(MENAFN- ProactiveInvestors - Australia) Aphrodite Gold (ASX:AQQ) has had gold hits from drilling stepping out from the defined 1.04 million ounce gold deposit.
This is part of a strategy to increase the gold resource by testing new and existing gold targets within close proximity to the Aphrodite Gold Deposit.
A Pre-Feasibility Study is currently underway over the gold deposit.
Promisingly, there are many drill ready targets within the highly prospective 200km2 Scotia Gold Project Joint Venture and 30 km2 Aphrodite Gold Project tenements.
The two prospects tested with results back are the Stubby Tail and Blue Tongue Prospects.
Background
Gold mineralisation at Stubby Tail and Blue Tongue is related to a near N-S striking shear zone which is interpreted to form part of the broader Bardoc Shear Zone.
This is significant as a significant regional structure which hosts numerous gold deposits including the million ounce plus Paddington and Aphrodite Gold Deposits.
Aphrodite believes there is significant potential at each of the Prospects to delineate moderate grades of gold mineralisation within structurally controlled positions.
Both Stubby Tail and Blue Tongue lie within the Scotia Project tenements which the Company farmed into with Breakaway Resources Ltd (ASX: BRW) in June 2011.
Under the terms of the Joint Venture Agreement Aphrodite Gold Ltd can earn up to 80% of the gold rights in the Scotia tenements which total around 200sq km. To date the Company has earned a 51% interest.
Exploration activities over the Scotia tenements have in the past focused almost exclusively on the discovery of nickel sulphide deposits with numerous gold targets also identified during this activity most of which were never fully evaluated, including Stubby Tail and Blue Tongue, and the more advanced Chameleon Gold Prospect 5 km north of the Aphrodite Gold Deposit.
Stubby Tail
The Stubby Tail Prospect lies within a >20ppb gold in soil anomaly forming two thin, parallel NNW trends up to 1,500m in strike length This soil anomalism overlies mafic and ultramafic rocks.
Four Reverse Circulation (RC) holes (STR0001 to STR0004) totally 594 metres were drilled over a small section of the soil anomaly.
Significant gold intercepts included:
- 13m at 0.54g/t gold from 48 metres plus 12m at 0.46g/t gold from 128 metres (STR0002) and 12m at 0.46g/t gold from 126 metres (STR0004).
Shallow historic RC holes located in close proximity to these holes returned:
- 6m at 1.08g/t gold from 21 metres (DRSCMC10), 13m at 0.56g/t gold from 46 metres plus 13m at 1.31g/t gold from 79 metres (DRSCMC12), and 8m at 1.15g/t gold from 40 metres (DSRSCMR44).
The most recent and historic drill results at Stubby Tail are significant in that they confirm the presence of a well developed zone of bedrock gold mineralisation and associated alteration over a considerable area.
Blue Tongue
The Blue Tongue Gold Prospect lies within a 2,100 metre long by 250 metre wide >9ppb gold-in-soil anomaly (peak: 150ppb) interpreted to overlie mafic and ultramafic rocks.
Three Reverse Circulation (RC) holes (BTR0001 to BTR0003) totally 534 metres were drilled over a small section of the soil anomaly.
Significant gold intercepts included 4m at 1.85g/t gold from 138 metres plus 6m at 0.81g/t gold from 113 metres (BTR0003).
Drill results indicate that gold mineralisation is related to pyrite alteration within a broad shear zone.
RC drilling in 2007 reported 4m at 4.35g/t gold from 124 metres and 32m at 0.36 g/t gold from 132 metres (07BSGD0024) with follow-up drilling obtaining an intersection of 37 metres at 0.56g/t gold from 127 metres.
Further exploration
Given the broad and incomplete nature of recent and historic drilling undertaken to date the company believes that there is significant potential to delineate moderate grade gold mineralisation within structurally controlled positions within the broad gold in soil anomaly.
Further exploration work is planned over both Stubby Tail and Blue Tongue Prospects, as well as other gold targets within the Scotia tenements, following further review and interpretation of results.
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