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Exore Resources Ltd

Exore Resources intersects shallow high-grade gold in third identified target area within Cote d’Ivoire Gold Projects

The company now has a third large area prospective for gold after high-grade assays were previously reported at the Antoinette and Veronique prospects within its Bagoe project.

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At the end of the March quarter, Exore held $12.4 million in cash to maintain ongoing drilling and continued exploration success

Exore Resources Ltd (ASX:ERX) has intersected multiple shallow mineralised lodes along 1,600 metres of strike in reverse circulation (RC) drilling at the Liberty 2 prospect, part of the junior explorer’s Liberty project in Cote d’Ivoire.

The first-pass, 24-hole RC program went for 3,248 metres across eleven sections along a northeast strike, designed to test bedrock gold mineralisation beneath encouraging aircore (AC) intercepts Exore drilled late last year.

The initial phases of the first drilling program at Liberty successfully intersected high-grade gold in both oxide and fresh rock beneath the AC intersections, confirming bedrock gold mineralisation at the Liberty 2 prospect.

High-grade gold assays

Exore managing director Justin Tremain said the company was pleased to announce the exciting results from the first ever reverse circulation (RC) drilling program within its Liberty project.

He said: “The first-pass RC drilling at Liberty 2 was wide-spaced at 100-200 metres and represents the third discovery area for the Exore team.”

Highlighted assays from Liberty 2 drilling include:

13 metres at 2.57 g/t gold from 4 metres;

7 metres at 3.67 g/t from 53 metres;

6 metres at 4.28 g/t from 49 metres; and

8 metres at 2.5 g/t from 36 metres.

Mineralisation encountered in drilling remains open at depth and along strike in all directions.

Further drilling planned to confirm extent of mineralisation

The 1,600-metre tested strike extent is in the centre of the 20-kilometre-long Liberty gold trend.

Drilled mineralisation at Liberty 2 represents only 8% of the broader trend and gold-in-soil anomalism to the northeast and southwest, as well as new artisanal mining activity 500 metres northeast, indicates the prospect has room to expand.

Follow-up RC drilling at Liberty is planned after current drilling at the company’s nearby Bagoe project is complete, the latter comprising RC drilling at Antoinette and AC drilling at Veronique.

A comprehensive surface sample program currently underway is about 85% complete, aiming to collect about 7,500 samples to provide coverage across the granted Liberty project area.

“Potential to define substantial gold resources”

Tremain continued: “Like Antoinette and Veronique, Liberty 2 has substantial scale potential with mineralisation defined over 1,600 metres of strike.

“The results continue to demonstrate the potential to define substantial gold resources within Exore’s Cote d’Ivoire Gold Project.

“Two rigs continue to operate … and we look forward to reporting further drilling results from Veronique and Antoinette shortly.”

Further results expected from current drilling

Current exploration work includes a RC rig focused on the Antoinette region within Bagoe, drilling further resource definition holes in the prospect’s central zone and further exploration holes in other target areas.

An AC rig on-site at Bagoe’s Veronique prospect is drilling a large and high-tenor gold-in-soil anomaly, following up the initial five aircore lines which returned highly anomalous results.

Reverse circulation results from Antoinette and results from AC drilling at Veronique are expected in the coming weeks.

Major operating gold mines nearby

The company’s West African tenure comprises the Liberty and Bagoe projects, covering a total of 1,345 square kilometres along the convergence of the prolific Tongon and Syama gold belts.

  • Nearby gold deposits associated with the same geology and structures include:

  • The 4.2-million-ounce Tongon Gold Mine operated by Barrick (TSE:ABX), 40 kilometres northeast;

  • Resolute Mining Ltd’s (ASX:RSG) 11.5-million-ounce Syama Gold Mine, about 90 kilometres north;

  • Perseus Mining Limited’s (ASX:PRU) 1-million-ounce Sissingue Gold Mine 50 kilometres north; and

  • The Fonondara-Boundiali gold discovery by Barrick, immediately adjacent to the west.

Quick facts: Exore Resources Ltd

Price: $0.09

Market: ASX
Market Cap: $42.03 m
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