logo-loader

Saracen Mineral Holdings reveals potential to grow gold inventory and production

Published: 00:52 31 Jul 2018 EDT

Thunderbox pre-strip mining
Thunderbox pre-strip mining

Saracen Mineral Holdings Limited (ASX:SAR) has received strong gold drilling results which are expected to lead to a growth in inventory and production.

The company is focused on two Western Australian projects, Carosue Dam Operation and Thunderbox Operation.

Both operations have long lives with extensive potential for further growth through exploration.

Carosue Dam infrastructure

Recent drilling at Carosue Dam has focused on resource definition outside the 2017 ore reserve.

Highlight results from recent drilling include:

• 16.2 metres at 16.2 g/t gold;
• 14.7 metres at 10.2 g/t gold; and
• 9 metres at 24.1 g/t gold.

Three underground drills operated between Karari and Whirling Dervish at Carosue Dam and continue to deliver outstanding results.

Ore drive at Karari

Surface drilling along the Carosue Dam corridor has also commenced. Early results highlight the upside along the key stratigraphic and structural trend.

A significant drilling program is planned for the 2018-19 financial year to test the Carosue Dam corridor.

Over 90,000 metres has been planned, which includes a combination of target generation air core drilling and drilling of existing resources and projects.

Thunderbox operations – drilling update

Following the successful program reported in May 2018, additional drilling has been completed to further define the Thunderbox D Zone open pit.

Notably, Saracen’s recent drilling intersected the mineralised Dacite unit which is the primary host to the Thunderbox deposit.

A total of 11 holes were drilled with numerous promising results including 74 metres at 1.6 g/t gold and 12 metres at 5.4 g/t gold.

The drilling has improved the confidence in the resource which is currently under review for potential ore reserve conversion.

Thunderbox pit

Saracen managing director Raleigh Finlayson said the drilling results continued to support the company’s growth strategy.

Finlayson added: “These results provide further justification of our decision to invest in organic growth.

“We are confident that both Carosue Dam and Thunderbox will reward us with further increases in the inventory which will enable us to continue growing production in line with our seven-year plan.”

Ramp Metals Launches Drilling Program in Pursuit of High-Grade Nickel in...

Ramp Metals CEO Jordan Black joined Steve Darling from Proactive to introduce the company to the public domain and share exciting developments in the mining industry. With a background as a geotechnical engineer and experience in venture capital, including a notable role in taking GoldSpot...

1 hour, 29 minutes ago