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Explaurum drills out visible gold indicating growth potential

Results included 8 metres at 21.83 g/t gold from 29 metres.
visible gold in drill core
Shares are up over 55% in 2017, currently trading at $0.105

Explaurum (ASX:EXU) has received assay results from five diamond holes drilled for metallurgical test work purposes at the Tampia Gold Project located in Western Australia.

Drilling intersected wide high-grade zones of gold mineralisation as planned from the Tampia resource area from surface down to 100 metres depth.

Visible gold logged in the diamond core confirms the continuity and distribution of high-grade gold zones are more widespread than the recent resource estimate suggests.

Tampia’s recently updated JORC resource estimate was 11.3 million tonnes grading 1.91 g/t gold for 695,500 ounces of gold.

An updated scoping study including optimisation and mine scheduling studies based on the new resource will be completed early in November.

John Lawton, managing director, commented

“The diamond drill core was collected for the ongoing feasibility metallurgical test work program and provided another opportunity to test the robustness of our resource estimate.

“It was particularly encouraging to see coarse visible gold confirming the results from the reverse circulation resource drilling program which indicates more gold than the resource model estimate.

“The samples from the diamond core will now be processed and provide the required samples for the feasibility metallurgical test work, which will allow us to deliver the results of the current feasibility study early in 2018.

“The updated scoping study and feasibility study are progressing well with mining, process design, metallurgical test work, hydrology, heritage, financial and environmental studies all progressing well.

“Exploration on the 24 high priority regional gravity targets continues.

“We look forward to presenting the scoping study results shortly.”

Background

Explaurum’s focus is developing its 90% owned Tampia Gold Project located in the wheat belt of Western Australia, 250 kilometres east of Perth.

The near-surface gold resource was recently upgraded to 695,000 ounces grading 1.19 g/t gold and it is currently the subject of an updated scoping study.

A feasibility study is also underway and due for release in February 2018.

Metallurgical drill result details

The program comprised 5 diamond drill holes for a total of 373.3 metres.

Results included:

- 11 metres at 3.07 g/t gold from 32 metres;
- 8 metres at 21.83 g/t gold from 29 metres;
- 3 metres at 3.27 g/t gold from 86 metres;
- 2 metres at 16.96 g/t gold from 56 metres;
- 5 metres at 19.37 g/t gold from 72 metres;
- 9 metres at 2.37 g/t gold from 3 metres; and
- 8 metres at 4.99 g/t gold from 53 metres.

The assay results from the metallurgy diamond core were used to verify the new resource estimate by comparing the sampled widths and grades in the diamond holes with the block widths and grades in the resource estimate model.

The diamond assay results indicate more gold than the resource estimate model.

The results confirm that the announced resource estimate is providing a reasonable estimation of grade and contained gold.

Next steps

An updated scoping study including optimisation and mine scheduling studies based on the new resource will be completed early in November.

Work on the feasibility study will continue, including mining, process design, metallurgical test work, hydrology, heritage, financial and environmental studies, with the aim of completing the study early in 2018.

Drill planning has been completed for exploration drilling immediately around the resource area to test for extensions to gold mineralisation to the south east and at depth.

READ NOW: Explaurum commences intensive exploration phase

This drilling is planned to commence in November.

Soil geochemical data collection over high priority regional gravity target areas has commenced and will continue with reverse circulation drill testing of anomalies to start in early December and continue throughout March quarter 2018.





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