Vango Mining Ltd (ASX:VAN) is trading higher after results at Marymia Gold Project revealed a bonanza grade intersection from the Trident Extension zone of 9 metres at 26.2 g/t gold from 137 metres, including 2 metres at 102.2 g/t from 139 metres.
A total of five diamond holes were completed to test for the continuation of the Trident mineralisation at depth, with this result extending a historical high-grade zone of 12 metres at 9.5 g/t including 2 metres at 40.4 g/t.
The intersection also represents a significant zone of mineralisation a further 250 metres to the northeast of the previously announced Trident resource of 410,000 ounces at 8 g/t.
Shares have been as much as 24% higher in early trade to 9 cents.
“One of largest undeveloped gold projects”
The company believes the results could highlight the potential for a contiguous mineralised zone from Marwest/Mars deposit and Trident.
Vango executive chairman Bruce McInnes said: “We are delighted with the latest results from our targeted drilling programs at the Marymia Gold Project
“These results reinforce the company’s view that Marymia represents one of the largest undeveloped gold projects in Australia.”
Trident Deeps potential
One drill hole at Trident Deeps returned results of 7 metres at 1.5 g/t from 268 metres including 3 metres at 2.4 g/t, 1-metre at 2.6 g/t from 309 metres and 2 metres at 2.4 g/t from 330 metres.
Three zones of gold mineralisation were intercepted in this hole and the continuation of mineralisation at depth in this area is considered highly encouraging for the identification of further high-grade zones to significantly extend the Trident resources - and also the potential mine life for any future mining of the Trident deposit.
Trident corridor, Trident and Marwest Zone with key extension and repeat targets (completed holes with results pending are shown as black circles).
Results are pending for a further four holes at Trident Deep and five holes at Trident Extension, which are designed to extend dip and strike of mineralisation outside the current resource.
The company’s drilling programs going forward will continue to focus on expanding the project’s already substantial resource base.
McInnes said: “We continue to build our open pit and underground resource base in order to support a range of processing options.
“These results continue to validate our pathway to a completed feasibility study in order to further the company’s aim to rapidly transition to building a major gold production centre based around our Marymia tenements.”
Vango remains on track to deliver a substantial resource upgrade at the Marymia Project in the first half of this year.