Nelson Resources Ltd (ASX:NES) has used an ultra-high-resolution ground magnetics survey to identify new gold drilling targets at Redmill and Grindall prospects within the flagship Woodline Gold Project in WA.
Previous work identified a 20-kilometre gold geochemical anomaly where limited drilling intersected mineralisation and the survey was undertaken to more clearly define this anomaly.
Drilling target geological units have been identified and extend for 2.5 kilometres and 1.5 kilometres at Redmill and Grindall respectively, with both open beyond the extents of the survey.
Drilling late next month
Nelson executive director and CEO Adam Schofield said: “I am thrilled with the outcome of the recent fieldwork which may confirm a potentially large gold zone that should be linked to the previously identified 20-kilometre gold geochemical strike.
“We have clearly defined favourable targets for follow-up ground geophysics and drilling which is a significant step forward for the project.
“We anticipate drilling will commence in late October, with the results likely to be announced in December.”
The Woodline project comprises 656 square kilometres of tenure with four individual prospects - Socrates, Grindall, Redmill and Harvey - with the later three each having the potential to host a Tropicana-scale gold deposit.
The fieldwork has identified a structure at West Socrates which extends for more than 1-kilometre at the surface and rock chip samples define an anomalous zone of gold mineralisation which outcrops over a strike of more than 100 metres.
Follow-up exploration fieldwork is being planned for Redmill, Grindall and the Socrates area, including West Socrates.
The company plans to start induced polarisation and electromagnetic geophysical surveys to map the disseminated sulphides associated with mineralisation in October and the exploration drilling is planned for late October.
Shares have been as much as 5% higher this morning to 7.4 cents, up from 6.2 cents at the market close on September 18.