Highlights

• A8G’s recent comprehensive data review has identified new drill targets to follow up on the high-grade epithermal gold veins at the Rock prospect.
• A8G has established a maiden inferred resource of 63,600 oz at 1.13 g/t from the Ayres Rock and Retro Extended deposits.
• Targets are interpreted as plunging shoots based on previous drill intersections.
• The next steps involve developing follow-up drilling programs, which are currently in progress.

Australasian Metals Limited (ASX:A8G) has announced a significant milestone at the Ayres Rock Prospect within the Capella Gold Project in Central Queensland. A recent comprehensive data review has identified promising new drill targets to follow up on high-grade epithermal gold veins identified at the prospect.

Image and data source: Company update

Recent mapping and drilling data compilation have pinpointed potential high-grade ore shoots extending down plunge from drillholes ARC009 and CAR036. The data revealed greater alteration than previously recognised, supporting a large system. This interpretation is further bolstered by earlier geophysical IP and magnetic surveys.

The company believes that the proposed drilling program could potentially increase the current JORC-compliant mineral resource estimate in both volume and grade.

Data source: Company update

To explore these targets, the Australasian team has planned three drill holes across two sections, targeting the plunging shoots at various depths.

Alteration

Alteration has been visually logged for most drill holes, with reinterpretation providing consistency across different drilling phases.

Data source: Company update

Recent mapping in the vicinity of the high-grade intersections found outcrop and sub-outcrop of epithermal veining outcropping over a strike length exceeding 100m , with widths up to 1m.

Resource estimation model – plunge target

Last year, A8G completed the maiden mineral resource estimate for gold at the Ayres Rock and Retro Extended deposits, adhering to the 2012 JORC Code & Guidelines. The combined inferred resources for these deposits total 63,600 ounces of gold at an average grade of 1.13 g/t, located within the Capella and Mt Clermont Gold Projects.

The Road Ahead

The next steps include designing follow-up drilling programs based on ongoing data interpretation. The plan includes diamond drilling aimed at exploring a potentially high-grade mineralised shoot plunging to the north  across two sections north of the established high-grade mineralisation zones.

The share price of A8G was AU$0.088 on 12 August 2024.