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Westgold Resources strikes a bonanza at Rover 1

Published: 11:03 11 Sep 2009 AEST

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Westgold Resources (ASX:WGR)  has reported  “bonanza” gold intercepts at its exciting Rover 1 gold copper project, and a bonanza increase in market valuation today.

The shares spiked 51% to 56 cents at one stage.

Rover 1 is located 80 km south west of Tennant Creek in the Northern Territory. The spectacular high grade gold results at the “Western Zone” of Rover 1 included 7m @185 gpt gold.

Andy Beckwith managing director of Westgold said the results highlight the presence of a classic Tennant Creek style high-grade gold zone in this area.

Beckwith said “the bonanza gold zones in these Tennant Creek IOCG systems are small targets but fantastically rich and it would appear that we have now found two within Rover.”

He said a maiden JORC resource would be defined later this year.

High grade copper and gold zones were also defined over 200 m vertically broad systems. The company has reported one high-grade copper interval of three metres at 3.6 per cent copper.

Overall, drill hole WGR1D034 has intersected a broad and strongly mineralised magnetite rich ironstone unit and highly chlorite altered sediments.

Westgold believes the results point to mineralization at Rover which is similar to that of Tennant Creek, historically known as a zone that has yielded high grades of gold. 

The Western Zone will be a priority focus in terms of ongoing drilling.

It is these very high grade gold zones within the classic Tennant Creek orebodies which are now a major focus of Westgold’s exploration efforts alongside the broad overlapping zones of high-grade copper with associated silver, bismuth and cobalt that occur in the Rover 1 deposit.

The company is continuing with an aggressive drilling program.  

Two diamond drill rigs are currently operating at Rover 1 targeting the new Western Zone and also down plunge extensions of the Jupiter Zone.

Westgold's main shareholder is tin group Metals X (ASX: MLX), in turn 28 per cent owned by Hong Kong's APAC Resources.

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