Astral Resources NL (ASX:AAR) has delivered exceptionally high-grade assay results from reverse circulation (RC) drilling - including 2 metres at 187.7 g/t gold within a 4-metre intercept at 94.84 g/t from 77 metres - at its Feysville Gold Project in Western Australia.
Feysville already hosts a mineral resource estimate (MRE) of 3 million tonnes at 1.3 g/t for 116,000 ounces of contained gold at its Think Big deposit, providing a foundation for Feysville to become a source of satellite ore feed to a future operation based on the company’s flagship Mandilla Gold Project.
Results from the first two holes of the eight-hole RC program at Feysville’s Kamperman prospect further strengthen the potential of Feysville.
This drilling program saw eight RC holes drilled for 1,110 metres, with four sections completed on approximately 80 metres spacing. The program was designed to follow up a diamond drill result reported in April of 10 metres grading 4.57 g/t gold from 148 metres.
The latest assay results were from the most northern section, 120 metres north of the diamond drill result, and also include 5 metres at 8.29 g/t from 53 metres, including 1 metre at 38.72 g/t, and 18 metres at 0.90 g/t gold from 15 metres.
Given the materiality of the Kamperman drill results, the company has extended the closing date of its share purchase plan by a week to give shareholders the opportunity to consider these results when deciding to take up their allocation.
More results and more drilling to come
Assay results for the remaining six RC drill holes, for 840 metres, and the 15 RC holes drilled at the Ethereal and Hyperno prospects for 1,990 metres, remain pending.
RC drilling continues at the Mandilla project’s Theia deposit, where 14 holes have been completed for 2,456 metres, with a further 10 holes still to be drilled.
Diamond drilling planned to commence at Theia in September 2023 will be reassessed once the remaining Feysville RC assay results have been received.
In the short term, follow-up diamond drilling may be prioritised at Feysville over Mandilla. However, the Mandilla Scoping Study remains on track to be completed in the current quarter.
"Genuine breakthrough"
Astral Resources managing director Marc Ducler said: “This is a genuine breakthrough for the Astral team and vindicates our disciplined and systematic approach to exploration targeting at this strategically located project.
"With an existing 116,000 mineral resource, Feysville is now rapidly emerging as a strong contender to form part of our broader development plan on Kalgoorlie’s doorstep.
“While initial inspection of the RC chips identified minor shearing coincident with stratigraphic contacts at target depth, results of 4 metres at 94.84 g/t gold and 5 metres at 8.29 g/t gold exceeded all expectations.
“This bodes well for the evolving geological model for Kamperman and for our ability to continue to target high-grade gold with further drilling.
“With six RC holes pending at Kamperman, there is potential to delineate up to 320 metres of high-grade strike extent, which currently remains open to both the north and south.
“Astral has a diamond drill rig booked in for mid-September, with the decision as to whether this is deployed first to Mandilla or Feysville to be determined once the remainder of the Feysville assay results have been evaluated – a nice problem to have!"