Carawine Resources (ASX: CWX) has struck a thick gold intersection in its first diamond drill hole at the Hill 800 gold prospect, part of the Jamieson project in Victoria.
The first diamond hole intersected 52m at 2.37 gram per tonne gold from 71m, which comprised a higher-grade interval of 30m at 3.76g/t gold from 90m.
Carawine managing director David Boyd said the results had “exceeded” the company’s expectations.
“Even at this early stage of the program, there are indications of an intensely altered mineralised system associated with high gold grades, and there are not many current gold discoveries reporting this width and grade of mineralisation so close to surface,” Mr Boyd added.
Previous exploration across Hill 800 has pulled up numerous high-grade gold intersections from surface.
Prominent intersections include 33m at 4.31g/t gold from surface, and 13m at 10.9g/t gold from surface, with a 3m interval containing 38.8g/t gold from surface.
High-grade gold has also been identified at depth at the prospect with an 7m intersection grading 22.1g/t gold from 184m containing two higher-grade 1m intervals grading 28.9g/t gold and 122g/t gold.
To-date the prospect has only been drilled to a 150m depth and Carawine claims there is potential for more gold mineralisation at depth.
The current exploration program, which started in early May, comprises 20 diamond drill holes for 3,000m across 200m of strike. The holes will be tested to 200m below surface.
Jamieson gold-copper and zinc-silver project
Jamieson lies in north-eastern Victoria’s historic gold field and is close to Centennial Mining’s (ASX: CTL) A1 gold mine and AuStar Gold’s (ASX: AUL) Morning Star gold operation.
According to Carawine, Hill 800’s geology is similar to the 1.5 million ounce Henty gold deposit in Tasmania’s west.
Previous drilling at Jamieson has also identified zinc, lead, copper and silver mineralisation, with the Rhyolite Creek prospect possessing potential for zinc, gold, silver and copper.
Carawine claims sparse, shallow drilling has been carried out at Rhyolite Creek with better intersections including 1.4m grading 15.6% zinc, 7.4g/t gold, 113g/t silver from 223m, and 37m grading 0.44g/t gold, 0.2% copper, 44g/t silver from 67.5m.
Carawine’s shares rocketed on today’s news with the price soaring almost 50% to reach a A$0.34 intraday high, before slipping slightly by mid-afternoon to A$0.295 – up more than 28%.