Draig Resources (ASX: DRG) has pulled visible gold out of the ground from its Tribune discovery, which is near to the company’s historic Bellevue mine which produced in excess of 80,000 ounces of gold.
Both part of the greater Bellevue project in Western Australia, Draig Resources believes the Tribune discovery hosts similar mineralisation to the previously mined Bellevue lode which had an average gold grade of 15 grams per tonne.
“We are extremely excited to have confirmed so far mineralisation along 500 metres strike length with visible gold now identified in multiple drill holes,” Draig Resources executive director Steve Parsons said.
“The identified geology has been extremely encouraging with significant quartz sulphide lode veins of Bellevue-style intercepted with fine grained visible gold in five holes, of which, the first two holes returned results of 5m at 37.5g/t gold and 5m at 16.5g/t gold,” Mr Parson said.
Logging and cutting of the recently completed drill core is underway and will be sent for analysis.
The drilling program will cease for two weeks over the Christmas and New Year break and resume in the first week of January.
As part of the upcoming January campaign, diamond drilling will target extensions to the south of the mineralisation.
The results follow an earlier announcement this month which revealed the above mentioned high-grade intersections and that mineralisation remained open in all directions.
Draig is targeting shallow and deep mineralisation at Tribune, with exploration funded by a recent A$5 million capital raising.
Due to its mining history, Bellevue has access to sealed roads, water and grid power. Also as a result of the project’s proximity to Leinster, Leonora and Wiluna, other services including flights are available.
At the beginning of December, Draig Resources increased its landholding in the region with the acquisition of the Yandal South 557 square kilometre project, which boosts the company’s total tenement holdings in the region to 1,400sq km.
Yandal South is about 40km east of Bellevue, and the company anticipates it will complement any future operations.
Yandal South remains subject to due diligence which is due to be completed in mid-January.
Shares in the gold explorer had lifted almost 5% to A$0.22 by mid-afternoon trade.