Si6 defines 154,000oz gold resource for Monument

Si6 has defined a resource of 154,000oz of gold that will provide the basis for further exploration at its Monument project in Western Australia.

The estimate comprises a 3 million tonne resource grading 1.4 grams per tonne (g/t) gold for 139,000oz of contained gold at Korong and 0.2Mt at 2.1g/t gold, or 15,000oz of contained gold, at Waihi.

Notably, the mineralised shoots at both deposits remain open in all directions with significant scope for additional resources from further drilling.

Si6 Metals (ASX:SI6) adds that both Korong and Waihi are partly amenable to open pit mining methods, though further optimisation work is required.

“The release of the MREs for the Korong-Waihi prospects is a great result for Si6. We now have a resource of circa 154koz which sets a solid foundation,” executive chairman Patrick Holywell said.

He noted that the company will not only focus on brownfields exploration that could grow the resources it needs to support a longer term and potentially larger scale mining operation, it will also carry out greenfields exploration outside of the banded iron formation (BIF) horizon.

“One of these greenfield targets will be tested in September with an aircore program over a number of high priority syenite intrusive targets.”

Korong and Waihi mineralisation

Mineralisation at Korong is hosted within an overturned, east-dipping BIF sequence comprising at least five individual BIF units.

Over at Waihi, mineralisation is hosted within an overturned, east-dipping BIF sequence comprising at least three individual BIF units.

The bulk of mineralisation at both deposits are contained within the basal, magnetite BIF unit, which is 3m to 5m thick at Korong and between 1m to 3m thick at Waihi.

Future work

Future drilling across the Monument project will have two objectives.

The first will comprise systematic RC and diamond core drilling along the Korong-Waihi corridor targeting the numerous brownfields prospects with historical drill intercepts of similar grade and tenor to Korong and Waihi.

Such prospects have not been followed up since Carpentaria Exploration and Western Mining Corporation undertook intense regional drilling programs in the 1980s and 1990s.

These infill and step-out drilling programs will aim to define new resources and further increase existing inferred mineral resources.

Si6 will also test greenfields exploration targets that were identified through historical database evaluation, geochemical sampling and geophysical interpretation.

It has already identified a number of high priority targets from the historical database and a recent regional geophysical interpretation.

Plans are in place to start an aircore program to test a number of high priority syenite intrusive targets in September.

This article was developed in collaboration with Si6 Metals, 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.