On 15 January 2019, NTM Gold Ltd (ASX: NTM) has provided an exploration update of Redcliffe Gold Project which is located near Leonora. The company also mentioned that their first reverse circulation (RC) drill results from the Hub Prospects has demonstrated outstanding grades which shows the credibility of the prospect.
NTM Gold Limited is an Australian based mining company which explores Eastern Goldfields, Western Australia. The company has key five projects: Redcliffe Gold Project, Northern Group, Central Group, Southern Group, and Resource & Reserves. The Redcliffe Gold Project is an aggressive exploration program which has yielded a drilling success across much of its project area.
The company has mentioned that the 5m reverse circulation composite samples have been returned and presenting excellent results, which confirms the aircore results and that the mineralization continues at depth. Based on the results to date, the gold mineralization appears to be steeply dipping and of similar orientation seen in NTM’s other Redcliffe deposits. Mineralization was intersected in all three holes in the main drill traverse (18RRC001-003) though continuity appears to be impacted by the presence of a magic dyke. Hole 18RRC004, only had a modest intercept, which may be due to the presence of the mafic dyke. Drilling update shows that the dyke appears to be discordant to the main Redcliffe trend and is unmineralized.
As stated by NTM’s Managing Director Mr. Andrew Muir, the company is not able to drill as many holes as expected, and those completed highlighted the significant potential of the Hub prospect. The drilling results confirmed that the mineralization extends at depth but still more drilling is required to understand the strike and depth of the mineralization, and with that, they must understand the geometry and influence of the mafic dyke which may have on the mineralization.
The reverse circulation was completed late last year but was shortened due to rig mechanical issues and a weather event. However, only five holes were completed, and four of which were considered effective. Holes from 18RRC001 to 004 were considered effective, but the 18RRC005 hole had to be abandoned due to mechanical issues, and it did not reach target depth.
The company understand that Hub prospect holds outstanding potential and it requires further drilling. The drilling is scheduled to start within the next fortnight, with an initial five holes planned and then reverse circulation rig will conduct another test on other prospects within the Redcliffe Project which includes Nambi, Bindy North, Infinity, and Mesa West areas.
The company will restart its regional aircore in the March quarter which will target the Greenfields and discovers focused exploration, with several prospects to be tested.
Stock performance: The shares of NTM Gold Ltd are trading at A$0.043 (as at 2:54 PM, 15 January 2019), up by 4.878%. The market capitalization of the company stands at circa $15.09 Million with approximately 368 million outstanding shares. In the time span of the previous six and three months, the stock delivered the returns of 5.13% and 36.67%, respectively. During the last one month, NTM delivered the positive return of 7.89%.