IRIS jumps straight to gold drilling at Kookynie
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ASX newcomer IRIS has put boots on the ground just days after listing with the start of a 5,000m reverse circulation drill program at its flagship Kookynie gold project.
The program is testing known structures at the Lily, Rise & Shine and Treasure-Whale prospects that have historically hosted high-grade gold mineralisation.
IRIS Metals (ASX:IR1) notes that this first pass program is based on a combination of desktop studies involving the review of historical information, site reconnaissance/field activities and valuable first-hand, empirical information obtained from local prospectors with intimate knowledge of the ground.
This program is expected to take about four weeks to complete though assays will be dispatched to the laboratory on a regular basis to ensure timely reporting.
“I congratulate our executive team on the successful ASX listing and the immediate commencement of drilling. We have promised investors that we plan to explore, so we are pleased to be immediately underway,” chairman Simon Lill said.
“The initial drill program will test Lily, Rise and Shine and Treasure-Whale, which historically are known to host high grade gold mineralisation, and have not been subject to systematic drill testing since the 1990s.”
Assay results from the drilling and interpretation of an aeromagnetic survey, which is expected soon, will be combined to plan the next round of drilling.
Drilling at the Lily prospect will test both around historical high-grade workings and at depth along 400m of the prominent northeast trending, south dipping feature in the Niagara Gabbro Complex.
At Rise & Shine, drilling will locate and test continuity at depth of apparent low angle, southerly-dipping, east to northeast-striking quartz veins and stockworks.
Drilling at the Treasure and Whale prospects will test the prominent shallow south-dipping northeast trending structures as well as potential depth extensions.
This article was developed in collaboration with IRIS Metals, 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.