NTM Gold shares jumped on ASX after the company announced more quality grades from the final aircore program at Hub Prospect. It translates an increase of 2.857% in the daily price change of NTM stock that last traded at $0.036 on Friday, 7 December 2018.
In the release to Australian Securities Exchange, NTM Gold Limited (ASX: NTM) announced that the aircore activity undertaken for the final six of total 301 holes have returned ‘more outstanding’ grades of gold at Hub Prospect. It reflects the higher gold mineralization potential of Hub prospect that is located at the company’s Redcliffe Gold Project, situated near Leonora, Western Australia.
Besides Hub Prospect, the entire aircore program has discovered the significant gold mineralization with +1g/t gold intercepts at number of deposits including Redcliffe East and Redcliffe South, Infinity, and Aliso and Bindy North.
NTM Gold Managing Director Andrew Muir stated that these results have underscored the high grade mineralization potential across the Redcliffe Gold Project, particularly in Hub Prospect. He added that aircore program was a massive success of the company, the results of which now needs to follow-up drilling.
The company stated that ongoing RC drilling will test the potential of depth of these intercepts and it will also test the potential of the results on the drill lines further to the south. These latest results at Hub Prospect are reported to be relatively shallow and within oxide material in two adjacent holes.
With respect to RC Drilling the company informed that the drilling will be stopped before Christmas festival and then it will be resumed again early in the New Year. The core focus of the company’s RC drilling is reportedly on Hub Prospect then moving to other prospects including Bindy North and Infinity.
Mr. Muir said that RC drilling that aims Hub Prospect has already being started. It includes a company’s plan to drill at least 15 holes drawn on some lines. He added that the results from the RC drilling program are scheduled to be released in the New Year, and the company expects this to generate positive impact in the business from the very beginning of 2019.
The aircore program was a first-pass testing phase to assess for the presence of gold mineralisation, with positive results to be followed up by deeper RC drilling, told NTM. The aircore holes are reportedly drilled to blade refusal, with depths ranging from 3m to 150m, depending on the depth of oxidation. The company said all samples were taken as 5m composites, with selected intercepts to be resampled on 1m intervals.
NTM Gold is ASX listed exploration company. Based in Perth, the company focuses on gold exploration in the Leonora region, a core area of Eastern Goldfields situated in Western Australia. Over the past one year, NTM’s stock has witnessed a negative performance change of 22.22% in the daily price movement. However, the stock price has shown a decent positive change of 9.38% over the past three months.