Two New Discoveries At SAR’s Carosue Dam Corridor Gave Promising Results

  • Nov 27, 2018 AEDT
  • Team Kalkine
Two New Discoveries At SAR’s Carosue Dam Corridor Gave Promising Results

The managing director of Saracen Mineral Holdings Limited (ASX: SAR) Raleigh Finlayson highlights the results of the company which indicates the organic growth of the company progressing as per the plan. He also states this financial year to be an outstanding year as a clear strategy of the company is already decided at the beginning to produce 400,000 ounces of gold per annum. And as the year is proceeding forward, the performance is well on track.

Two discoveries are very capable of increasing the inventory of the company which in turn, will help the company to increase the production followed by the cashflows.

In the Carosue Dam Corridor within 4km of 2.4Mtpa mill, there were two sites namely Atbara and Qena which were discovered.

At its Atbara site, 3.8g/t of gold is present after drilling a hole of 40 meters. Another hole of 12 meters which produced 7.7g/t of gold is drilled. At these two sites follow up drilling is soon to start.

There are other sites as well at the Carosue Dam. At its Karari project, there was an extensive drilling done where 6.0g/t of gold is discovered after drilling 71 meters hole. Another hole in same area is made where 8.5g/t of gold was discovered by drilling 40.9 meters hole, 3.8g/t of gold was discovered by drilling 36 meters hole and 9.1g/t gold by drilling 13.1 meters hole.

Another project Whirling Dervish also produced thick high-grade drilling results. Within a range of 20.5 meters of drilling, 4.5g/t of gold is discovered and another drilling of 20.5 meters resulted in 4.1g/t of gold.

At its Deep South site, 18.3g/t gold is discovered from the drilling of 5 meters and 12.3g/t of gold by drilling 9.2 meters.

The other project of SAR is Thunderbox. At this site, it has three projects Thunderbox ‘A’ Zone, Kailis Stage 2 and Bannockburn. At its Thunderbox A Zone, there were two drillings done one of 37 meters and other of 14 meters. Thirty-seven meters drilling resulted in 2.8g/t of gold and 14 meters drilling resulted in 3.7g/t of gold. Its Kailis Stage 2 project confirmed the presence of very high grades. There were also two drillings done: one of 2 meters and other of 3 meters. Within 2 meters of drilling, 30.9g/t of gold is discovered and 10.5g/t of gold after 3 meters of drilling. The results from its Bannockburn project was also promising as the drilling of 14 meters resulted in 3.7g/t of gold and drilling of 15 meters resulted in 2.9g/t of gold.

There is an ongoing drilling program which the company is performing in the nearby regions of Mt Celia and Bannockburn. The performance of the company is consistently positive. The performance of the company was 4046.80% since its inception. The one year, five years and ten years of the company is 77.55%, 1240.80%, and 3676.90% respectively.

By the end of the day, the market price of the share is A$2.550 (AEST: 4:00 pm, 27 November 2018) which is on the higher side of the 52-weeks high price of the share. Its market capitalization is A$2.14 billion with the PE ratio 28.090x.


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