The four large-scale gold drill targets were identified over an approximate 2.5km strike length within the project. Pic: via Getty Images
Strata Minerals spots multiple promising gold targets at Penny South
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- Strata Minerals identifies four high priority gold targets at new Penny South project
- Targets sit 500m south of Ramelius Resources’ exceptionally high-grade operating Penny gold mine
- Drilling expected to commence later this year or early next
Special Report: Strata Minerals has identified four high priority drill targets at its recently acquired Penny South gold project in WA – one of which includes following up an intercept of 2m at 34g/t.
The targets are to the immediate south of the exceptionally high-grade Penny West and Penny North gold deposits at the Penny mine (723,000t at 17g/t for 395,000oz) owned by Ramelius Resources (ASX:RMS) which is currently in production.
The aim is to test the overall interpreted down-plunge mineralised trend from the Penny deposits to the north, along with following up results from previous drilling of:
- 2m at 33.98g/t from 38m (95PSR0673 – Target 2)
- 2m at 3.58g/t from 192m (APSRC026 – Target 2)
- 1m at 2.36g/t from 62m including 4m at 2.10g/t from 92m and 1m at 5.56g/t from 112m (APSRC015 – Target 3)
- 4m at 3.06g/t from 220m (APSRC005 – Target 2); and
- 2m at 2.36g/t from 160m (APSRC006 – Target 2).
Detailed drill planning and submission of Programs of Work is currently underway, with drilling expected to commence late 2024/2025 – pending approvals.
Gold mineralisation could extend into Penny South
A review of historical data has identified targets more than 80m below surface, a part of the prospect overlooked by previous explorers.
To Strata’s benefit, that means past owners have ignored south plunging areas which may extend from Ramelius’ ultra-high grade Penny mine.
“We have moved quickly to assess the potential of Penny South and are excited by the initial four high priority gold targets generated to date,” Strata Minerals (ASX:SMX) managing director Peter Woods said.
“There has been no drilling testing deeper than ~70m undertaken within the initial ~300m south of the adjoining Ramelius tenement.
“This is remarkable given this tenement boundary is only ~500m directly south of the operating high-grade Penny gold mine and the mineralised lodes are interpreted to plunge southward toward our project.
“This is certainly a high priority target and a compelling opportunity for Strata to initially test with the drill bit.
“We will now move rapidly to carry out an initial drill program and test for the continuation of high-grade lodes at depth and follow up highly encouraging historical drill intercepts elsewhere on the Penny South gold project.
“Targeting work is ongoing as we work towards unlocking value from the Project and we look forward to updating shareholders in due course.”
Strata’s geophysical consultants are assessing all the available data and will make additional recommendations as to the potential use of electrical geophysics to assist in finalising drill targets, with RC drilling planned – with an allowance for diamond core extension tails.
This article was developed in collaboration with Strata Minerals, 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.
