(MENAFN- ProactiveInvestors)
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() has intersected high-grade gold of 8 metres at 8.96 g/t gold from 68 metres and 7 metres at 5.99 g/t gold from reverse circulation drilling at the Tampia Gold Project in Western Australia.
The early RC drill program should be completed by mid-May with final assay results expected before the end of May from the 90% owned project.
Six of the first seven holes assayed to date of the 31-hole program have intersected gold mineralisation. All but one hole returned significant gold mineralisation.
A new high grade mineralised zone has been discovered 500 metres to the west of the current resource area intersecting 5 metres at 7.62 g/t gold from 13 metres depth.
The resource is open in all directions and the only significant drilling has been undertaken at the Gault deposit.
Resource upgrade
The ongoing drill results will be fed into a resource estimate for Tampia which is set to increase and currently stands at 310000 ounces of gold at 2.0 g/t.
Infill drilling of the starter pit will be completed so that pit design can be detailed for the Scoping Study which has commenced.
Metallurgical test work data will assist to finalise the Scoping Study to assess development options for the Tampia resource. Results of this study will be available by August 2016.
Explaurum is shaping as an interesting play as a likely increase in gold resource ounces at Tampia might make the case for ore from Tampia being toll treated at a nearby mine - leading to an early monetisation path.
Tampia is located 200 kilometres from Boddington and 100 kilometres from the Edna May gold mine.
Explaurum shares have been tracking good exploration progress and a strong forward pipeline of price catalysts; more could be in store.
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