Resources Top 5: Who’s going for gold today?
Here are the biggest small cap resources winners in early trade, Friday July 30.
Drilling at the company’s Patricia gold project northeast of Kalgoorlie has returned visible gold in two of the 24 holes drilled to date.
The 28-hole reverse circulation drilling program was designed to target high-grade gold mineralisation directly below the existing Patricia open pit.
Ozaurum noted that initial observations and early interpretation of the drill logs indicates that Patricia is a structurally complex project with late stage faulting that is offsetting lithologies and potential gold mineralisation.
The company plans to carry out diamond drilling in the coming months to provide structural data that will help resolve the structural complexities of the project’s mineralisation.
Desert Metals reiterated in its quarterly report that an airborne electromagnetic survey over its Eastern Licences detected multiple new high conductance anomalies, which it believes represent exciting drill targets.
It has also intersected massive sulphides at Innouendy and recently started diamond drilling at Irrida Hill, where massive sulphides have been confirmed as the cause of conductors present at the prospect.
High conductance targets were also defined by moving loop ground EM data that followed up on airborne EM anomalies in the western and eastern licences.
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Late last month, the company intersected a 100m thick sulphide halo zone at the Little Broken Hill Gabbro.
This zone, which occurs within a gabbro unit close to an interpreted feeder zone, is similar to the halo that is present around he feeder zones to the Voisey’s Bay deposit in Canada.
Impact also noted that its discovery of a geochemical ratio has allowed it to predict platinum group element grades, allowing it to define a copper-nickel-PGE Kambalda-style channel at Plat Central.
The company is planning to carry out follow-up drilling at Platinum Springs, Red Hill and Little Broken Hill Gabbro at its Broken Hill project in New South Wales during the third and fourth quarters of this year.
It will also carry out drilling at Doonia in the fourth quarter.
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Earlier this month, the company kicked off drilling at its Burns copper-gold prospect near Kalgoorlie to evaluate extensions to the Western Basalt zone and the Eastern Porphyry.
The 12-hole reverse circulation program totalling 3,000m will evaluate multiple targets generated from modelling the results of earlier drilling and the ongoing diamond drilling at the Eastern Porphyry.
Drilling is expected to take about two weeks to complete with assays expected in September.
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The company had estimated a maiden exploration target of up 1400 million tonnes at a high average grade of 99.6% to 99.9% silica for its Muchea West project yesterday.
This follows the completion of its acquisition last week.
Preliminary test work has indicated that silica sand from the project is of sufficient quality to meet the requirements for Float and Container glass market.
At Stockhead we tell it like it is. While Impact and Lefroy are a Stockhead advertiser, they did not sponsor this article.