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Oakdale Resources identifies gold target in Nevada gold region

The high-priority drill target is located within a world-class gold producing region.

Oakdale Resources Ltd - Oakdale Resources identifies gold target in Nevada gold region
Oakdale acquired three projects in Nevada earlier this year

Oakdale Resources Ltd (ASX:OAR) has identified a gold target from its recent IP survey at its Lambarson Canyon Project in Nevada.

The survey results indicate a shallow chargeable and resistive anomaly 300 metres south of outcropping gold mineralisation.

Notably, the project is located central to a region that is one of the most prolific gold producing regions in the world with over a dozen multi-million-ounce gold mines within a 200-kilometre radius.

Nearby mines include Trenton Canyon (4.5Moz), Marigold (5Moz), Coeur Rochester (3.2Moz), Florida Canyon (3.3Moz) and Lone Tree Mine (4.5Moz).

Due to these results, Oakdale has made a decision to prioritise drilling at Lambarson Canyon ahead of the Douglas Canyon property.

Drill testing planned

Oakdale’s Nevada technical manager Geoff Balfe said: “In terms of global gold mines, this is elephant country like no other region in the world.

“Subsequently we are very excited about the results of the 2D IP survey at Lambarson Canyon and how it has indicated a potential shallow disseminated sulphide-porphyry type system in proximity to the known gold mineralisation.

“The results have expanded the target concept for the property and we are prioritising the drill testing of this project for early spring 2020.”

Drilling would likely commence in late March or early April, following the completion of permitting procedures.

Nevada projects targeting gold

In June 2019, Oakdale signed a binding option term sheet with Alpine Resources (USA) Pty Ltd for the acquisition of its Alpine Project incorporating the Tonopah North, Douglas Canyon and Lambarson Canyon Projects in Nevada.

The projects are targeting Carlin and epithermal gold style million-plus ounce deposits.

The Alpine exploration team has over 20 years in-country experience, including leadership of the team that discovered the 2.3 million ounce Long Canyon gold deposit, which is now in production.

Quick facts: Oakdale Resources Ltd

Price: 0.003 AUD

Market: ASX
Market Cap: $4.21 m

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