All that glitters is gold with the current gold price and for Republic Gold (ASX: RAU) at present.
Results from the final 18 RC drillholes at the Terrace Creek Prospect are in, and they point to a potential new high grade shoot and more high grade gold intersections in Far North Queensland.
Republic owns 100% of the Tregoora gold project in Far North Queensland.
Results included: 22 metres @ 3.20 g/t Au, including 8 metres @ 6.32 g/t Au intersected in drillhole FN092 in the high grade shoot previously intersected; 24 metres @ 2.32 g/t Au, including 6 metres @ 5.38 g/t Au intersected in drillhole FN082 in a similar pod only 250 metres to the south of the original high grade shoot.
The high grade intersection in FN092 increases the down-plunge length of the high grade shoot by a further 10 metres.
John Kelly managing director of Republic Gold said the original high grade shoot is growing down
plunge. "If we’ve intersected a second high grade, quartz-rich shoot in FN082 then this is a very significant
development."
Kelly said this potential was indicated following prior high grade results in RC drillholes at Terrace Creek, and the latest drilling results further reinforces the potential.
Kelly said these sorts of numbers could add high grade shallow ounces to the resource base, which could provide an ideal starter operation for the company.
Metallurgical drilling results from Tregoora will be reported soon to the market.