Gold

Askari Metals winds up phase III RC gold drilling at Burracoppin

Tue 28 Jun 22, 12:22pm (AEST)
A collection of gold nuggets against a black background with one specimen in the foreground
Source: iStock

Stocks in article

as2
MktCap:
-

Commodities in article

Share article

Key Points

  • Askari has completed 3,639m of RC drilling at high-impact gold project acreage
  • Program targeting extensions of the Burgess Find, Christmas Gift, Lone Tree and Easter Gift targets
  • Dual gold-battery metal explorer’s shares up over 3%

Askari Metals’ (ASX:AS2) share price is up over 3% in morning trade as the company sends off over 3.6km worth of drill cores to the assay labs. 

Askari’s has been busy targeting mineralised extensions thought to be present at four prospects on-site the WA Burracoppin gold project.

The company’s wheatbelt acreage is along strike of Ramelius Resources’ (ASX:RMS) Edna May gold mine. 

Map locating the Burracoppin project
Map locating the Burracoppin project

Promising signs logged in Phases I & II

Askari Metals’ used the first phase of RC drilling to target shallow mineralisation at Burracoppin associated with historic workings and shafts. 

The second phase went west from the main workings, where an eight metre long core was retrieved with a density of gold landing firmly in the high-grade region. 

Phase III follows up surface sampling 

Askari’s Phase III drill run, concluded today, was designed to sniff out two untested areas identified by soil sampling. 

Secondary data picked up in an earlier magnetic imagery exercise also supported the decision of where to put the rig. 

Company management now awaits results from the assay laboratory; investors should note high demand for assay services is causing delays at some companies. 

Askari weathering the storm 

Year to date performance for Askari Metals sees the company up 19.57%. 

Year-on-year, that figure is higher: Askari is up 37.50% compared to late June 2021. 

The company has a market cap of $11m.

As at March 31, the company had $5.4m in cash and had spent under $400k in opex for the first quarter of the year.

Aerial imagery of the Burracoppin acreage with location of prospective targets highlighted
Aerial imagery of the Burracoppin acreage with location of prospective targets highlighted
Askari Metals was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of 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. Email Jon at [email protected].

Get the latest news and media direct to your inbox

Sign up FREE