Source : THE AGE NEWS
Golden Dragon Mining has hit high-grade gold at its Behring Bore and Coodardy prospects at its Cue project in Western Australia’s Murchison region, with a new quartz lode at Behring Bore returning four metres at a solid 6.98 grams per tonne (g/t) gold from just 44m.
The result comes as re-assays of previous drilling at the nearby Coodardy prospect, just 400m away, also delivered a suite of spectacular high-grade hits including an 11-metre intersection grading 6.42g/t gold from 45m, containing a bonanza 1-metre section going an eye-watering 59.2 g/t gold.
The company’s ground sits in a well-endowed part of the world, with WA’s Murchison region hosting a litany of major gold deposits. Golden Dragon previously pegged new ground right next door to Westgold Resources’ formidable 2.3-million-ounce Big Bell mine, highlighting the golden pedigree of the neighbourhood.
Golden Dragon’s latest reverse circulation (RC) drilling campaign at Coodardy was designed to test for extensions to mineralisation, successfully stretching the known system to a strike length of 500m. The system remains open to the north, south and northeast.
‘Importantly, mineralisation remains open along strike and at depth at both prospects.’
Golden Dragon Mining managing director Simon Buswell-Smith
Re-assaying one-metre intervals from previous 4m composite samples at Coodardy further defined the high-grade nature of the mineralisation. In addition to the stunning 1m at 59.2g/t gold, other standout re-assay results included a 6-metre intercept grading 5.02g/t gold from a shallow 28m, which hosted a higher-grade one-metre slice at a hefty 28.1g/t.
The company says the results have helped define a high-grade, northeast-trending orientation within the broader mineralised system at Coodardy, providing a priority target for follow-up drilling.
Over at the Behring Bore prospect, the new high-grade intersection of 4m at 6.98g/t gold has added another dimension to the broader system. The company says gold mineralisation there is hosted within an altered, pyritic quartz dolerite, a rock type recognised as a host for significant gold mineralisation in Western Australia.
Golden Dragon says it has identified a strong correlation between rich gold and increased alteration intensity within the dolerite, providing an important geological pointer for targeting further mineralisation.
Previous drilling at Behring Bore has already served up some impressive numbers, with re-assays confirming 7m grading 4.35g/t gold from 44m, including 1m at an eye-catching 25.3g/t gold, and a wide 19-metre zone grading 1.72g/t gold from 41m, containing a 3-metre section at 7.42g/t gold.
Golden Dragon Mining managing director Simon Buswell-Smith said: “At Behring Bore, the new high-grade quartz lode intersection of 4m @ 6.98g/t gold from 44m in one hole is an exciting result and adds a new high-grade component to the broader mineralised system. At Coodardy, the resampling and re-assaying of previous drilling has returned exceptional high-grade results, including 1m @ 59.20g/t gold within 11m @ 6.42g/t gold.”
The company recently lit up a mouthwatering three-kilometre-long gold-in-soil anomaly at the Cue project, effectively stitching together four previously separate prospects, including Behring Bore, Curtis Find, Coodardy and Piston into what looks to be a single, large, mineralised corridor. The newly defined three-kilometre-long corridor adds considerable weight to the string of high-grade reverse-circulation drilling hits the company has already clocked up at the individual prospects now potentially linked by the new soil anomalies.
Importantly, mineralisation remains open along strike and at depth at both prospects, with the company moving quickly to follow up its success. A larger RC rig has now been mobilised to the site to test the systems at depth, chasing extensions and continuity of the high-grade zones.
Notably, Golden Dragon also recently secured a significant $2.2 million cornerstone investment at a 17.65 per cent premium to its previously traded share price. The deal saw Shanghai-listed heavyweight Chengtun Mining Group, via Chengtun Gold, bag a 19.89 per cent stake in the junior explorer, a move that suggests a significant vote of confidence in the company’s strategy.
With a larger rig now spinning the rods and a swag of high-grade targets to chase, Golden Dragon looks to be well-placed to build on its early exploration success. In a part of the world where proximity to a major mine can mean everything, having two high-grade prospects just 400m apart and open in all directions could get very interesting very quickly.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
