, located within the central part of the Norseman-Wiluna greenstone belt.
This newly consolidated and underexplored belt, which hosts numerous historical shafts and workings, represents a huge opportunity for GTI.
There are numerous historical workings on and to the north and south of the project area, including major historical mines like Cosmopolitan, which produced ~300,000 ounces at an average grade of 15g/t gold between 1895 and 1922.
Niagara itself also includes a number of historical mining shafts and shallow workings which were mined during the late 1890s and early 1900s.
But modern exploration has been limited to broad-spaced soil sampling and minor reconnaissance drilling programs. Most exploration work has been undertaken in areas outside the current licence area, GTI says.
As a result, the Niagara project remains essentially untested.
This story was developed in collaboration with GTI Resources, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.