The Margaret Lode is showing all the hallmarks of the high-grade orebodies Meeka Gold’s Andy Well gold mine is known for after six diamond drill holes each struck mineralisation.

They remain open at depth and to the north and south, but the style of the mineralisation is what has Meeka Gold (ASX:MEK) really interested.

Each of the six holes intersected a laminated hydrothermal vein of between 10-40cm common to the Andy Well style of mineralisation.

“The laminated hydrothermal veins observed in the drill core from Margaret are typical of the style of mineralisation observed at Andy Well, which can be very high grade,” Meeka CEO Tim Davidson said.

“Importantly, the mineralisation has not been closed off and remains open at depth and to the north and south.”

The mine, part of the 1.1Moz Murchison Gold Project which Meeka purchased last year from Silver Lake Resources, is one of the highest grade gold mines to be mined in WA in the 21st century.

The mineralisation at Margaret was identified in the basalt-porphyry contact in the football of the Suzie lode, which already has a mineral resource of 0.4Mt at 4.8g/t for 54,000oz of gold.

Meeka Gold
Drilling at Margaret has found the same hydrothermal veins associated with gold at Andy Well. Pic: Meeka Gold

Assays on the way as rig moves to Turnberry

Samples will be sent to labs for assaying to determine the true grades and widths of intercepts from the six holes, which intersected mineralisation between 150-185m below surface.

Davidson said previous drilling successes at Andy Well had shown mineralisation improved the deeper the orebody went.

“We also know from observations at Judy that tenor and strike of mineralisation improved with depth following the initial discovery of the orebody,” he said.

“We will process this core and have it at the laboratory for assay in quick succession before planning the next phase of drilling targeting the Margaret lode.”

Meanwhile the drill rig has moved to the Turnberry Central target, where Meeka is seeking depth extensions beneath a planned open pit outlined in a scoping study last month.

Meeka completed 20,000m of drilling last year after taking the keys at Andy Well, increasing its resource by 44% to over 1.1Moz.

It released a scoping study in December detailing a mine that would produce 443,000oz over 8-9 years, with a production rate of around 50,000ozpa.

A pre-feasibility study to progress the project further is due in 2022.

 

 

 

This article was developed in collaboration with Meeka Gold, 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.

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