Materials

Askari Metals hits high grade gold in final leg of RC drilling at Burracoppin play

Tue 18 Oct 22, 11:15am (AEST)
Gold nuggets resting on dirt in shallow water
Source: iStock

Key Points

  • Phase III RC drilling at Burracoppin turns up hits of high-grade gold, underscoring project potential
  • Easter Gift prospect turned up abnormally high grades at depths exceeding 70m; mineralisation at two other targets thought to continue further
  • Next step is to update the 3D model of mineral deposits interpreted on-site

Askari Metals’ (ASX:AS2) shares are up 5% heading into the second hour of trade as the company reports high-grade gold hits on-site its WA Burracoppin acreage, detected in the final leg of RC drilling. 

At Burracoppin, there are three main targets: Easter Gift, Benbur East, and Lone Tree. 

Mineralisation at Benbur and Lone Tree is thought to continue beyond the boundaries of known mineralisation as detected in drilling; while Easter Gift has returned hits for abnormally high gold at depths exceeding 70m. 

Investor information provider Undervalued Equity classifies high grade gold as that in concentrations above five grams of gold per tonne of ore (5g/t). 

Compare that to the following: 

Easter Gift 

  • 03m @ 17.41g/t gold from 73m depth, including: 

    • 01m @ 45.50g/t gold from 73m depth 

Grades recorded at Benbur East and Lone Tree were less significant. 

Promising signs 

While the results at Easter Gift do pose the issue of depth, the company believes the results demonstrate the continuity of high-grade gold mineralisation underground. 

Benbur East and Lone Tree, meanwhile, while lower in the sense of grades, both pose promising signs mineralisation extends beyond known boundaries on-site. The company believes further mineralisation may trend to the south, backed up by geochemical soil results collected earlier in the year. 

All in all, 40 holes were drilled in Phase III drilling for 3,640m of core equivalent. 

Gold extends into areas previously untested 

“Mineralisation was identified in all [targets] which has demonstrated that gold extends into areas previously untested…a number of holes were drilled in areas highlighted by the soil program, confirming broad zones of mineralisation,” Askari exploration chief Johan Lambrechts said. 

“The drilling results at Easter Gift are highly significant as they confirm high-grade gold continues at depth.” 

“There are multiple new targets which the company will follow up as it designs the future exploration programs for Burracoppin…the next step is to update the 3D geological model of the project, for use with future exploration.” 

A look at Askari's three month charts
A look at Askari's three month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Askari was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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