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Ausgold’s shares rise on high-grade hits at Katanning Gold

Ausgold (ASX:AUC) has received high grade assay results from a drilling program at the Datatine prospect, part of the company’s Katanning Gold Project in Western Australia.
Ausgold’s shares rise on high-grade hits at Katanning Gold
Ausgold’s shares rise on high-grade hits at Katanning Gold

The company’s shares were last trading at $0.037, up 12.12% intraday.

Five reverse circulation holes for 284 metres have been completed to date to follow up gold mineralisation identified previously by air core drilling.

Importantly, all five holes intersected mineralisation, including:
- 25 metres at 2.47 g/t gold (from  20 metres) including 2 metres at 16.26 g/t gold  (from 42 metres); and
- 8 metres at 3.87 g/t gold (from 11 metres) including 2 metres at 10.46 g/t gold (from 11 metres).

A systematic follow-up drilling program has been planned and is designed to test the down-dip continuity of the mineralisation.

The follow up drilling at Datatine is expected to commence in early January 2017 as all drilling at the Katanning project will cease for about three weeks over the Christmas holiday period.

The drilling at Datatine is part of a 2,500 metre drilling program at the Katanning Gold Project that is primarily targeting three high priority areas at the White Dam, Datatine and Fraser deposits.

Last month, Ausgold raised $800,000 from a share placement at $0.035 per share, to fund its drill program at Katanning.

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Ausgold Ltd Timeline

October 06 2017
June 05 2017
November 28 2016

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The company is well funded to fast‐track its flagship project towards completion of a definitive feasibility study, anticipated in Q3 2019.

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