Essex Minerals Inc (CVE:ESX) gave shareholders an update on its drilling progress at its flagship Cumberland gold-silver project in Queensland, Australia, where the company is in the midst of a five-hole program.
The junior company has completed three holes on the property, with another two holes to be drilled – one more than originally planned, according to a statement.
Cumberland has four granted exploration permits covering 25,024 hectares, 70 kilometres northwest of the former 3.5-million-ounce Kidston gold mine. Essex Minerals said the property has the potential to “host high-grade epithermal gold-silver mineralization,” and is currently held 80% by KNX and 20% by AMD Resources Limited.
The first three holes drilled were logged and sent for analysis at a laboratory in Townsville, Queensland. Early indicators from some of the holes show prospective mineralization, including high-temperature quartz and base metal sulphides, according to the firm.
Holes 4 and 5 will be drilled on the RBX North target, which hosts multiple intrusives with outcropping hydrothermal breccias associated with a large soil anomaly that indicates silver and gold zones.
"Our phase 1 drill locations were planned to test a three km zone of anomalous soil geochemistry and rock chip samples where outcrop was available,” Essex Minerals CEO Paul Loudon told investors in a statement.
“Results from these initial five holes will provide guidance for a follow-up phase 2 drill program, as we aim to define the geometry, intensity and geological controls on mineralization in the target zone. Drilling to date is on time and on budget."
The phase 1 drill program is expected to continue for another few weeks.
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