ActivEX Concludes Drilling at Gilberton Gold Project - November 2024 Update
AIV (AIV) Share Update November 2024 Monday 4th
ActivEX Completes Drilling at Gilberton Gold Project
ActivEX Limited (ASX: AIV) has successfully completed a significant drilling program at its Gilberton Gold Project, marking a crucial step towards defining a maiden JORC-compliant gold resource.
Instant Summary:
- Completed 2,416m RC drilling at Mt Hogan Gold Mine.
- Drilling focused on defining maiden JORC Resource.
- Maximum drilling depth reached 185m, average depth 115m.
- HQ core drilling to start in early 2025 for metallurgical tests.
Drilling Completion and Objectives
ActivEX Limited has announced the completion of a 2,416m reverse circulation (RC) drilling program at the historic Mt Hogan Gold Mine, part of the Gilberton Gold Project. This program, completed on November 2, 2024, aims to define the company's maiden JORC-compliant gold resource.
The drilling focused on the historical mining operations at Mt Hogan, where no mining activity has occurred since 1994. The project is a joint venture with HK Capital Investment Group Limited (HKCCIG), and the recent drilling is a step forward in exploring the potential for additional gold resources in the area.
Drilling Details and Future Plans
The drilling program involved a series of angled RC drill holes with an average depth of 115m, reaching a maximum depth of 185m. The auriferous lodes in the area dip to the southwest at about 20 degrees, and the surface expression is characterized by a series of east-west trending quartz veins.
Looking ahead, ActivEX plans to commence HQ core drilling in early 2025. This phase will involve metallurgical test work, specific gravity measurements, and structural studies, all crucial for further understanding the mineralization and potential resource estimation.
Geological Context and Historical Significance
The Gilberton Gold Project is located in a geologically rich area known for various metals and deposit styles. The Mt Hogan gold deposit, the largest historical gold producer in the district, is hosted in the Proterozoic age Mt Hogan Granite. This granite formation is a horseshoe-shaped pluton that has intruded surrounding Proterozoic rocks.
Gold mineralization is concentrated around the southeastern margin of the granite, consisting of stacked, shallow, southwest-dipping mesothermal quartz-sulphide veins. These veins have historically yielded high-grade gold and silver assays, indicating the potential for significant resource development.
The completion of the drilling program is a positive development for ActivEX, potentially leading to an increase in the company's valuation if a significant gold resource is confirmed. The announcement may boost investor confidence, as it demonstrates progress in the company's exploration efforts and the potential for future resource expansion.
Investor Reaction:
Analysts are likely to view the completion of the drilling program as a positive step towards resource definition. However, the market will be keenly watching the results of the upcoming HQ core drilling and subsequent resource estimation to gauge the project's full potential.
Conclusion:
Investors should keep an eye on ActivEX's future announcements regarding the Gilberton Gold Project, particularly the results of the HQ core drilling. These developments could significantly influence the company's stock performance and long-term growth prospects.