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Southern Gold intersects high-grade gold at Transfind South, potential at Cowarna

Encouraging results indicate the need for further drilling to define a resource.

panned gold
Free gold panned from the Gallon prospect at Transfind South

Southern Gold Ltd (ASX:SAU) has intersected high-grade gold at its Transfind South project in Western Australia and encouraging mineralisation at the nearby Cowarna project.

First pass drilling at Transfind South aimed to intersect mineralisation amenable to open-pit mining along strike from the Transfind Pit and to test a 230ppb soil anomaly.

Gold in all Transfind South holes

Shallow high-grade gold mineralisation was intersected in all 13 holes drilled, with best intersections of 1 metre at 133.7 g/t gold from 18 metres and 2 metres at 24.4 g/t from 22 metres.

Follow-up drilling will be conducted to define a mineral resource.

Reverse circulation (RC) drilling at Cowarna was the first drill program on the prospect and results have indicated the need for diamond drilling to test deeper mineralisation.

Southern Gold has an option to purchase agreement for the Transfind South tenements from two Kalgoorlie-based prospectors, provided 2,000 metres of drilling is completed.

READ: Southern Gold extends farm-in to third South Korean gold project

Southern Gold managing director Simon Mitchell said the company’s target at Transfind South was a deposit with very high grades that will be amenable to trucking to a plant.

“So far it seems to be shaping up nicely vindicating the potential highlighted by the Kalgoorlie-based prospectors,” he said.

To date, 948 metres of RC drilling has followed up on high-grade rock chips, high-grade historical drilling and gold-in-soil anomalism.

Another program of around 1,000 metres is being planned for the second half of 2018.

Mineralisation at Cowarna

At Cowarna, RC drilling of 16 holes tested the Pryde and Logan prospects, confirming the presence of gold mineralised zones which may be secondary indications to significant mineralisation at depth.

Best intersection at Logan was 8 metres at 1.05 g/t gold from 32 metres and at Pryde 2 metres at 1.51 g/t from 42 metres.

Mitchell noted the significance of Cowarna, saying it was great to hit mineralisation in the very first drill program.

“It needs to be remembered that we have more than 20 strike kilometres of prospective [banded iron formation] … and we have only started on a small section of it in two locations.

“There is huge potential here.”

Quick facts: Southern Gold Limited

Price: 0.16 AUD

Market: ASX
Market Cap: $14.13 m

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on 23/11/19

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