Auric Mining's Spargoville Project Yields Positive Drilling Results
AWJ (AWJ) Share Update November 2024 Thursday 14th
Auric Mining Reveals Promising Drilling Results at Spargoville Project
Auric Mining Limited (ASX: AWJ) has announced promising results from its recent drilling program at the Spargoville Project, highlighting significant gold mineralization at the Fugitive and Anomaly 37 Prospects.
Instant Summary:
- 17-hole RC drilling program completed at Fugitive and Anomaly 37 Prospects.
- Fugitive Prospect shows promising results with multiple high-grade gold intercepts.
- Anomaly 37 Prospect opens new exploration targets with initial encouraging findings.
- Further drilling planned to explore mineralization potential at both prospects.
Drilling Program Overview
Auric Mining Limited has completed a 17-hole reverse circulation (RC) drilling program at its Spargoville Project, targeting the Fugitive and Anomaly 37 Prospects. The program aimed to explore gold mineralization beneath auger soil anomalies and supergene gold concentrations identified in previous drilling efforts.
The Fugitive Prospect, located within the Spargoville Project, showed particularly encouraging results. Significant gold intercepts include 7 meters at 4.88 grams per tonne (g/t) gold, including 3 meters at 10.36 g/t gold, and 2 meters at 10.69 g/t gold. These results suggest a mineralized zone extending over a 700-meter strike length, presenting a highly prospective target for further exploration.
Anomaly 37 Prospect
At the Anomaly 37 Prospect, located 2 kilometers north of Fugitive, initial drilling results have opened up new exploration opportunities. The first pass RC drilling indicates potential for further exploration, with mineralization hosted in ultramafic rocks. This prospect is defined by a large auger-soil anomaly, and further drilling will target deeper mineralization beneath historic high-grade intercepts.
Management Insights
Mark English, Managing Director of Auric Mining, expressed optimism about the findings, noting that the mineralized core at Fugitive Prospect extends significantly, with potential for substantial gold deposits. Technical Director John Utley emphasized the potential for economic mineralization within the basalt at Fugitive and highlighted the early-stage promise at Anomaly 37.
The positive drilling results at the Spargoville Project are likely to boost investor confidence in Auric Mining's exploration potential. The high-grade gold intercepts at Fugitive Prospect could lead to increased interest in the company's stock as investors anticipate further exploration success. The opening of new targets at Anomaly 37 also adds to the project's potential value.
Investor Reaction:
Analysts are expected to view the results favorably, given the significant gold intercepts reported. The prospects for further exploration and potential resource expansion at Spargoville could lead to positive sentiment among investors, although the early-stage nature of the findings warrants cautious optimism.
Conclusion:
Investors should keep an eye on Auric Mining's upcoming drilling activities at the Spargoville Project. The company's ability to further delineate and expand the mineralized zones will be crucial in unlocking the project's full potential. Continued exploration success could significantly enhance Auric Mining's market position.