Golden Mile Resources Ltd (ASX:G88) has outlined extensive gold anomalism over 11 kilometres of strike along the Monarch Gold Trend of its Leonora East project in Western Australia’s North-Eastern Goldfields.
All assay results have been received from an extensive auger sampling program over the trend.
Strong gold anomalism was detected in several auger holes with grades of up to 270 ppb while numerous holes detected anomalous gold up to 50 ppb +/- pathfinder elements.
This work confirms that the trend contains a gold mineralised system and verifies the exploration potential for discovery of a deposit within the company’s tenement area.
Shares up 21%
The results also extend known anomalies interpreted from historical auger sampling surveys.
Shares were up 21% to an intra-day high of 12 cents.
Golden Mile’s managing director Lachlan Reynolds said: “The company is very excited about the scale and extent of the gold anomalism outlined by the auger drilling over the Monarch Gold Trend, which remained untested despite previous historical exploration in this prospective area.
“We have now outlined several very large areas of coherent gold anomalism in consecutive auger holes and across multiple widely-spaced sample lines.
“These large gold anomalies appear to be spatially associated with bedrock features interpreted from the regional aeromagnetic data.
“Any of these anomalies is large enough to indicate the presence of a significant gold deposit and the company is now focused on follow-up exploration to assess its new targets.”
Close to other gold deposits
The Monarch Gold Trend is about 40 kilometres northeast of Leonora and covers the eastern part of the Mertondale Shear Zone.
Location of the Monarch Gold Trend on the Leonora East project.
The trend is adjacent to the Mertondale project where Kin Mining Limited (ASX:KIN) has defined a number of gold deposits with a total indicated and inferred resource of 11.6 million tonnes at 1.4 g/t, for a contained 521,000 ounces of gold.
Golden Mile’s follow-up will include infill sampling to assist with the identification of key targets for future aircore or RC percussion drill testing.