‘The old timers got it right’: More high grade gold at MacPhersons ‘Crown Jewel’
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Junior explorer MacPhersons Resources has found even higher-grade gold at its Boorara project 10km east of Western Australia’s renowned gold mining centre, Kalgoorlie.
Drilling in an area named the “Crown Jewel” has delivered grades of up to 8.83 grams per tonne (g/t) from a thick intercept of 36m.
Anything above 5g/t is considered high-grade.
The news sent MacPhersons’ (ASX:MRP) share price up 7 per cent to 7.5c on Friday morning.
“I guess it wasn’t named the Crown Jewel for nothing because it’s the place where we are getting grade,” boss Jeff Williams told Stockhead.
“I guess the old timers got it right.”
Earlier this week, MacPhersons reported a hit of 30m at 1.75g/t just 100m from an existing trial pit.
Now the company is even further away from the pit and the thicknesses and grades are increasing.
“The picture is starting to build in that area,” Mr Williams said.
“We were 100m from the trial pit and now we’re 220m. The big thing is there is gold grade there.”
The Crown Jewel zone extends of about 1.8km and drilling is being done down to about 150m.
In early March, MacPhersons released a resource for the Boorara project of 16.5 million tonnes at 0.96g/t for 507,000 contained gold ounces.
The company now thinks it can prove up a bigger resource at a higher grade.
“We’re doing another review of the geological resource using CSA Global and … we’re really hopeful that not only will it increase the resource, it will increase the grade,” Mr Williams said.
MacPhersons is aiming to have an updated resource by August or September.