Today, on 16th May 2019, Exore Resources Limited (ASX: ERX) announced the results from its maiden reverse circulation (‘RC’) drilling program at Liberty Project in northern Cote d’Ivoire. The initial phase of RC drilling at Liberty 2 has been successful in intersecting high-grade gold in both oxide and fresh rock beneath aircore (AC) drilling intercepts.
ERX highlighted that it was first ever RC drilling in Liberty Project, which intersected multiple, shallow mineralised lodes along 1,600 meters of strike at the ‘Liberty 2 Prospect’, including 13 meters @ 2.57g/t gold from 4 meter; 7 meter @ 3.67g/t gold from 53 meter; 6 meter @ 4.28g/t gold from 49 meter; and 8 meter @ 2.50g/t gold from 36 meter.
Exore completed a first pass RC drilling program of 24 drill holes for a total of 3,248 metres at the 1.6 km long Liberty 2 Prospect, which forms part of the 20 km-long ‘Liberty Gold Trend’. The reconnaissance RC program was designed to test bedrock gold mineralisation beneath previous highly encouraging aircore (AC) drilling intercepts. Drill section spacing varied between 100-200 metres, with hole spacing on section, where there were multiple holes per section, usually around 50 meters. These 24 holes, drilled across 11 sections along a north-east strike, have successfully confirmed bedrock gold mineralisation at Liberty 2 Prospect. All mineralised intercepts remain open in all directions for further follow-up drilling.
Under the Cote d’Ivoire Gold Projects, Exore’s project covers a substantial ground position of 1,345 km on the convergence of two of West Africa’s most prolific gold belts, the Tongon Gold Belt and the Syama Gold Belt, which extend into northern Côte d’Ivoire from Burkina Faso and Mali, respectively. Significant nearby gold deposits associated with the same geology and structures include:
? 4.2Moz Tongon Gold Mine (Barrick) located ~40 kilometres to north-east
? 11.5Moz Syama Gold Mine (Resolute) located ~90 kilometres to the north
? 1.0Moz Sissingue Gold Mine (Perseus) located ~50 kilometres to the north
? Fonondara /Boundiali gold discovery (Barrick) located immediately adjacent to the west
Mr Justin Tremain, Exore Resources’ Managing Director, stated that the company is pleased with the exciting results from the first ever RC drilling undertaken within the Liberty Project. The first pass RC drilling at Liberty 2 was wide spaced at 100-200 meter and represented the third discovery area for the Exore team. Like Antoinette and Veronique, Liberty 2 has substantial scale potential with mineralisation defined over 1,600 metres of strike. The results continue to showcase the potential to define substantial gold resources within Exore’s Cote d’Ivoire Gold Project. Two rigs continue to operate uninterruptedly, and the management looks forward to reporting further drilling results from Veronique and Antoinette shortly.
On the stock information front, at the time of writing (on 16th May 2019, AEST 01:30 PM), the stock of Exore Resources was trading at $0.073 unchanged as compared to its previous close, with a market capitalisation of $33.98 million. Today, it touched day’s high at $0.076 and day’s low at $0.073, with a daily volume of 1,225,535. Its 52 weeks high and low price stands at $0.100 and $0.039, with an average volume of 1,265,172 (yearly). Its absolute returns for the past one year, six months and three months are 48.98%, 46.00%, and -5.19%, respectively.
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