Australasian Metals Identifies Promising New Drill Targets at Ayres Rock Prospect
A8G (A8G) Share Update August 2024 Sunday 11th
Australasian Metals Identifies New High-Grade Gold Drill Targets
Australasian Metals Limited (ASX: A8G) has announced the identification of new high-grade gold drill targets at the Ayres Rock Prospect within the Capella Gold Project in Central Queensland.
Instant Summary:
- New drill targets identified based on high-grade epithermal gold veining.
- Potential high-grade plunging shoots identified from previous drill intersections.
- Significant drill results include 26m at 3.88 g/t Au and 32m at 3.8 g/t Au.
- Recent mapping found outcrops of epithermal veining over 100 meters in strike length.
Project Overview
Australasian Metals Limited (ASX: A8G) has completed a comprehensive data review of the Ayres Rock Prospect, part of the Capella Gold Project in Central Queensland. This study has identified new drill targets to follow up on previously discovered high-grade epithermal gold veining.
The Ayres Rock Prospect is characterized by a structurally controlled, epithermal-style quartz vein breccia unit hosted within rhyolitic ignimbrites of the Silver Hills Volcanics. Widespread alteration in the volcanics includes quartz-albite-chlorite-carbonate-pyrite with occasional epidote and rare orthoclase.
Key Findings
The data review has revealed potential high-grade plunging shoots, supported by previous drill intersections. Notable results include:
- CAR036: 26m at 3.88 g/t Au from 45m, including 2m at 33.4 g/t Au from 50m, 3m at 3.89 g/t Au from 59m, and 1m at 9.75 g/t Au from 78m.
- ARC009: 32m at 3.8 g/t Au from 22m, including 2m at 32.8 g/t Au from 22m, and 2m at 18.9 g/t Au from 50m.
Recent Developments
Recent mapping close to these high-grade intersections has discovered outcrops and sub-outcrops of epithermal veining over approximately 100 meters in strike length. The newly mapped vein locations have been shown in green polygons on project maps.
The study has identified several targets with potential for further mineralization, where the Australasian team has pinpointed potentially high-grade plunging ore shoots. Proposed exploration drill holes on two sections are designed to test these targets at varying depths.
Next Steps
Australasian Metals plans to follow up with a diamond drilling program aimed at exploring the northerly plunging high-grade mineralized shoots. These proposed drill holes are expected to intersect the target zones to the north of the known high-grade areas of mineralization.
The company has completed a total of 106 holes for 12,146.3 meters of drilling at Ayres Rock, with some of the highlighted drill intercepts being CAR036 and ARC009, as mentioned earlier.
The identification of new high-grade gold drill targets is a positive development for Australasian Metals. This could potentially increase the company's mineral resource estimates, both in volume and grade. The news is likely to boost investor confidence and may positively impact the company's stock price in the short term.
Investor Reaction:
Analysts are expected to react positively to this announcement, given the potential for increased gold resources and the recent surge in gold prices. The identification of high-grade plunging shoots could lead to significant discoveries, enhancing the company's valuation.
Conclusion:
Investors should keep an eye on Australasian Metals' upcoming drilling programs and the results from these new targets. The company's strategic exploration efforts could lead to substantial returns, making it a promising stock to watch in the gold mining sector.