Vector Resources (ASX: VEC) has made what can only be described as a spectacular gold discovery at the Gwendolyn East Project in Western Australia.
Reverse circulation drilling delivered 5 metres at 253.33 grams per tonne (g/t) gold from 24 metres, including 1 metre at 1,165g/t gold.
Supporting the super strike is the bonanza; 1 metre at 56g/t gold from surface, with other results including; 1 metre at 17.99g/t gold from 17 metres; 2 metres at 16.6g/t gold from 51 metres; and 12 metres at 8.38g/t gold from surface.
Glyn Povey, managing director, told Proactive Investors today that the company was still waiting on assays from another 118 reverse circulation holes. "The gold discovery is outside of the known mineralised envelope."
These highly anticipated results will cover over 9,000 metres and will certainly ramp up short term news flow, as they are announced over the next three to six weeks.
Damien O’Reilly, chairman, added commented to the gold discovery: “The latest results from Gwendolyn continue to justify our faith in this resource.
"The naturally rich endowment of the Gwendolyn prospect notwithstanding, and increasingly apparent: it is a credit to our executive management, geologists and drilling crews upon whose efforts, experience and instincts we rely so much upon.
"With a great deposit and an equally capable and enthusiastic team of professionals, Vector Resources will continue to add value to its portfolio of assets and uphold our commitment to those investors and shareholders who have placed their trust in us.”
Validation of spectacular grades
A review of hole G140 by Aurum Laboratories gave a single metre result of 1,212g/t gold with a repeat sample of 1,165g/t gold within a significant intercept of; 5 metres at 253.33g/t gold.
Additional single samples were then sent to SGS Kalgoorlie’s laboratory where results of 1,475g/t gold were received for the same metre intercept.
This material was also reviewed by Roger Townend and Associates (Consulting Mineralogists) who conducted a mineralogical examination of one drill sample (G140, 25-26 m) and analytical lab pulped split equivalent (S24197) for gold.
This report clearly identified gold mineralisation where the sample was screened into three fractions, -500, +500 and +2 mm. Polished sections were made of each fraction and these were examined with particular reference to gold.
Astute investors have Vector Resources on their radar
Today's results were spectacular, but not lost on astute investors are these are not the first set of high grade discoveries announced by the company in recent times.
Just last month drilling outside the resource area of the project delivered; 5 metres at 22.68g/t gold from 21 metres, including 1 metre at 107.7g/t gold; 1 metre at 20.51g/t gold from 36 metres; and 2 metres at 12.44g/t gold from 117 metres.
JORC Resource already in place
Gwendolyn hosts a JORC Inferred Resource of 1.21 million tonnes at 2.71g/t gold for 106,000 ounces of contained gold, following two consecutive resource upgrades in the December quarter 2011. The project also has 103,000 unclassified ounces.
Historical mining was carried out at the project, with a near surface oxide pit mined to a depth of about 28 metres for 73,077 ounces of gold production.
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