Forrestania Resources Announces Drilling Plans at Ada Ann Prospect
FORRESTANIA RESOURCES LIMITED (FRS) Share Update September 2024 Monday 9th
Forrestania Resources to Start Drilling at Ada Ann Prospect
Forrestania Resources Limited (ASX: FRS) has completed drill planning for the Ada Ann prospect at its Bonnie Vale Gold Project, located near Coolgardie in Western Australia. The company aims to start drilling later this year, targeting promising mineralization zones identified through historic data.
Instant Summary:
- Drill planning completed for Ada Ann prospect.
- Targeting 49g/t Au historic drill spoil sample.
- Located 10km west of Evolution Mining's Mungari Gold Mine.
- Mineralization open in all directions.
- Highly anomalous zones of Au geochem from soil samples at Bonnie Vale North.
Drill Planning and Objectives
Forrestania Resources Limited (ASX: FRS) has finalized its drill planning for the Ada Ann prospect at the Bonnie Vale Gold Project. The planned drilling aims to explore the extent of mineralization both at depth and along strike within exploration license E15/1632. This follows a thorough review of historic exploration data, which revealed significant potential for gold mineralization.
The drilling program will focus on areas around historic drill spoils that returned high gold values, including a notable 49g/t Au sample. The Ada Ann prospect is strategically located just 10km west of Evolution Mining's Mungari Gold Mine, which has a resource of 5 million ounces of gold. This proximity to a major gold operation underscores the potential of the Ada Ann prospect.
Historic Data and Geochemical Results
Historic drilling at Ada Ann has yielded significant, shallow gram/metre intersections, with mineralization open in all directions. Some of the notable historic results include:
- AA28: 4m @ 12.80g/t Au
- BR19: 16m @ 2.64g/t Au
- AA05: 6m @ 6.45g/t Au
- AA04: 7m @ 5.01g/t Au
- AA45: 12m @ 2.68g/t Au
In addition to the Ada Ann prospect, Forrestania Resources has identified highly anomalous zones of gold geochemistry from soil samples at Bonnie Vale North. These samples, coinciding with the Kunanalling Shear Zone, have shown values up to 98ppb Au, forming excellent targets for future aircore drilling.
Exploration Potential and Future Plans
Forrestania Resources plans to conduct more geochemical work across the project area to complement existing anomalous results and further define regional exploration targets. The long-term goal is to undertake extensive exploration drilling to fully assess the potential of the Bonnie Vale Gold Project.
The company has systematically collected and updated its database with historic data, including information from WAMEX reports and field reconnaissance trips. This comprehensive approach aims to ensure that all relevant data is considered in the exploration strategy.
Chairman John Hannaford expressed optimism about the project, stating, 'The Eastern Goldfields district is a prolific region for gold discoveries. With gold prices around AUD $3,700 per ounce and the project area surrounded by producing gold operations, there couldn't be a better time or place to be exploring for gold.'
The announcement of the drilling program at Ada Ann is likely to generate positive sentiment among investors, given the high gold values from historic samples and the project's proximity to Evolution Mining's Mungari Gold Mine. The potential for discovering new mineralized zones could significantly enhance the company's resource base and valuation.
Investor Reaction:
Analysts are expected to react positively to the news, given the strategic location and high potential of the Ada Ann prospect. The detailed planning and systematic approach to data collection and analysis also add credibility to the company's exploration efforts.
Conclusion:
Investors should keep an eye on Forrestania Resources as it progresses with its drilling plans at the Ada Ann prospect. The upcoming drilling results could provide significant insights into the project's potential and impact the company's stock performance. Subscribe to our newsletter for regular updates and in-depth analysis of Forrestania Resources and other stock market news.