Eleckra Mines (ASX: EKM) has returned stunning results from the first batch of assays from its exploration drilling program at its wholly-owned Yamarna gold project, located 150 km east of Laverton in Western Australia.
With the onset of drilling, some investors took their positions and made a handy 64% as the share price kicked on the news.
With a second batch of assays due in mid-October, Eleckra could be in for exciting times.
First pass reverse circulation drilling at the Central Bore prospect intersected high grade gold values.
Twenty RC holes for 1,762m have been drilled over nine drill fences to test a strike length of 400 metres. This is a completely new discovery which is not reflected in Eleckra’s current mineral resource.
The Central Bore prospect is located only 3.7 kilometres east of the Attila gold deposit at the southern end of the Yamarna gold deposits, which have combined Measured, Indicated and Inferred Mineral Resources of 19.8 Mt at 1.44 g/t Au for 917,000 ounces of contained gold using a 0.5 g/t cut-off.
Eleckra executive chairman Ian Murray said the company is highly encouraged by the high grade and extent of the results at Central Bore and the new discovery demonstrates the gold prospectivity of the Yamarna greenstone belt within Eleckra’s tenements.
Significant results from the first 14 holes of the 20 holes drilled at Central Bore include: 1 metre at 17.8 g/t Au from 100 metres; 3 metres at 25.6 g/t Au from 75 metres including 1 metre at 72.85 g/t Au; 3 metres at 4.42 g/t Au from 40 metres including 1 metre at 10.3 g/t Au; 2 metres at 26.5 g/t Au from 100 metres including 1 metre at 41.99 g/t Au; and 3 metres at 8.85 g/t Au from 57 metres including 1 metre at 24.7 g/t Au.
The aim of the 7,000 metre RC drilling program is to determine the orientation and the continuity of high-grade shoots within the Yamarna Gold Resource, which lies on the eastern edge of the Yilgarn Craton.
The company is awaiting a second batch of assays in mid October. The follow up RC drilling program at Central Bore of around 1,500 metres, will commence immediately upon the completion of this drilling program.