Gold

Askari says latest gold assay results prove southward extension of gold at Burracoppin WA

Fri 16 Sep 22, 11:51am (AEST)
A road stretching to the horizon in the Australian outback beneath a blue sky
Source: Unsplash

Key Points

  • MId-upper grade gold has defined the fairly brief assay results from Askari’s Burracoppin gold project
  • Drills targeted the ‘Christmas Gift’ prospect area
  • Further assays due back to the company soon; management says results confirm southern strike extension

Askari Metals (ASX:AS2) is looking at an expanded area of interest on which to drill for gold at its WA Burracoppin project based on the results of gold assays delivered to the company and announced to market today. 

Askari Metals’ head of exploration, Johan Lambrechts, outlined the implications of the findings. 

Upgraded 3D model inbound 

“The company is please with results of the first nine holes…results confirm a southern strike extension from the Christmas Gift prospect towards the main zone at Benbur,” Lambrechts said. 

“Most assay results remain outstanding and [we are] eager to receive them.” 

“Once received, the company will compile them with previous results and update the 3D geological model for potential resource definition.” 

What has Askari found?

Investor information provider Undervalued Equity classifies high grade gold as that containing five grams of gold per tonne of ore (5g/t), but many projects in Oz with grades of 4g/t are also considered high grade. 

Compare that to the following results of interest: 

  • 10m @ 1.38g/t gold from 34m depth

  • 03m @ 3.62 g/t gold from 41m depth

  • 01m @ 8.74g/t gold from 42m depth 

  • 01m @ 2.06g/t gold from 63m depth

  • 03m @ 2.01g/t gold from 45m depth 

  • 01m @ 5.06g/t from 46m depth 

Implications 

While today’s results only include high-grade intersections of less than 2m length, what the results do indicate is that gold can be found underground in between two existing target areas on site; Christmas Gift and Benbur. 

While further drilling will be needed, the big takeaway to note here is these assays provide early-stage evidence of broad mineralisation at Burracoppin, which could possibly reflect a larger potential commercial play than thought. 

Not the first such find at Burracoppin

Back in August, Askari noted that it had grown the size of its Benbur target at Burracoppin base on the results of geochem surface samples. 

Phase III drilling wound up in June; delays at assay laboratories in WA led to a protracted delay in the turnover of results.

Interestingly, one company on the ASX revealed yesterday the same situation is currently playing out in Chile. 

A busy second half for Askari 

In the background, Askari continues to proceed with drilling at its Pilbara-based Yarrie lithium project, having recently identified five exploration targets. 

The Yarrie project sits nearby Global Lithium Resources’ (ASX:GL1) Archer project, as well as Kalamazoo Resources’ (ASX:KZR) Marble Bar project. 

The Archer project boasts a resource of 10.5Mt @ 1% lithium (Li2O). 

Meanwhile, Askari also recently had success at its WA ‘Horry’ copper-gold project, where geotechs retrieved thirty one gold nuggets.

Askari's three month charts
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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