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Ausgold Ltd.
Summary
| Project: | Katanning | |
|---|---|---|
| Deposit: | Jinkas | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/16/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-7-2019: Ausgold Ltd. announces an Exploration/Drilling Update report for its Jinkas deposit at the Katanning project. Drilling results incl. 17.6m @ 2.24g/t Au from 55m. Ausgold Limited (ASX: AUC) (“Ausgold” or the “Company”) is pleased to announce the | |
| Resources: | (Resource, Total): 25.10Mt @ 1.29g/t Au for 1038Koz Au | |
| CP/QP: | [Overall Report]: Matthew Greentree (Internal) | |
| ABSTRACT: | Ausgold Limited (ASX: AUC) (“Ausgold” or the “Company”) is pleased to announce the results of diamond drilling and Down Hole Electromagnetic (“DHEM”) survey, within its 100%-owned Katanning Gold Project (“KGP”) in the South West Yilgarn Craton. A total of eight diamond holes drilled for 1,266m were drilled within the Central zone at the KGP, the area that contains the majority of the current JORC Resource 1.04 Moz which covers 4.5km of strike length (Figure 1). The program was designed to characterise gold mineralisation and geology within with the resource areas, and to identify exploration targets downdip of the Jinkas deposit. Recent drilling and geophysics including Downhole Electromagnetic (DHEM) has been used to identify areas with potential for high-grade gold mineralisation. Exploration Incentive Scheme (“EIS”) co-funded diamond drill holes were drilled to test a broad zone of mineralisation identified east of, and down dip from the Jinkas and White Dam lodes. The EIS is a co-funded drilling program which Ausgold was awarded a WA state Government grant to fund 50% of drilling costs, of up to a total value of $150,000, for a planned 1,200m of diamond drilling program (ASX Release, 21 June 2018). The new diamond drill program has been conducted at wide spacing (~ 200m) and extends from the Jinkas South area and north along strike, to provide a better geological understanding of high-grade gold mineralisation along the eastern portion of the KGP (Figure 1). In the Jinkas South area, a previously reported diamond drill hole (BSDD016) includes 0.71m @ 39 g/t Au from 120.85m (ASX 16 Release, November 2019), which corresponds to a high pyrrhotite-magnetite content. | |
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