Gold Road Resources Ltd (ASX:GOR) (OTCMKTS:ELKMF) and joint venture partner Cygnus Gold Ltd (ASX:CY5) are planning a program of diamond drilling at Gunsmoke, Lakeside and Hammerhead prospects in WA to better understand the structural and geological context of mineralisation intersected to date at these prospects.
This program is expected to start early August and will include holes at Lakeside and Hammerhead prospects to target widespread low-grade gold intersected in the air-core drilling on these prospects.
Next week, crews will mobilise to Lake Grace to collect detailed ground gravity surveys and auger (soil) sampling at the Gunsmoke and Hammerhead prospects to refine the geological interpretation and to site holes for follow up reverse circulation and air-core drilling planned to commence in December post-harvest.
Lake Grace and Yandina projects update
In an update on the Lake Grace and Yandina joint venture projects, Cygnus Gold, which is managing exploration programs by Gold Road Resources, said the current program of 9,081 metres of AC drilling in 199 holes and seven RC holes for 736 metres was completed on 22 July.
Final samples are being delivered to the laboratory early next week, with results to follow next month.
The Hammerhead project is part of an around 20 kilometres long, prospective greenstone rock package where the joint venture is targeting gold mineralisation associated with the Yandina Shear, a large-scale structure interpreted to control the distribution of gold mineralisation regionally.
Drilling at Hammerhead has identified more than eight discrete prospects, with the recently completed program designed to test for depth and areal extensions of the highest priority Gunsmoke, Lakeside and Hammerhead prospects.
Highlights from the latest drilling program included a wide gold intersection in RC hole LGRC0006 at the Gunsmoke prospect, drilling beneath previously reported hole LGAC332.
Significant intersections from LGRC0006 include:
• 8 metres at 1.05 g/t gold from 35 meters, including 1 metre at 4.7 g/t gold from 35 metres and 1 metre at 1.2 g/t gold from 39 metres;
• 2 metres at 2.1 g/t gold from 107 millimetres, including 1 metre at 3.9 g/t gold from 107 metres.
The intersections occur within a wide zone of anomalous gold in LGRC0006, extending more than 80 metres downhole.
The broader zone when calculated at a 0.01 g/t gold cut-off included 57 metres at 0.2 g/t gold from 35 metres and 22 metres at 0.34 g/t gold from 93 metres.
In early 2020, Gold Road earned its 75% interest in the Lake Grace Project, having spent an agreed $1.2 million within four years of the commencement date.
At the end of June 2020, Cygnus’ ownership equity on the Lake Grace and Yandina joint venture was around 15% and 11% respectively (currently diluting to 10%).