Askari’s WA Horry project proven to contain high-grade gold

Tue 17 Jan 23, 10:53am (AEST)
Gold nuggets sitting on dark sand
Source: iStock

Key Points

  • Askari has hit high-grade gold at relatively shallow depths at Horry
  • Maiden RC drilling assay results follow August’s discovery of 31 gold nuggets on-site
  • The company will now review all data before moving to second stage drilling at Horry later in 2023

Askari Metals (ASX:AS2) on Tuesday christened its WA-based and largely underexplored Horry Project with maiden assay results, publishing its discovery of high grade copper and gold. 

Reverse Circulation (RC) drilling, which effectively collects rock chips from underground, kicked off in September last year

The Horry Project is notable in that fieldwork conducted in August 2022 saw the exploration team come back with no less than 31 gold nuggets found on-site. 

Today, Askari has confirmed at least one gold intersection above high grade thresholds, as well as high-grade copper. 

“Drilling a project for the first time is always exciting and filled with expectations, but when the objective is achieved, and the results validate models and interpretations, the effort is well rewarded,” Askari’s exploration chief Johan Lambrechts said.

Let’s talk about grades 

Investor information provider Undervalued Equity classifies high grade gold as that in concentrations over five grams of gold per tonne of ore (5g/t). Many Australian projects boasting gold grades closer to 4g/t are also typically considered high-grade. 

Copper, meanwhile, is classified as high grade in concentrations over 1.5%. 

Compare that to the following results, for copper:

  • 04m @ 1.8% copper from 24m depth, including: 

    • 02m @ 3.6% copper from 26m 

  • 03m @ 1.0% copper from 18m depth, including: 

    • 01m @ 2.8% copper from 19m depth 

And for gold: 

  • 02m @ 5.5g/t gold from 10m depth 

  • 02m @ 1.3g/t gold from 12m depth 

Two key target prospects at Horry are now on the exploration team’s radar.

“The campaign resulted in the identification of new and additional sub-parallel lodes at both the Horry Horse and Mt Dockrell prospects and opens the opportunity for further drilling campaigns testing these units,” Lambrechts said. 

Data review ahead of stage 2 

The company will now move ahead to a full review of all data collected in the recent drilling campaign. 

Of likely interest to Askari’s exploration team will be that high-grade gold was found at relatively shallow depths of 10m, reflecting a relatively near-surface deposit of eyebrow-raising mineral grades. 

Should the company be able to demonstrate in future drilling that high-grade mineral system is replicated at multiple drillholes nearby, the company stands to be able to upgrade its Mineral Resource Estimate (MRE). 

In turn, that would ultimately open new and bigger doors for financing and loan options at Horry. 

Further drilling is slated for later in the year. Askari also continues to plug ahead at its recently acquired lithium acreage in Africa

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.


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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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