Askari Metals winds up phase III RC gold drilling at Burracoppin

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

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

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.