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Essex Minerals adds another hole to its planned drill program at the Cumberland gold-silver project in Queensland

The junior company has completed three holes on the property, with another two holes to be drilled – one more than originally planned

Essex Minerals Inc. -
The five-hole phase 1 drill program is expected to continue for another few weeks

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.

READ: Essex Minerals starts drilling at promising Cumberland project in Australia

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.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Essex Minerals Inc.

Price: 0.32 CAD

TSX-V:ESX
Market: TSX-V
Market Cap: $9.26 m
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Essex Minerals first drill hole at Cumberland Gold project returns...

Essex Minerals (CVE: ESX) CEO Paul Loudon joined Steve Darling from Proactive Vancouver to bring news the company has released the result of their first drill holes from the Cumberland gold and silver project in Queensland, Australia. Loudon discusses the strong results they have seen so far,...

on 2/9/20

2 min read