Progress In RC Drilling At Anglo Australian’s Mandilla Gold Project, Further RC Campaign Commences

ASX-listed and Perth-based explorer Anglo Australian Resources NL (ASX: AAR) has been attracting investors and gaining market attention of late with regular and positive updates from one of its wholly owned projects- The Mandilla Gold Project.

We encourage you to read about the assay results from the first eight holes from an RC campaign at Mandilla East- HERE.

On 16 October 2019, AAR pleasingly notified about the new assay results from the completed reverse circulation drilling campaign at the Project’s Mandilla East (on 40 x 40 metres grid spacing) and Mandilla South Prospect, with following observations:

  • The RC campaign has been completed with a total of 36 holes drilled for an aggregate 5,964 metres.
  • Four holes at Mandilla South were deferred due to the difficult drilling conditions encountered.
  • Assay results were received for a further 21 holes – 19 at Mandilla East and 2 at Mandilla South.

Pleased with the new assay results, company’s Chairman and Acting MD Mr John Jones stated that

‘These new assay results continue to deliver excellent widths and grade, confirming that the Mandilla Gold Project has an extensive strike length whilst remaining open at depth. Ongoing drill campaigns will likely continue to expand the footprint of the syenite-hosted gold mineralized system. Evidence exists at Mandilla to highlight the significant potential for bulk open-pit mining style mineralisation.’

The Mandilla East Prospect

The below table highlights the key new assay results from Mandilla East (excellent results highlighted in bold):

Part of “Mandilla West Southern Extension” MDRC106 was abandoned short of planned depth due to drilling issues but was redrilled nearby as MDRC106A. Below are the inferences that can be drawn from the results:

  • As depicted above, the drilling confirmed good continuity of the mineralisation within the existing resource area with some outstanding intersections recorded in MDRC103, MDRC104 and MDRC107.
  • The results are consistent with a broad steeply south-westerly dipping gold mineralised envelope of a width of approximately 70 metres.
  • Gold mineralisation currently extends to a depth of approximately metres, though remains open at depth and also along strike to both the north and the west.

The below table highlights the highly encouraging results from the extensional holes to the north, with several significant gold intersections encountered:

It should be noted that the significant results in MDRC134 and MDRC136 demonstrate that the gold mineralised system has yet to be closed off to the north, and much of the extensive soil anomaly has yet to be drilled.

AAR believes that broad zones of gold mineralisation intersected in MDRC137 may continue further to the north for up to 300 metres. Moreover, the first hole (MDRC121) testing the western zone of the Mandilla East resource also returned a broad zone of gold mineralisation- 88 m drilled @ 0.49 g/t Au with a depth of 41 m.

These new results reveal the potential for the Mandilla East syenite-hosted gold system to be substantially larger than is understood presently.

The results returned from the current RC program demonstrate that the substantial additional drilling to better define the extent of gold mineralisation at Mandilla East is warranted, both at depth, and for at least an additional 500 metres of strike potential.

The Mandilla South Prospect

At the Mandilla South Prospect, assay results from two holes from an initial RC traverse were received, with MDRC126 returning several significant gold intervals. The final assays from the remaining seven holes of the RC campaign are expected in the coming days.

Way Ahead

The company has commenced a 60-hole shallow (slim-line) RC campaign for an aggregate 3,600 metres to test the 500-metres gap between the Mandilla East and Mandilla South Prospects, which was ineffectively drilled previously.

Besides this, the known areas of shallow high-grade gold mineralisation in the vicinity of the previously mined Mandilla West palaeochannel would be tested and Supergene and shallow primary gold mineralisation potential in several areas of known gold anomalism outside of the main trends would be studied.

The company would identify a primary gold source near the northern end of the palaeochannel pit.

Stock Price Information

On 21 October 2019, the AAR stock settled the day’s trading at $0.092. In the last three months, the stock has delivered a decent return of 75.44%.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report