Vango Mining Ltd (ASX:VAN) positive results from drilling at the PHB Corridor on its 100%-owned Marymia Gold Project, 300 kilometres northeast of Meekatharra in Western Australia, have revealed a potential high-grade lode discovery.
Results from the first three of 11 reverse circulation (RC) holes have proved highly encouraging with the potential new lode at K1 in the footwall of the Main Lode target and below the K1 open-pit.
These results also potentially link the high-grade mineralised corridor over 3 kilometres in strike length and shares have been as much as 10% higher to 11 cents intra-day.
K1 prospect intersections are:
- 6 metres at 8.66 g/t including 2 metres at 23.8 g/t from 128 metres;
- 4 metres at 3.12 g/t including 1-metre at 9.34 g/t from 90 metres; and,
- 3 metres at 4.49 g/t including 2 metres at 6.73 g/t from 105 metres.
“Potentially highly significant”
Vango managing director Andrew Stocks said: “These intersections are potentially highly significant, being the first holes to test for high-grade depth extensions of the K1 gold zones.
“The results are open to the southwest and may well link up with the lode extensions that we’ve intersected at PHB-1, extending the PHB corridor to over three kilometres.”
Marymia Gold Project, PHB Corridor with new intersections.
Possible lode extensions
The results also indicate the potential to link high-grade gold mineralisation from PHB-1 to the K1 prospect over a 3-kilometre strike length.
Intersections from the three key lode extensions at PHB-1 include:
- 3 metres at 5.93 g/t including 1-metre at 12.36 g/t from 117 metres (Central Lode);
- 6 metres at 3.68 g/t including 1-metre at 11.96 g/t from 232 metres (West Lode);
- 4 metres at 3.83 g/t including 1-metre at 12.61 g/t from 209 metres (West Lode); and
- 3 metres at 3.90 g/t including 1-metre at 9.94 g/t from 131 metres (Main Lode).
The results from the remaining five diamond drillholes at PHB-1 and eight RC holes at K1 are pending.
Drill program ongoing
The company will now fast-track follow-up drilling to define high-grade resource extensions and test the larger scale potential of the PHB Corridor and has moved drilling to the Trident Corridor.
The stage one, 20,000-metre RC and diamond drill program is now testing this corridor in three key locations:
- Down plunge to the northeast of Mareast open pit where previous intersections included 10 metres at 22.6 g/t from 50 metres;
- Down plunge to the southwest of Mars prospect where previous intersections included 9 metres at 12.7 g/t from 54 metres; and
- Along strike to the northeast of the Trident high-grade resource, which is open to the northeast and may link with the Mars zone 1-kilometre along strike.
Following the results from the current phase of drilling, the company plans to fast-track stage two resource definition drilling in order to rapidly build the high-grade gold resource base and support development and feasibility studies for a significant gold production centre at Marymia.