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Summary
- Kaiser receives all mandatory permits and landowner access agreements, Green flag for the initial drilling program.
- Drilling program will test priority drilling targets as identified earlier, including Specimen Hill.
- Drilling rig secured and site preparation activities are in progress. Commencement subject to local weather conditions and updates anticipated.
- Kaiser Reef traded at $0.36 a share, strong 80% return against issue price on ASX.
Kaiser Reef Limited (ASX: KAU), the unique Gold explorer, announced receipt of all mandatory permits and landowner access agreements required to start the maiden drilling program to aim the first phase of drill targets at the flagship Stuart Town gold Project.
Green light to Stuart Town, Site Preparations under Progress
Additionally, Kaiser secured the services of the drilling rig from Australian Mineral & Waterwell Drilling (AMWD) for conduction both reverse circulation (RC) and diamond drilling program. Kaiser is currently involved in site preparation activities including minimal clearing and establishing the drill pads at the flagship Stuart Town Gold project.
The drilling program will test numerous drill targets, including the Specimen Hill mine and plans to commence the RC drilling followed by the diamond drilling.
The commencement of the drilling program may be affected by the local weather and may result in delays due to forecasted heavy rain. Kaiser stays focussed on the drilling program and will update as soon as the drilling activities on site commences.
Stuart Town Gold Project in the Tier 1 Mining Jurisdiction
The flagship Stuart Town gold Project is located in the prolific Lachlan Fold Belt of the New South Wales. The Stuart Town project is located between one of Australia’s largest gold operations, the Newcrest Mining Limited’s (ASX:NCM) Cadia Valley and the Alkane Resources’ (ASX:ALK) Boda discovery. The fecund mineral rich regional setting has attracted unprecedented interest from explorers following the discovery of bulk Au-Cu porphyry targets at the Boda prospect.
The Stuart Town gold project is considered highly prospective for gold and is supported by extensive historic mining operations in and around the project area. Following the high resolution airborne magnetic and radiometric survey, Kaiser Reef has identified the priority drill targets for the upcoming RC and diamond drilling target.
The priority targets identified are as follows-
- Kaiser Wilhelm – Intrusive gold mineralisation system hosting largest historical gold workings.
- Specimen Hill – bulk gravity and magnetic anomalies coinciding on prospective system located beneath the Specimen Hill Quartz Hill-Manna Hill historical gold mine workings.
- Perseverance and Ginger Reef – gold mineralisation hosted in the shear zone.
- Red Britton, Beehive, Splitters Gully, Fitzsimmones, Horseshoe, Iron Duke, Mascotte,
Swallows Nest, Lady Carrington
To read about the Kaiser’s current exploration activities at the Stuart Town during the recent quarters, Click Here.
Kaiser also owns the Macquarie North project located on the northern end of the fecund and prospective Macquarie Arc in the Lachlan Fold Belt.
Soon after the listing of Kaiser Reef on the ASX the coronavirus pandemic swirled the equities market globally. KAU continued to focus on expanding the prospective area and the exploration program at the underexplored Stuart Town gold project. The commitment from the unique explorer continues to reflect in the share performance of Kaiser Reef.
Kaiser Reef traded at $0.365 on 6 August 2020, registering an impressive return of over ~80% against the issuance price, with a market capitalization of $12.21 million.
All financial information pertains to Australian currency unless stated otherwise.
