Montezuma Mining Company (ASX:MZM) has re-commenced an extensive 15,000 metre drilling program at its Yamarna Project, which is located in the Yamarna Greenstone Belt of Western Australia.
The belt is historically underexplored but the success of Gold Road Resources (ASX:GOR) with a 5.1 million ounce resource is evidence of the potential of the Yamarna project to host significant basement gold mineralisation.
Montezuma's program follows up the discovery of up to 19.1 g/t gold from recent maiden reverse circulation drilling.
The new drilling is designed to further test the proven prospectivity of the Jatz strike corridor as well as multiple regional greenstone hosted targets.
A heritage survey to provide clearances for the broader regional program will be undertaken in the second half of February.
Drilling will include a two pronged follow up comprising a broad spaced regional aircore program with up to 15,000 metres of drilling to test the broader potential in a regional context.
There will also be a a closer spaced, multi-hole reverse circulation program to test the northern and southern extensions of the mineralisation at Jatz.
Montezuma is very tightly held with the top 20 shareholders owning over two-thirds of the company, so any strong drill results has the potential for an immediate appreciation in share price.
The company carries an enterprise valuation of circa $10 million for Yamarna, and its accompanying Western Australian portfolio of manganese and copper assets at Butcherbird and Green Dam respectively.
The assays from the current program will be highly anticipated.
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