- 01Gateway identified two gold-in-soil anomalies at Glenburgh South.
- 02Each anomaly spans about 4km; field mapping and sampling are underway.
- 03A $45m placement supports exploration across Gateway’s portfolio.
Gateway Mining (ASX: GML) has identified two large-scale gold-in-soil anomalies in a regional soil sampling program at its Glenburgh South project in Western Australia.
The program sought to evaluate several structural corridors interpreted from detailed magnetic datasets and considered prospective for gold mineralisation.
Initial assays defined the coherent anomalies, each extending for approximately four kilometres of strike length and associated with corridors within the highly prospective Glenburgh gold district.
The broad nature of the anomalism is considered encouraging given the reconnaissance scale of the program and the subdued geochemical response often linked to large gold systems occurring beneath weathered cover.
Gateway’s geologists are currently undertaking field mapping, prospect evaluation and rock chip sampling across the anomalous corridors, while field assistants continue to advance soil sampling across two additional target areas to better understand the geological controls on Glenburgh mineralisation and assist in refining targets for follow-up exploration.
First-Pass Regional Testing
Gateway chief executive officer Richard Pugh said the results represented the first systematic geochemical testing of priority structural corridors at Glenburgh South.
“The scale and continuity of the anomalism is very encouraging for an early-stage, first-pass regional program and supports our view that the major structural corridors at Glenburgh South warrant further exploration,” he said.
“We believe infill sampling will likely pinpoint zones of stronger anomalism within the newly defined target areas.”
Gateway believes recent exploration success by Benz Mining (ASX: BNZ) at the Glenburgh project to the north of Glenburgh South had reinforced the prospectivity of the broader district and highlighted the importance of regional structural trends that extend beyond currently defined mineral resources.
Recent Capital Raising
Gateway remains well capitalised to conduct further exploration at Glenburgh South and the flagship Yandal gold project following a recent $45 million share placement.
Firm commitments for the raising were received from existing shareholders and new institutional, professional, and sophisticated investors.
The raising saw cornerstone support from global specialist natural resources investors, including a $20 million commitment from Jupiter Asset Management.
Proceeds will be used to accelerate the next phase of aggressive drilling at Yandal, where Gateway is systematically unlocking what it considers to be a large high-quality gold system, and will also allow the company to advance its broader regional exploration portfolio which includes the Glenburgh South and Barrelmaker projects.
The scope of work will comprise diamond and reverse circulation drilling at the Cowza, Haflinger, Dusk ’til Dawn, Horse Well, and Celia South prospects as well as resource growth and estimation work.
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