Forrestania Resources Discovers High-Grade Gold at Bonnie Vale Project
FRS (FRS) Share Update November 2024 Sunday 17th
Forrestania Resources Uncovers High-Grade Gold at Bonnie Vale
Forrestania Resources Limited (ASX: FSR) has announced a significant discovery of high-grade gold at its Bonnie Vale Project in Western Australia's Eastern Goldfields. The latest rock chip sampling returned values as high as 222 grams per tonne (g/t) of gold, highlighting the project's potential for a major gold discovery.
Instant Summary:
- Rock chip samples at Bonnie Vale returned up to 222g/t Au.
- Historic drill spoils revealed values up to 13.9g/t Au.
- Strong drilling targets identified from geochemical work and historic drilling.
- Bonnie Vale Project spans 75km² near Coolgardie, WA.
Gold Discovery Details
Forrestania Resources Limited has reported a remarkable find at its Bonnie Vale Project, located near Coolgardie in the prolific Eastern Goldfields of Western Australia. Recent rock chip sampling has yielded gold values as high as 222g/t, indicating significant mineralization potential in the area. The discovery comes as the company awaits assay results from its recent reverse circulation (RC) drilling program at the Ada Ann prospect.
In addition to the high-grade rock chip samples, Forrestania's exploration team has also identified anomalous gold values from historic drill spoils, with results reaching up to 13.9g/t. These findings underscore the potential for further discoveries within the project's 75km² of predominantly greenstone terrain, which lies in close proximity to major gold operations, including ASX-listed Evolution Mining's Mungari operations.
Exploration and Future Prospects
The Bonnie Vale Project has been a focus for Forrestania's exploration efforts, with multiple strong regional targets identified through a combination of geochemical soil programs and historic drilling data. The company's ongoing exploration success is highlighted by the identification of highly anomalous gold values along strike from the Ada Ann prospect.
Forrestania's Chairman, John Hannaford, expressed optimism about the project's potential, stating that Bonnie Vale is emerging as a promising site for a major gold discovery. The company plans to continue its exploration activities, with further drilling at Ada Ann and across the broader project area. Assay results from the maiden drilling program at Ada Ann are expected within the next 4-6 weeks.
The discovery of high-grade gold at Bonnie Vale is likely to have a positive impact on Forrestania Resources' stock, as investors react to the potential for a significant gold find. The proximity of the project to established gold operations enhances its strategic value, and the high-grade results could attract increased investor interest and confidence in the company's exploration strategy.
Investor Reaction:
Analysts are likely to view the high-grade gold discovery as a positive development for Forrestania Resources. The potential for further discoveries and the project's strategic location near major gold operations are expected to bolster investor confidence. However, the market will be keenly watching the upcoming assay results from the Ada Ann drilling program.
Conclusion:
Investors should keep a close eye on the forthcoming assay results from the Ada Ann prospect, as they could provide further insights into the project's potential. Forrestania Resources' continued exploration success at Bonnie Vale could significantly enhance its position in the gold exploration sector.