Phosphate Australia (ASX: POZ) is focused on phosphate in the Northern Territory, and also has gold, nickel, copper interests in Western Australia.
Phosphate Australia (ASX: POZ) has intersected high grade gold in phase 1 drilling of the Cable West vein at the Tuckanarra gold project located in the prolific Western Australian Murchison goldfield.
Strong intersections include 28 metres at 6.7 grams per tonne (g/t) gold from 25 metres from the Cable West vein – a high grade structure and now the highest priority target.
Importantly, directly above this drill intersection was a 9 metre cavity which was mined out by underground miners in the 1900s. The reported historic mined grade at Cable was 22g/t from this period.
Recent results, including 20 metres at 2.1g/t from 70 metres, at the Cable East vein indicate a continuous, well mineralised structure up to 13 metres true width with a current strike length of about 350 metres which is open to the south and at depth.
The Tuckanarra gold project has a historic production of 125,000 ounces and was last mined in 1993 when the gold price was around US$330 an ounce.
The maiden phase 1 reverse circulation comprised 16 holes for 1,635 metres targeting shallow, steeply dipping, mineralised structures around the old Cable pit.
There is also a substantial area of shallow, sub horizontal, laterite hosted mineralisation that covers most of the lode gold target area.
This laterite mineralisation was the target of a phase 2 aircore drilling campaign, comprising 213 holes for 5,062 metres, completed early in February. Assays from this program are due in March.
Phosphate Australia is now planning a phase 3 drilling program for April.