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Tribune Resources, Northern Star hit high grade gold in Western Australia

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Tribune Resources (ASX: TBR) and Northern Star Resources (ASX: NST) have intersected up to 9 metres at 37.8 grams per tonne gold from drilling at the Pegasus deposit of their Kundana Gold Mine in Western Australia.

These results follow the intersection of mineralisation up to 500 metres outside the existing 355,000 ounce resource.

Assays are pending for another seven holes, with five containing visible gold and strong veining.

Development of Pegasus is currently underway, with a decline to access the deposit being excavated from the adjacent Rubicon mine.

First Pegasus development ore is anticipated in the December Quarter of 2014.

Capital expenditure is expected to be low due to its proximity to Rubicon.

 

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Quick facts: Tribune Resources Ltd

Price: 6.37 AUD

ASX:TBR
Market: ASX
Market Cap: $334.22 m
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