Ausgold Limited (ASX: AUC) is a Perth based gold exploration and development company from the metals and mining sector. On 9 May 2019, Ausgold announced the results of the maiden air core (AC) drill program at the newly identified Western Trends prospects, at its fully owned Katanning Gold Project situated in south-west Yilgarn craton, Western Australia.
In order to test large gold-in-soil anomalies along with the two newly identified prospects collectively referred to as the Western Trends, the recent exploration program conducted by the company included ground gravity, auger soils (840 samples) sampling, and a wide-spaced AC drill program of 98 holes for 3,506 metres.
Along with the Historical auger sampling collected at 1km spacings, the recent follow up 200m x 200m-spaced auger sampling collected, helped in defining a broad zone of mineralization more than 10 ppb gold with peak values of 114 ppb gold.
The new AC drilling came across anomalous gold with more than 100 ppb gold in regolith, as well as a fresh rock with all holes drilled to blade refusal.
Burong is situated 5km west from the main Resource area, where gold mineralization of more than 10 ppb was identified in an infill auger programme with 200m x 200m sample spacing. The AC drilling program was completed over gold-in-soil anomalies, and the mineralization met over a strike length of 2,600 metres. The significant intercept during the drilling are as follows:
- At hole BSAC1938, from the total drilling of 18 metres, at 5 metres, 370 ppb of gold was found. Another 1 metre drilling resulted in 1,170 ppb of gold.
- At hole BSAC1940, from the total drilling of 39 metres, at 9 metres, 450 ppb of gold was found. Another 3 metres drilling resulted in 760 ppb of gold.
- At hole BSAC1936 from the total drilling of 48 metres, at 3 metres, 110 ppb of gold was found.
- At hole BSAC1898 from the total drilling of 12 metres, at 6 metres, 160 ppb of gold was found.
- At hole BSAC1890 from the total drilling of 47 metres, at 1 metre, 210 ppb of gold was found.
- At hole BSAC1905 from the total drilling of 36 metres, at 3 metres, 280 ppb of gold was found.
Jinkas West is situated 2.5 km west from the Jinkas Resource. A gold-in-soils anomaly with gold anomalism over 10ppb and peak values of up to 114 ppb Au has been identified, along a 6 km strike length using a grid of 1km spaced sampling, as well as infill auger sampling to 200m x 200m spacing.
Further, the company has engaged Mine Scope Consultants for conducting a metallurgical study of the KGP along with the re-sampling of past drill core and new drilling. An exploration program consists of reverse circular drilling of 4,000 metres and 1,000 diamond drilling work, is underway to target extensions to the current Resource zones.
By the end of the trading session, on 9 May 2019, the closing price of the shares of AUC was A$0.016, up by 6.667% as compared to its previous closing price. AUC holds a market capitalization of A$11.21 million and approximately 747.15 million outstanding shares.
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