Forrestania Resources Ltd (ASX:FRS) is trading higher after uncovering a bonanza-grade rock chip sample at the Bonnie Vale Project in the Eastern Goldfields of Western Australia, registering 222 g/t gold.
The company also sampled four historical spoil piles from previously unknown drill holes completed on the project, which returned values of up to 13.9 g/t gold.
There were also several regional areas of interest identified through historical drilling and elevated gold in geochemical soil testing, highlighting zones around the Christmas Gift and Bonnie Vale North prospects for further exploration.
Investors have welcomed the results with shares up as much as 38.5% in early ASX trading to $0.018.
Major potential for gold discovery
“Bonnie Vale is emerging as a project with major potential for a gold discovery,” Forrestania Resources chair John Hannaford said.
“With every new geological field trip, we continue to discover new areas of undocumented historic exploration that return super high-grade results.
“This expansive tenement has multiple prospect areas, most of which lie on similar structures that host the many nearby Evolution Mining Ltd (ASX:EVN) mines and others in the area.
“A number of strong regional exploration targets have already been identified from previous historical drilling and geochemical soil programs at our Bonnie Vale North Prospect, including around the old Christmas Gift Mine which produced grades at 40.5 g/t gold.”
Forrestania Resource’s Bonnie Vale Project (E15/1632 & E15/1534) showing strong, highly anomalous geochem and downhole max drilling results, plus the company’s resulting regional exploration targets. Christmas Gift sits within E15/1632 but is not part of Forrestania Resources’ tenements.
FRS is awaiting results from a recent reverse circulation (RC) drilling program over Ada Ann (expected in 4-6 weeks), which will be followed up with further exploration drilling, alongside regional exploration drilling across the Bonnie Vale Project area.