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Eastern Goldfields Ltd.
Summary
| Project: | Mt Ida | |
|---|---|---|
| Deposit: | Bombay | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/29/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 29-7-2016: Eastern Goldfields Ltd. announces an Exploration/Drilling Update report for its Bombay deposit at the Mt Ida project. Drilling results incl. 4.00m @ 4.95g/t Au from 36.70m. Eastern Goldfields Limited (ASX:EGS) (Eastern Goldfields or the Company | |
| Resources: | (Resource, Total): 320Kt @ 13.8g/t Au for 140Koz Au contained at Mt Ida total | |
| CP/QP: | [Overall Report]: Michael Thomson (Internal) | |
| ABSTRACT: | Eastern Goldfields Limited (ASX:EGS) (Eastern Goldfields or the Company) is pleased to announce that exploration drilling on the Bombay Prospect (Bombay) at the Mt Ida Project has intersected strong zones of alteration and mineralisation at depth. The Bombay Prospect is located 7 kilometres north-west of the Mt Ida Mine (MIM) on the Timoni Trend and lies in the equivalent stratigraphic position as the MIM. The MIM comprises five fault hosted sub vertical stacked lodes with historic mine production in excess of 500,000 tonnes @ 16g/t Au for approximately 300,000 oz. Eastern Goldfields designed and drilled three diamond holes aimed at defining the structural and stratigraphic setting of the deposit while also confirming the style of mineralisation at Bombay. Drilling successfully intercepted several shear zones with associated chalcopyrite/pyrrhotite/pyrite and arsenopyrite alteration associated with quartz/carbonate veining (Figure 1). Executive Chairman Michael Fotios said: “Drilling has confirmed that a similar style of mineralised system, that hosts multiple deposits at the high grade Mt Ida Mine, is present at the Bombay Prospect. The results of this initial drilling program provide the confidence to progress our exploration activities at Bombay, targeting the delineation of further high grade mineralisation.“ | |
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