Resources Top 5: These ASX explorers are making the grade today
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WA explorer Firefly Resources (ASX:FFY) is hitting up to 1,439.55 grams per tonne (g/t) gold in maiden drilling at the historic Yalgoo project.
This super-high 1m intercept is part of a broader 6m grading 244.91g/t gold, 50m from surface.
Importantly, these results sit outside the historic Melville deposit resource, which Firefly is currently upgrading to JORC status – a ‘must-have’ for ASX-listed explorers and mine developers.
“While we are naturally excited and motivated by this extraordinary result, we will continue to be systematic and disciplined in our approach to exploration,” Firefly managing director Simon Lawson says.
“Bonanza grade intercepts are a rare occurrence in gold exploration and the reality is that we are targeting consistent mineralisation over a wide area.
“The 6-million-ounce Mt Magnet gold camp, located less than 100km away in the same rocks and with the same mineralisation styles, is the geological analogue we are chasing here at Yalgoo.”
About 1,200m of drilling for 10 holes has been completed so far as part of a larger 10,000m multi-stage campaign.
The placement to sophisticated and professional investors was done at a 25 per cent premium to the stock’s 15 day volume weighted average price (VWAP) of 0.8c.
“Following the recent grant of one of our Mallina Basin tenements located within close proximity to the recent Hemi discovery, we have already commenced our aeromagnetic survey and look forward to carrying out drilling as soon as practicable,” Caeneus chief executive Rob Mosig says.
Dreadnought Resources (ASX:DRE) is now drilling the Illaara gold-iron ore project near Kalgoorlie in WA.
The campaign begins at the 500m-long Metzke’s Find prospect, which has returned previous intercepts like 8m at 8.1g/t gold from 84m.
This drill program is designed to test whether the gold mineralisation extends at depth and to the south. It will also test shallow mineralisation to the north.
The drill rig will then move to the untouched Longmore Find, where rock chips recently returned 18g/t gold “from a sugary quartz vein similar in appearance and alteration to Metzke’s Find”, Dreadnought says.