Megado gold hits are proof it’s on the right track at Chakata
The intersection of significant gold from maiden drilling at the GT Prospect has validated Megado’s belief that its Chakata project hosts substantial gold deposits.
Assays from the drilling, which targeted historical trench results of up to 25m at 2.57 grams per tonne (g/t) gold, returned a top hit of 5m at 3.42g/t gold within a broader 11m intersection grading 2.88g/t gold from a depth of 22m.
“The results confirm Megado’s belief that Chakata has the potential to host significant gold deposits and, importantly, support its thesis that previous work at the site misinterpreted the tenement’s geology,” managing director Michael Gumbley said.
“The results also provide testament to Dr Chris Bowden’s measured, systematic approach to discovery.
“The company will be eagerly following up these results with a targeted plan to commence in September 2021. We look forward to updating the market with our progress.”
Six diamond drill holes totalling 1,122m were completed under the maiden program at Chakata, targeting mineralisation along strike and down-dip from the outcrops hosting rock chips of up to 4.4g/t and 4.17g/t gold.
It also followed up on the historical trench result, which has no known drill testing at depth beneath the trench or down plunge.
Megado noted that while previous exploration efforts had focused on testing the north-northeast trending primary structure by trenching and drilling along east-southeast lines, its field observations showed mineralisation locally trends east-northeast.
This appears to have been validated by the success of its drill program, which was oriented to test these local structures and a much broader zone of mapped intense alteration and veining.
It is now modelling a targeted drill program proximal to the results returned at the GT prospect.
Additionally, there is significant potential to discover more gold mineralisation at Chakata given that the GT Prospect represents a mere fraction of the more than 9km of strike that extends through the tenement towards the Sakaro and Lega Dembi gold mines.
This article was developed in collaboration with Megado 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.