Aureka Reports High-Grade Potential from Visible Gold Intercepts at Irvine Project
Junior explorer Aureka (ASX: AKA) has reported high-grade potential from maiden drilling at the Irvine project in Victoria, following visible gold occurrences across three holes of the Resolution Lode.
Contractors Australian Mineral & Waterwell Drilling and Trimac Drilling completed two parent holes and one wedge hole for a total of 2,523 metres to improve the company’s geological reinterpretation and understanding of Resolution’s plunging mineral controls.
First results illustrated potential for a high-grade component at Irvine, with best assays of 4.65m at 2.93 grams per tonne gold from 681.35m including 0.4m at 10.4g/t from 681.35m, and 4m at 2.55g/t gold from 699m including 1m at 8.4g/t from 699m.
Tenacity Fault Mineralisation
The company encountered visible gold intercepts and sulphide mineralisation, including fine-grained disseminated arsenopyrite, on the Tenacity Hanging Wall Fault, highlighting a new priority target for exploration drilling.
Aureka said it had the potential to “rapidly transform” into a considerable second-order structure with the capacity to deliver the multiple intercepts often associated with visible gold.
Diamond drilling at Irvine continues to intersect further intervals of visible gold from 413m depth and the company believes there is potential to add further gold ounces and expand Irvine’s current inferred resource of 304,000 ounces grading at 2.43g/t.
Additional drilling will target potential mineralised ore shoot extensions along the Tenacity Hanging Wall and Resolution Foot Wall faults.
Stawell Gold Corridor
Aureka’s flagship Irvine project sits within Victoria’s Stawell Gold Corridor, 16km south of the multi-million ounce Stawell mine.
The project area occupies the northern portion of the historical Ararat goldfield within the Mooranambool Metamorphic Complex (MMC) of the Stawell Zone.
Gold mineralisation at Irvine occurs with a package of steep meta-basalt and meta-sediments where Aureka believes the contrast provides an ideal location for shearing.
Having successfully tested a 200m extension of the Resolution shoot, Aureka has moved the diamond drill rig 200m to the north to test and infill several key potential zones in preparation for an update to the Irvine JORC Resource.