Carnavale Resources (ASX: CAV) has jumped 8.33% after beginning a second aircore drilling program to define a large gold system at the Ora Banda south gold project, located 65km northwest of Kalgoorlie, WA.
The company’s initial drilling found three broad areas of gold mineralisation along the 15km long Carnage Shear zone, which is open along strike and at depth. Results from this included:
4m @ 8.82g/t from 40m
8m @ 2.74g/t from 48m
The company has noted that the exploration target has “an analogous geological setting” to the +2.5Moz @ +4g/t Invincible Gold Mine found by Gold Fields near Kambalda in 2012.
CEO Humphrey Hale commented:
“We are excited to [be] back at Ora Banda with the aircore rig this week. The results from the initial aircore program were outstanding and better than we expected. We are following up on broad high-grade gold mineralisation identified by the initial aircore drilling over many kilometres of strike.”
Lotus Resources (ASX: LOT) has gained 2.13% today after increasing the mineral resource estimate (MRE) for the Kayelekera uranium mine to 46.3Mlbs at 500 ppm triuranium octoxide (U3O8).
This marks a 23% boost from the previous MRE.
Lotus increased this resource thanks to recent exploration success, along with a reduction of the cut-off grade (from 300ppm down to 200ppm).
“We are comfortable with this revised cut-off grade given the success to date from our ore sorting test work on material from the Project, as well as the continuing strengthening of fundamentals for the sector, including higher uranium prices,” says Managing Director Keith Bowes.
The new MRE will form the basis of a revised mine plan to be incorporated in the definitive feasibility study (DFS), which the company plans to post in mid-2022.
“Whilst the majority of management time is now fully focused on the Definitive Feasibility Study, exploration results from the nearby Livingstonia uranium deposit are expected shortly,” says Bowes.
“Assuming success, an inaugural JORC 2012 MRE for Livingstonia will be completed, meaning a further increase in the global MRE is likely.”
Starting from 17 February, the 3-year contract will see Pentium drill and install production bores, monitoring bores, and vibrating wire piezometers.
The company expects revenue based on the utilisation of one rig and average metres drilled per month to be about $2.8 million for the initial 6-month scope of work.
Managing Director James Clement said:
“Pentium is delighted to be chosen as the successful tenderer to provide drilling service to BHP. They will be an important client for our company going forward and the award of the contract is another strong endorsement of the quality of Pentium’s service offering.”
Dreadnought Resources (ASX: DRE) is up 1.25% at the open after reporting geophysical results from the recently completed fixed loop EM (FLEM) survey at the Illaara Project in Yilgarn Region of WA.
The survey was intended to generate drill targets associated with strong copper-lead-zinc-silver and volcanogenic massive sulphide pathfinder elements.
Thanks to the survey, the company has successfully defined eight conductive bodies associated with the two prospects. According to Dreadnought, the coincidence of these conductive bodies with strong soil geochemical anomalies is analogous to known VMS deposits in WA.
Commenting on the announcement, Managing Director Dean Tuck said:
“Like the greenstone belts that host Golden Grove and Teutonic Bore, the Illaara greenstone belt has a significant felsic volcaniclastic component – considered important for base metal rich VMS systems.”
Moving forward, nine holes will be drilled at the Nelson and Trafalgar prospects this month. Results are expected in April or May.
Challenger Exploration (ASX: CEL) gained 1.67% at the open after reporting gold intercepts at the Verde Zone, located within the company's flagship Hualilan gold project.
The latest assays cover 1.5km of strike. According to the company, the intercepts confirm that the Verde Zone is “a discovery of scale.”
Results included an intercept of 67.7m @ 7.3 g/t from a 200m previously undrilled section, which has led Challenger to drill follow-up holes to extend the strike and dip.
Mineralisation of several high-grade areas remains open at depth.
Managing Director Kris Knauer commented:
“The results from the next series of Verde Zone drill holes have again significantly exceeded our expectations. The intercept of 67.7 metres at 7.3 g/t gold, 5.7 g/t silver and 0.6% zinc is world class. Especially given it comes from the middle of the undrilled section of the Verde Zone. We now have 2 of the 9 drill rigs on site following up this hole.”
“Additionally, as we drill deeper the results are confirming the presence of stacked zones of mineralisation at Verde and that we are intercepting higher-grade mineralisation at depth."
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