Vango Mining Limited (ASX: VAN) is in the business of metals and mining based in Australia. Currently, the attention of the company is on its Marymia Gold Project (100% interest), which it aims to explore and develop.
On 8th April 2019, the company announced that it has found exceptional gold intersections from geotechnical and resource confirmation drilling. The intersections were found at the company’s Trident gold deposit on Marymia Gold Project, which is situated 300km northeast of Meekatharra in the Mid?West region of Western Australia.
The drilling on the site included four, RC pre?collared, geotechnical diamond?drill holes for the drilling of 1060.3 m in the key zones of the central part of the Trident resource mode, which produced high-grade gold intersections. These gold intersections are:
- The drill hole identified as VTRGT0049 resulted in 3m @ 15.5 g/t of gold from 226m including 1m @ 34.9 g/t of gold
- The drill hole identified as VTRGT0050 resulted in 11m @ 36.2 g/t of gold from 213m including 2m @ 184 g/t of gold
- The drill hole identified as VTRGT0051 resulted in 5m @ 3.03 g/t of gold from 195m including 2.5m @ 4.50 g/t of gold
- The drill hole identified as VTRGT0052 resulted 5m @ 13.8 g/t of gold from 155m including 1m @ 21 g/t of gold & 1m @ 23.9 g/t of gold
The results from drilling confirmed high?grade gold intersections and continuity of the Trident gold deposit. These results will now be integrated into the new Trident, Joint Ore Reserve Committee (JORC) 2012, resource model, that is yet to be finalised for the release.
The geotechnical information will also assist in the final mine planning and scheduling, which would incorporate standalone mining and processing pre?feasibility study (PFS) for this project. The completion of mine planning and the finalisation and release of the Trident gold deposit JORC 2012 resource is crucial for the company in the realisation of its vision to become a high?grade gold producer at Marymia.
In order to find potential discovery opportunities and to strengthen the initial mining plans, the company continues to generate both near term and larger scale, high?grade gold drilling targets in parallel with the final mine planning at Marymia Gold Project.
On 28th March 2019, the company announced that they have planned for a significant drilling programme on Marymia Gold Project, which would be a follow up to the previous high-grade gold intersections at the Marwest deposit. These gold intersections were identified during a detailed review of the Trident ? Marwest corridor. The Marwest gold deposit has an equivalent ultramafic unit as the high?grade Trident gold deposit. The new drilling programme at Marwest comprises nine holes for approximately 1,500m. The objective of this drilling was to define additional high?grade open pit and underground gold resources.
On the price-performance front, the stock shot up massively by 14.3% and closed at A$0.16 as of 8th April 2019, compared to the previous closing of A$0.14. In the last six months, the stock has dropped by 22.2%, while YTD return stands at negative 17.65%.
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