Metaliko Resources delivers Yandal Gold Project exploration update

Australian gold exploration company Metaliko Resources has provided an update on recent exploration drilling at its flagship Yandal Gold Project in Western Australia, saying that encouraging 4m composite assays returned from RC drilling at the Sundowner, Corboys, Corboys North and Mt Joel 4800N prospects.

Image credit: Metaliko Resources

The company has been exploring historic deposits and new prospects within the +800km2 project area that includes the 2.3 Mtpa Bronzewing CIL/COP treatment facility.

Metaliko has completed a total of 4.399, of Reverse Circulation drilling at the Yandal project in December 2015 and January 2015. The company said advanced stage prospects were tested including Corboys and Mt Joel 4800N, with data to be used to support the compilation of Mineral Estimates that is expected to be complete in the March quarter.

“The bulk of drilling focused on the unmined Corboys deposit which has an unconstrained, JORC 2012 Indicated Mineral Resources Estimate of 2.8Mt 1.22 g/t Au for 112,000 oz using a 0.5 g/t Au lower grade cut-off,” the company said in a statement to the ASX.

According to Metaliko, RC drilling was also completed at the earlier stage Corboys North, Sundowner and Thompson Bore prospects. The company said that Sundowner drilling was particularly encouraging with results from the two holes located 150m apart returning the following shallow intercepts;

  • 12 @ 6.26g/t Au from 64m (SDRC1501) including 4m @ 17.12g/t Au from 68m;
  • 4m @ 1.28g/t Au from 12m (SDRC1502) and;
  • 4m @ 2.53g/t Au from 68m.

“The mineralisation is hosted by thin quartz veins within fresh, sheared basalt/amphibolite and occurs down dip of the historic hole VREAC197 (5m @ 6.43 g/t from 48m),” reads the statement.

“The mineralisation extent is still unknown, several historic holes appear to have been short of the target whilst others may have been drilled in opposing directions. Follow up drilling will be an immediate priority upon review of 1m split results.”

Corboys North is located 900m to the north of Corboys and is a new prospect discovered in 2015 with a single hole CBRC1579 recording 20m @ 1.76 g/t Au from 36m. Metaliko said previous drilling was shallow and intercepted anomalous oxidized rock in the top 10m.

“The primary mineralisation is east dipping and associated with granite in a similar geographical setting to Corboys. These new results have confirmed mineralisation extending to the south of CBRC1579 and also required priority follow up drilling.”

The company said it is targeting 3-5 million tonnes of initial mill feed to recommission BZW with a significant portion of the ore to be derived from the Corboys Deposit. It said it will compile an updated mineral resource estimate for Corboys and Mt Joel 4800N upon receiving the 1-split assay and collar survey results.

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