Polymetals Resources Ltd (ASX:POL) has started a 5,100-metre phase 2 air core (AC) and reverse circulation (RC) drilling program at the East Alahine prospect within the Alahine Project in Siguiri Gold Basin of Guinea, West Africa.
The company’s 2021 exploration drill program (phase 2) that started on Tuesday comprises 112 holes for 5,100 metres of combined AC and RC drilling, designed to test the productive artisanal gold diggings enclosed by the 40 parts per billion (ppb) gold-in-soil anomaly contour line at the East Alahiné North, Central and South prospects.
Polymetals has engaged an Australian-based West African drilling contractor, Target Drilling, to complete the phase 2 drilling program.
Highly prospective zone
The 2,400 metres phase 1 drilling program previously completed returned a best intercept of 12 metres at 3.09 g/t gold from 89 metres downhole (Hole 14).
Polymetals’ current phase 2 drilling program is designed to test the lateral and vertical extent of the Hole 14 gold-mineralised zone as well as the Siguiri-like shallow oxide gold potential, demarcated by the 40 ppb gold-in-soil anomaly contour and by active artisanal gold workings.
The company, which made its ASX debut on Tuesday, is focused on its portfolio of gold projects in Guinea, West Africa, including its subsidiary Golden Guinea Resources SARL’s two exploration licences within the Siguiri Basin.
Polymetals was admitted to the quotation after raising $5.2 million in the IPO, selling 26 million shares at 20 cents a pop.
Polymetals has a 100% interest in Golden Guinea Resources SARL which owns two exploration licences within the Siguiri Basin.
This basin occupies the country’s north-eastern corner and hosts several large active gold mining operations and is notable for its widespread gold anomalism.
The region is considered highly prospective for gold and relatively immature from an exploration perspective and produces over 500,000 ounces of gold per year.
Polymetals’ two exploration licences, Alahiné and Mansala, host many historic and current small-scale gold mining operations conducted by local individuals known as artisans.