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Aphrodite Gold kicks off new drilling, aims to increase gold resources  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 01/11/2012

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(MENAFN - ProactiveInvestors - Australia) Aphrodite Gold (ASX: AQQ) has begun the next phase of reverse circulation drilling at its Aphrodite Gold Project as it progresses a Pre-Feasibility Study (PFS) for the project's development.

One of the key aims of the 7,000 metre drilling program is to deliver an increased resource for the Aphrodite Project, located 65 kilometres north of Kalgoorlie in Western Australia.

The definition of additional resources during the PFS and subsequent feasibility studies will enhance the currently estimated nine year life of the project, project economics and overall gold production profile.

Aphrodite has outlined three main objectives for the program, the first of which is further drilling of the Alpha and Phi Lodes which host the existing JORC resource of 1.04 million ounces of gold.

This is expected to enhance the classification of the resource for future mine studies which will form part of the PFS.

Secondly, Aphrodite will undertake additional testing of cross cutting lodes between the Alpha and Phi " referred to as the Epsilon structures " to ascertain their resource potential.

Exploratory drilling to date has reported narrow, medium to high grade gold intersections.

If successful a maiden JORC resource estimate will be completed for the mineralised corridor between the Alpha and Phi lodes.

Lastly, Aphrodite is targeting other gold prospects to better ascertain their resource potential.


Aphrodite potential

Aphrodite has previously delivered an impressive intercept of 1 metre at 168.66 grams per tonne (g/t) gold from within a broader 7 metres at 24.92g/t gold from 150 metres.

Multiple zones of gold mineralisation have been reported at the Alpha Lode, highlighting the strong potential for an increased resource.

Results from exploratory drilling at the North Menelaus Prospect, 4 kilometres north of the Aphrodite Deposit, confirm a gold mineralised zone over a 200 metre strike length.

The prospect is one of several gold targets which have been identified within the Aphrodite Project tenements.

Further drill testing of North Menelaus is planned.


Major Singapore investor

The Aphrodite Project has caught the eye of international investors with Singapore listed GRP Limited agreeing to invest 1.8 million in the company via a placement.

Funds raised will be used to advance the Aphrodite Gold Project towards production.

The investment gives GRP a 12.7% stake in Aphrodite Gold.

 






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