MinRex strikes gold on first swing at Queenslander
MinRex has good reasons to be happy with first ever drilling at the historic Queenslander prospect in New South Wales, making direct hits upon thick, high-grade mineralisation.
The results speak for themselves: 23m grading 5.08 grams per tonne (g/t) gold from a depth of 64m and 10m at 4.74g/t gold from 69m that includes zones of higher grade mineralisation.
That the results essentially confirm an extension of a previously producing gold mine just adds more icing to the Queenslander cake.
MinRex Resources (ASX:MRR) has now defined gold mineralisation over 350m of strike with gold loads open mainly in a northwest-south direction.
There is substantial potential for further growth given that gold mineralisation could be hosted within the untested magnetic linear structure striking over 700m in length.
“The highly successful drilling program has identified and confirmed the high-grade gold extensions of the Queenslander Gold Mine,” chief executive officer Pedro Kastellorizos said.
“These are spectacular results, with some very high-grade intercepts further adds excitement to the Queenslander prospect.
“The thick high-grade gold lodes show significant strike and down dip with strong gold mineralisation delineated at depth which warrants further RC drilling to the north and south of the current drilling area.”
He added, strong magnetic susceptibility readings recorded within the gold mineralised zones are closely associated with pyrite alteration making magnetic surveys suitable for use as a targeting tool to delineate undiscovered gold mineralisation.
“This strongly positions MinRex to add to its existing 352,213 oz gold resource at our Sofala gold project,” Kastellorizos concluded.
The Queenslander Prospect is centred around the old Queenslander Mine about 2km southwest of Sofala and has some striking heritage.
It was first discovered in 1888 and kept producing until 1935 on a small-scale, ultimately yielding 3,700oz of gold at an average grade of 6g/t.
MinRex’s scout drilling program of seven reverse circulation holes totalling 686m were designed to test historical high-grade targets within a broad gold mineralisation structural corridor, defined by coincident historical gold workings and to intersect high-grade gold grades interpreted from geological interpretations.
This article was developed in collaboration with MinRex 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.