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NTM Gold Ltd (ASX: NTM) has provided an exploration update for its 100%-owned Redcliffe Gold Project located near Leonora, Western Australia. Composite samples from the first reverse circulation (RC) drill program at the Hub prospect have been resampled on 1m intervals, highlighting excellent grades within the original intervals.
NTM is an upcoming Perth-based explorer focused on the Leonora region, in the Eastern Goldfields, Western Australia. The Leonora Laverton Terrane has produced more than 50 million ounces of gold historically and is one of Australia's most prospective provinces.Â
The December RC drilling targeted the Hub discovery traverse to follow up the initial shallow results from the aircore program to test the mineralization at depth and along the interpreted strike. The 1m RC resamples confirmed the 5m results, giving better granularity on grades and widths. Mineralization remains open at depth and strike.
Better results include (1m resamples): 12m @ 4.55 g/t Au from 40m, incl. 4m @ 9.28g/t Au from 43m in 18RRC001; 8m @ 2.02 g/t Au from 29m in 18RRC001; 7m @ 3.47 g/t Au from 155m, incl. 3m @ 6.15g/t Au from 155m in 18RRC003; 7m @ 3.96 g/t Au from 177m, incl. 2m @ 6.89g/t Au from 179m in 18RRC003; 3m @ 5.18 g/t Au from 250m, incl. 1m @ 10.50g/t Au from 251m in 18RRC003; and 1m @ 7.89 g/t Au from 35m in 18RRC005.
There is a sharp dip in the gold mineralization and is like the companyâs other RC deposits. In all the three holes of the main drill traverse (18RRC001 â 003), mineralization has been intersected. Continuity is impacted by a mafic dyke, with the dyke also present in 18RRC004, 50m south of 1RRC003. Future drilling will aim to test the mineralization at strike and depth, as well as give a clearer picture on the presence of the dyke.
NTM Gold Managing Director Andrew Muir said that the RC drilling highlighted the substantial probability of the Hub prospect with good widths and grades. Also, the mineralization continues at depth with the deepest intersection returning 3m @ 5.18 g/t Au from 250m, including 1m @ 10.50 g/t Au. He added that the follow-up drilling has begun at the Hub, with drilling at other prospects to follow.
The grades and widths encountered at the Hub highlight the excellent potential to host a meaningful gold deposit. Follow-up drilling has commenced, with an initial five holes planned at the Hub. After concluding the Hub drilling, the RC rig will test other possibilities in the Redcliffe Project which includes Nambi, Bindy North, and such.
Succeeding the RC drilling, a diamond program is being planned to test high-grade depth extensions at several deposits including Nambi, Bindy, and GTS. In the March quarter, a regional aircore is being planned to resume to aim at the Greenfields and the testing of the other prospects. These targets include the 800m of strike north of the Hub prospect, as well as further holes around the Infinity prospect.
NTM shares closed the dayâs session flat at A$0.035 with a market capitalization of A$12.88 million. The stock has offered a negative YTD return of 14.63% to its investors till date.
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