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Gold Road Resources and Cygnus Gold secure drilling co-funding grant for Hammerhead JV

The co-funding grant will be applied to core drilling at a number of prospects at Hammerhead and is planned to be run alongside aircore and reverse circulation drilling programs.

Gold Road Resources Ltd - Gold Road Resources and Cygnus Gold secure drilling co-funding grant for Hammerhead JV
The JV recently completed a 15,737-metre aircore drill program

Gold Road Resources Ltd (ASX:GOR) and Cygnus Gold Ltd (ASX:CY5) have secured the WA government’s Exploration Incentive Scheme (EIS) to partially fund diamond drilling at the Hammerhead JV project.

The EIS co-funding of up to $150,000 in direct drilling costs is a competitive award by the state government to support technically-driven mineral exploration in WA.

Hammerhead is part of a ~20-kilometre long, prospective greenstone rock package where the JV is targeting gold mineralisation associated with the regional Yandina Shear.

The JV recently revealed results from a 15,737-metre aircore (AC) drill program at Hammerhead, which outlined several discrete gold anomalous prospects, including the Gunsmoke, Lakeside and Hammerhead prospects where anomalous gold zones remain open in all directions.

Drilling to date on the Hammerhead Project is widely spaced, with holes generally set apart by 100 metres on each drilling line and drilling lines set apart by more than 400 metres apart, and in some cases up to 1.6 kilometres.

Hammerhead aircore drilling with significant intervals on background ground gravity geophysical image

The EIS co-funding will be applied to core drilling at a number of prospects at Hammerhead and is planned to be run alongside AC and reverse circulation (RC) drilling programs.

These programs are due to start shortly, following the recent easing of COVID-19 related regional travel restrictions in WA.

“Several promising gold prospects identified”

Cygnus managing director James Merrillees said the JV was looking forward to continuing the strong start to 2020 with follow up on the new targets defined at Hammerhead, including the first diamond holes to be drilled in this part of the belt.

He added: “The award of the competitive EIS co-funding grant is a great result for the JV and a strong endorsement of our technical approach and success to date at Hammerhead.

“With several promising gold prospects identified, our focus now turns to defining their footprint and potential endowment, including deeper drilling on selected targets.”

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