Golden Mile Resources Ltd today announced the commencement of gold exploration program on the prospective Monarch Gold Trend located on its Leonora East Project area.
Monarch Gold Trend covers the eastern part of the Mertondale Shear Zone along a granite-greenstone contact that outlines a massive gold bearing structure extending over more than 15 km of the strike but barely tested. MGT is located approximately 40 kilometers to the northeast of Leonora which lies within the North-Eastern Goldfields of Western Australia.
Managing Director of the Company, Lachlan Reynolds, stated, “Golden Mile Resources is glad to step into the exploration of its gold targets along the Monarch Gold Trend. This prospective area has a strike length of more than 15 km and has shown encouraging historical exploration results. Also, it is close to former gold mines and holds a known mineralized structure that is prospective to host a significant gold deposit.”
Golden Mile’s current exploration program is directed towards delineating targets for drill testing. An exploration program will reportedly comprise of 800 shallow auger drill holes on 400 x 100-meter spacing. It is designed to obtain geochemical samples of the rocks below the shallow cover while extending previous auger sampling.
The company believes that the Monarch Gold Trend has the potential to contain both shears hosted and lode style gold deposits that are said to be common in the Leonora region. In shear hosted style, gold tends to be of higher tonnage but low to medium grade, whereas in Lode style or quartz vein hosted deposits, there is generally high-grade gold mineralization associated with discrete quartz veins.
Historical exploration work over parts of Monarch Gold Trend has first discovered the numerous occurrences of gold mineralization along the trend, proving its prospectivity. However, a significant portion of the trend still remains untested or has been affected by shallow transported cover.
The company’s decision to undertake further exploration at MGT was greatly driven by contact between greenstone rocks and granites that was observed along the targeted region. These contacts are known to be a highly prospective target through the region, with many of the gold deposits around Leonora and Laverton associated with this rheological contrast.
Mr. Reynolds concluded that the Company looks forward to updating shareholders as the exploration work progresses on the Monarch Gold Trend and its other projects in the Leonora East Project area.
Golden Mile Resources Ltd (ASX: G88) is primarily into the exploration and development of gold and base metals across its Northeastern Goldfields Project and Regional Western Australia Project in Western Australia.
G88 stock price has gone up by 4.167% to trade at $0.125 on 18 January 2019 (1:16 PM AEST). Over the past 12 months, the stock price has witnessed a negative change of 81.54%.
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