Kalamazoo Resources Ltd (ASX:KZR) has received assay results from the fourth and final hole recently drilled at its Mustang Prospect within its Castlemaine Gold Project in Victoria.
Assays reveal 1.42 metres at 261.3 g/t gold from 100.32 metres depth over a wider than interpreted interval which includes the visible gold intersection containing 0.17 metres at 1,916 g/t gold.
High-grade gold section only partially intersected
Kalamazoo’s chairman and CEO Luke Reinehr said today: “Although we are in the very early days of our maiden drill program at Castlemaine this exceptionally high-grade assay is extremely encouraging, especially as the visible gold-bearing quartz vein appears to have only been partially intersected, or clipped by drill hole MU19DD04.”
“An intersection of 1.42 metres at 261.3 g/t gold (being more than 8 oz/t gold) supports our exploration strategy to focus on the incredibly rich historical Castlemaine and South Muckleford goldfields in our search for the next world class gold deposit in Victoria.”
6-8 more holes planned at Mustang
A further six to eight diamond drill holes are currently planned for the Mustang Prospect, dependent upon ongoing drill program results.
Drilling has now ceased for the holiday break and will recommence in mid-January 2020.
Data from these first four drill holes will be used to better interpret the Mustang resource model, which in turn will be used to design drill targets.
Relatively underexplored area
The Castlemaine goldfield has produced 5.6 million ounces of gold making it one of the richest goldfields in Australia.
Notably, only minor exploration activity has been undertaken over the past decade and with limited effective drilling below 400 metres.
Kalamazoo is targeting a high-grade 10+ g/t gold deposit within the Castlemaine Gold Project.
