On 16 April 2019, exploration and mineral development company, Aurelia Metals Limited (ASX: AMI) updated the market on a recent exploration drilling program at its Peak Gold Mines.
In late-February 2019, EMI had announced that it had concluded a 19-hole resource extension and infill program in the Peak Deeps zone, with assays from the first 12 holes returning multiple high- grade gold and base metal intercepts.
Assays have now been obtained for the final seven holes drilled in this program.
Source: Company’s ASX announcement dated 16 April 2019
The additional substantial outcomes comprising of following:
UD19PP1538 reported 39m at 6.9g/t Au, 20.3% Pb+Zn, 32g/t Ag & 0.9% Cu
UD18PP1533 reported 11m at 8.4g/t Au, 4.5% Pb+Zn, 4g/t Ag & 0.1% Cu
UD18PP1534 reported 9m at 0.7g/t Au, 18.7% Pb+Zn, 15g/t Ag & 0.1% Cu
UD19PP1542A reported 3m at 4.9g/t Au, 7.7% Pb+Zn, 32g/t Ag & 1.1% Cu.
Last year, AMI procured the Peak Gold Mines, situated in Cobar, in West NSW region, from the New Gold Inc. Peak has been functioning since 1992, and currently it includes 5 underground mines, which generates gold, copper and silver.
The latest outcomes highlight the high-grade potential of the Peak Deeps system, with mineralization open at depth and along strike. The association of strong lead and zinc mineralisation, with high-grade gold further enhances the comparison to the Chronos ores presently being mined.
After the conclusion of up-dip extensional drilling at the Chronos lode, underground drilling has now re-started in the Peak Deeps region. The new program would target to infill and extend the high-grade mineralisation already identified, comprising 14 holes for 4,200 metres of drilling.
Relevant outcomes from the latest drilling at Peak Deeps are presently being incorporated into updated Resource and Reserve models, due to be concluded in the present quarter. Development of the Peak decline is also due to re-start this quarter, enabling for additional drilling platform at depth and advancing access towards the higher- grade areas.
AMI’s MD and CEO, Mr Jim Simpson said that the first phase of drilling at Peak Deeps had been concluded, and the second phase is already underway. He further said that AMI is very thrilled about the longer-term prospects of this orebody. Besides, the company has an intention to fast track development to access the high grade and develop more drilling platforms to identify extensions both deeper, laterally and potential up dip.
In February 2019, the company had released its solid half-yearly report for the period ending on 31 December 2018. By the end of the period, the company noted its revenue from ordinary activities, up by 140% to $0.16 million from $68,963 in the previous corresponding period (pcp). The company’s EBITDA stood at $72,306, up by 131% compared to $31,320 in the pcp.
The stock of the company, by the end of the trading session, was at a price of A$0.740 (as on 16 April 2019). The company has a market capitalization of around A$642.23 million with circa 867.88 million shares outstanding. The stock has given a yield of 102.74 % in the past 12 months period.
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