Montezuma Mining Company (ASX:MZM) has completed 20 reverse circulation holes at the 100% owned Yamarna Gold Project and 20 kilometres along strike from the recently discovered 6.2 million ounce Gruyere gold deposit.
Several holes intersected broad zones of alteration associated with quartz veining and sulphides.
If gold bearing, these new zones will significantly add to the prospectivity of the Yamarna Project for larger tonnage style gold mineralisation.
Previous intersections at Yamarna have been high grade, but tended to be narrow in down-hole width.
The drilling was completed at the Jatz, Le Snak and Salada prospects.
Assays are pending and will be released to the market when available.
All prospects at Yamarna lie along strike and within 20 kilometres of the 6.2 million gold ounce Gruyere discovery by Gold Road Resources Ltd (ASX:GOR).
Adding to the prospectively of the area, The Yamarna Greenstone Belt is an under explored province, which is geologically similar to the Kalgoorlie Gold Belt.
Regional aircore drilling has successfully identified three other targets at Yamarna, the Ritz, Ryvita and Le Snak prospects.
Drilling at the Jatz prospect within Yamarna discovered two high grade gold zones with assays of up to 17.5 g/t gold and 15.5 g/t gold.
Montezuma holds a number of multi-commodity exploration and mining tenements in Western Australia.
The company's primary focus is on its 100% owned Yamarna and Holleton gold projects.
Its portfolio includes:
- Yamarna Gold Project, Western Australia;
- Holleton Gold Project, Western Australia;
- Butcherbird Manganese Project, Western Australia;
- Butcherbird Copper Project, Western Australia;
- Green Dam Project, Western Australia; and
- Lake Johnston Project, Western Australia.
The company has also submitted an application for the Bonneval Gold Project in France, which is progressing through the approvals process.
Montezuma most recently acquired an extensive exploration database that will enable it to fast-track nickel-gold-lithium targeting at Lake Johnston located west of Norseman, Western Australia.
Assays from the follow-up drilling will provide Montezuma with an opportunity to find the source of previously intersected high grade gold intersections at the Yamarna Gold Project.
The company’s expansive exploration portfolio in Western Australia ensures the company will continue to be leveraged to exploration success from multiple projects.
The recently acquired database includes geochemical, geophysical and drilling data which will allow Montezuma to accelerate target definition activities at Lake Johnston.
Historical drill results from Lake Johnston include 8 metres at 5.09 g/t gold, 3 metres at 17.69 g/t gold and 2 metres at 35.88 g/t gold.
During November, Montezuma’s chairman, Seamus Cornelius, purchased 200,000 shares on-market for $27,659.
This saw Cornelius’s total direct and indirect holdings in Montezuma increase to 3.26 million shares.