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PepinNini Minerals Ltd joins hunt for gold in North Queensland

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PepinNini Minerals Limited (ASX:PNN) has joined the gold hunt in North Queensland and is set to evaluate the gold potential of its Oasis Exploration Permit situated in Georgetown Block, where historic drilling had a hit of 8 metres at 6.8g/t gold.

The region is well known to goldies with the Kidston Gold mine located 35 kilometres west of the Oasis Exploration Permit having produced approximately 4.3 million ounces of gold.

PepinNini had originally planned to explore the Oasis Exploration Permit for uranium.

However, this changed after data records from percussion drilling undertaken during 1980s at the Lynd Mylonite Zone, which lies within the tenement showed encouraging gold intercepts.

Percussion drilling and surface geochemical investigations during 1985-86 which was recorded in QDEX reports shows drill intercepts of 8 metres at 6.8g/t gold from 56 metres depth and 1 metre at 1.5g/t gold from 19 metres depth.

While early days, the prospect will require further work since follow-up investigations have not been conducted using modern exploration methods and standards.

Initial investigations by PepinNini will focus on surface mapping and sampling of the Northern, Central and Southern Prospect areas along the Lynd Mylonite Zone.

A two for three pro rata entitlement offer to raise $1,024,261 is also underway.

 

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ASX:PNN
Market: ASX
Market Cap: $3 m
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