AuStar Gold Limited (ASX: AUL) identified a high-grade gold mineralization in its latest drilling program undertaken at Morning Star Gold Mine.
The company today announced that two of the three holes drilled from the 6 Level at McNally Reef have indicated the continued high-grade intersection and extension of the Reef to the North and South. Meanwhile, the new targets were discovered by the company representing wide zone of gold mineralisation near Stacpoole North.
CEO Mr. Tom de Vries stated that the current diamond drilling program from the level 6 of the Morning Star Gold Mine has enable the company to realize the upper limit of the McNally’s Reef both to the south and north.
The presence of coarse gold and high grades of plus 5 ounces per tonne from within the target reef underscores the company’s potential to deliver significant results in future development.
At Stacpoole North the company has drilled three holes, out of which two were designed to test the Stacpoole North structure. This new target is identified above the Stacpoole North structure where any new interpretation means several prospective targets are present there.
These positive assay results add to the mineral inventory of the company. Resultantly, it will provide the continuity of company’s ore supply thereby accelerating the sustainable company revenue.
As per the report, AuStar has received all the data from the Stacpoole North program which has also been analysed. Moreover, the company’s current drilling program is in progress with several holes yet to be completed along with the testing of exploration targets identified within the Morning Star Dyke.
Mr. Vries further informed that within the coming weeks, the ongoing 6 Level drill program will be completed. Following the completion of 6 Level drilling, the company intends to move its rig to the 9 Level to test the McNally and Stone structures to the south.
In today’s trading session, AuStar shares traded flat, however over 5.46 million shares exchanged hands on 5 December 2018. The last traded share price of AuStar Gold Limited (ASX: AUL) is $0.004 with market capitalization of $13.56 million. Also, the stock has undergone a negative performance change of 55.56% over the past one year.
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