Gladiator Resources Limited (ASX: GLA) today announced the completion of the maiden drilling program at Kroda gold prospect within the North Arunta Project.
It is expected that results from the first batch of samples from the RC program would be released before Christmas whereas the results for the second and third batch are anticipated in early and late January, respectively.
Kroda is a highly advanced prospect of North Arunta Project, comprising of 4 individual prospects with a combined anomalous strike length of 14 km. The prospect is located 200 km south of Tennant Creek, close to the Stuart Highway 18 km to the west and the town of Barrow Creek 30 km to the north.
Gold exploration project, North Arunta Project is a joint venture between Gladiator Resources and ASX listed Prodigy Gold. It was acquired from Thunderbird Metals Pty Limited in April 2018 under which Thunderbird has assigned all its rights relating to North Arunta Project to Prodigy Gold. However, Gladiator Resources has the right to earn up to 70% of the project by independently funding $6.5 million of exploration expenditure over 4.5 years.
In a separate release to ASX, the company revealed the assay results of four of total twelve holes drilled at Kroda 4. As per the results, holes returned the high-grade gold intersection over downhole intervals more than 40 meters. It is reported to be associated with pervasive silicification, numerous quartz veins, disseminated and vein sulphide and elevated arsenic. This data indicates a strong presence of hydrothermal gold system and the prospectivity of the IP anomaly north and east of Kroda 4.
Gold miner stated that drilling campaign aimed to test the prominent IP chargeability anomalies identified during the June-July IP Survey as well as to obtain crucial geological information.
The company believes that there is a strong potential for the discovery of a significant gold deposit through the application of modern geophysical techniques. Further, historical as well as current drilling results are said to be indicative of nuggety gold for which the company has decided to undertake screen fire assays on selected samples. While concluding the final week of the campaigns, the company has sent its second batch of samples for fire assay whereas the third and final batch is scheduled to be sent in early January.
Further, the company informed that rehabilitation work has already been started and is expected to be completed by post-Christmas.
Before finalizing the next work campaign to be undertaken, the company waits for final results due to be released during January. Moreover, Gladiator Resources focuses on several other prospective sites within the greater North Arunta package of tenements.
In today’s trading session, GLA traded flat however 7,992,500 share changed hands as at 19 December 2018. Its last traded share price was $0.002 with a market capitalization of $2.44 million.
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