(MENAFN - ProactiveInvestors - Australia) Invictus Gold (ASX: IVG) is preparing to start a new drilling program that will kick off next week at the Scartwater gold prospect, which is part of the company's wholly owned Drummond Basin Project in Queensland.
The Scartwater Prospect is located on EPM14932 just west of the Alliance Fault.
Importantly Invictus will be well funded for the program, with the company currently in the process of a 2.88 million fully underwritten two-for-one entitlement offer. Invictus' major shareholder Impact Minerals is underwriting the offer.
Drilling will be focused on two targets with strong gold in-soil responses of up to 80 times background, coincident with molybdenum anomalism.
The two targets lie within a large curved area at least 1,500 metres long and 400 metres wide that contains elevated gold, molybdenum and cobalt in-soil responses - identified from a detailed soil geochemistry survey completed by the company earlier in the year.
Target 1: the East Porphyry
Discovered by Invictus in 2011, 150 metres north of previous drill holes, this soil anomaly is also coincident with a magnetic anomaly identified in ground magnetic data.
A 450 metre long diamond drill hole is planned to test the East Porphyry at depth at this position.
Target 2: the Central Prospect
This prospect lies between the East Porphyry and West Porphyry. This soil anomaly is 250 metres long by 100 metres wide and is adjacent to a rhyolite dyke.
Adding interest - the area has not been previously drill tested and three reverse circulation drill holes for around 500 metres are planned, with diamond tails where appropriate.
Invictus added there was strong potential at Scartwater to discover gold deposits of at least a similar size to that at Resolute Mining's (ASX: RSG) Mount Wright project.