Kalamazoo Resources has launched a three-hole diamond drill campaign at the Goldie North prospect at its Mt Piper gold project in central Victoria after discovering high-grade gold in rock-chip samples.
The company recently revealed that samples returned assays of 74 grams per tonne gold, 72g/t including visible gold and 42g/t gold, while an additional eight samples yielded results between 8.4g/t and 16.8g/t. All but one sample graded more than 10g/t, with an average grade of all 17 samples coming in at 17.2g/t gold.
Management says it has also received encouraging gold assay results from a soil sampling program at Goldie North, where it discovered a strong gold-in-soil anomaly coincident with the high-grade rock-chip samples, in addition to 13 samples of more than 250 parts per billion gold.
Kalamazoo says the 500m drill campaign has been designed to test interpreted mineralised structures coincident with the high-grade gold rock-chip results, gold-in-soil anomalies and historical mine workings.
Goldie North was originally identified by rock-chip sampling from its previous owner – Torrens Mining – which unveiled impressive sampling results of up to 31.1g/t and 30.4g/t gold. However, there is no record of any previous drilling or gold production at the site.
Mt Piper sits about 75km north of Melbourne and comprises multiple exploration licences that are highly prospective for both high-grade reef gold and large-scale disseminated gold-antimony deposits. The operation is strategically adjacent to Agnico Eagle Mine’s exploration tenements and 30km from its Fosterville gold mine.
Kalamazoo has a portfolio of high-quality gold and lithium projects in Victoria and in Western Australia’s Pilbara region. The company is exploring its 100 per cent-owned Castlemaine Goldfield, where historical production was in excess of 5.6 million ounces of gold, and south of the Maldon Goldfield that has unearthed about 2 million ounces.
It recently raised $1.5 million through a strongly-supported placement to corporate, institutional and sophisticated investors. The funds will be used to accelerate ongoing exploration across the company’s portfolio.
In August, Kalamazoo kicked off an 1100m reverse-circulation (RC) drilling program at its Ashburton gold project in WA’s Pilbara region to test for shallow oxide gold mineralisation at the Styx and Charon prospects – the latter of which has not previously been drill-tested.
With the gold price sitting at about $2900 per ounce in Australia, the market will be keeping a close eye on what the company can unearth with its latest drill campaigns.
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