High-grade gold hits extend Gateway’s Evermore prospect
Link copied to
Gateway has extended the known mineralised system at the Evermore prospect by 200m to the south after initial results from recent drilling hit high-grade gold.
The initial batch of assays from the current drilling program returned results such as 12m grading 5.6 grams per tonne (g/t) gold from a depth of 78m including 4m at 13.2g/t gold and 23m at 1.4g/t gold from 105m.
Results above 5g/t are generally considered to be high-grade.
Gateway Mining (ASX:GML) noted that along with previously reported intersections, the new results have extended the known strike of mineralisation within the Lower Zone at Evermore to over 420m.
There is potential for further growth given that the mineralisation remains open to the north and south.
Adding further interest, an independent review of assay data has confirmed the company’s belief that gold present at prospect areas across the Gidgee project are very likely to be free milling at grind sizes typical of conventional Western Australian CIL/CIP treatment plants.
Free milling ore requires only simple crushing, grinding and cyanide leaching without the need for roasting, meaning that capital and processing costs are likely to be much lower.
Managing director Mark Cossom says the 2021 exploration campaign is off to a “great start” and that initial batch of assays from Evermore – the new name for the emerging Northwest Margin target area – correlates well with the previous outstanding intercept of 7m at 11.7g/t gold from 97m.
“This shows that the footprint of the high-grade Lower Zone mineralisation extends over 420m and remains open – a highly significant result which strengthens our conviction that we have an exciting discovery on our hands here,” he added.
“We still have a large number of assays outstanding from recent drilling at the Evermore prospect, including samples from 47 holes which we hope to receive in the next 2-3 weeks.
“These results should help us to continue to refine our understanding of the geometry and controls on the mineralisation at Evermore, and will help us to target the next phase of drilling.”
Gateway noted that drilling to date at Evermore is still relatively wide-spaced, with further work to be completed to adequately define the orientation and continuity of the high-grade components to the mineralisation along strike and down-dip.
While results have been received for 14 holes to date, their location is not systematic and does not provide a complete picture of the area’s prospectivity. Assays are pending for a further 47 holes that have been completed.
Reverse circulation and diamond drilling is continuing at Gidgee with the RC rig to be redeployed back to the Evermore discovery to further define this southern extension to the high-grade mineralisation and further enhance the geological understanding generated by the drilling to date.
The 1,000sqkm Gidgee project is an emerging large-scale gold system in the heart of WA’s mineral-rich Murchison and Northern Goldfields.
Despite proven gold prospectivity with production of about 150,000oz of gold from five shallow open pits that were mined between 1988 and 1992, exploration over the past 25 years has been sporadic at best.
However, results to date have supported Gateway’s belief that there are strong geological analogies between the underexplored Gidgee project and Red 5’s (ASX:RED) 5moz ‘King of the Hills’ gold deposit.
This article was developed in collaboration with Gateway Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.