Killi Resources shares are on the move today, propelled by news the company has made a discovery of shallow gold, silver and lead in a maiden drilling program in the historic and well-endowed Ravenswood gold district in Queensland.

Located just 2.5km from the historical Mount Success gold mine, results from the first five drill holes at Killi’s (ASX:KLI) Rocky prospect have more than delivered, hitting gold, silver and lead mineralisation beneath soil and rock chip anomalies.

Rocky is a high priority target at the Ravenswood North gold project, located in the multi-million ounce Charters Towers-Ravenswood gold field.

Results from the five hole, 995m program, included shallow strikes indicative of proximity to a larger mineralised intrusive system.

They included:

  • 2m at 1.58g/t Au, 9.75g/t Ag, & 0.23% Pb from 177m
  • 1m at 2.38g/t Au, 10.2g/t Ag, & 0.28% Pb from 32m; and,
  • 5m at 6.9g/t Ag, including 2m at 15.6g/t Ag from 160m and 1m at 1.26g/t Au from 163m.

Geophysical modelling has identified two new large anomalies as well, not tested by recent drilling, while additional rock chip samples from surface containing 140g/t silver, 1.6% copper and 0.86% antimony have been found 1.3km east of current drilling, giving a sense of the scale of opportunity at Ravenswood North.

“We are all very excited with the discovery of a significantly mineralised granodiorite at Rocky,” Killi CEO Kathryn Cutler said.

“It’s a fantastic result for the first holes at the Ravenswood North project.

“These first drill holes have not only come back with broad zones of gold, silver, copper & lead mineralisation, they are also located close to surface, and within the same rock suite as the near-by major gold deposits.

“The results of the geophysics also indicate we are in the thick of it, and only 200m from one of the major targets.

“Rocky is fast becoming a priority for Killi, and based on these results and the targets generated, we plan on completing a targeted drill program in coming months.”

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Killi has hit gold and other metals in near surface drilling at Rocky. Pic: Supplied

The rocks remain the same

These early drilling results bode well for future discoveries at Rocky, with the program conducted on wide spacing of 300m over a strike of 1000m.

Striking the familiar Ravenswood granitoids, the desired host rocks for gold mineralisation in the district, the highest grades came in hole RVRC0002, located just 200m from a 1200m by 200m east-west oriented VTEM target known as Target 1.

A second north-west oriented target stretches for 2,000m by 500m. The intersections of 1m at 4.12g/t Au from 62m and 1m at 3.22g/t from 105m in RVRC0002 potentially vector to the source of mineralisation.

These targets are similar in scale to the historic Mount Success and Golden Valley deposits 2.5km away, 500m by 500m and 1,000m by 800m respectively, where 5,000oz of gold was delivered from within a rhyolite unit at an average grade of 60.3g/t.

More gold could yet be found at depth. Geophysical modelling shows Killi’s target zone is a further 100-200m deeper than where the drillhole was terminated at 207m because of a slow drilling rate through the granodiorite rock.

The Charters Towers-Ravenswood region is known for its strong history of gold endowment, the largest being the 9Moz Ravenswood gold mine, 53km along strike from Rocky and operated by major PE mining play EMR Capital.

pXRF readings have shown similar pathfinder minerals to those at Ravenswood are in the drill chips at Rocky.

“Based on the current understanding of pathfinder element association, geological observation from the drilling, and the grade of silver assays received, indicate the system to be within the porphyry-epithermal category of an intrusive related gold system,” Killi said.

“Further multi-element analysis will be completed on the drill chips to ascertain positioning within the systems.”

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Rocky is showing many of the features of major Charters Towers gold deposits. Pic: Supplied

Full confidence

Killi is poised to deliver more drilling off the back of these initial results at Rocky, to infill the existing five holes, drill test targets 1 and 2 from its geophysical model and rest high-grade surface geochemical anomalies to the east, restarting in the coming months.

Other prospects will also be evaluated, starting with West Branch, where a surface anomaly returned grades of up to 6.18% copper, 8.93g/t gold and 10.1g/t silver.

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West Branch presents another target at Ravenswood North. Pic: Supplied.




This article was developed in collaboration with Killi Resources, 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.