Emu NL confirms high-grade gold at Gnows Nest

A maiden drilling program at Emu NL’s (ASX: EMU) recently acquired Gnows Nest project in Western Australia has confirmed and extended the high-grade gold mineralisation at two prospects.

To date, assays have been received from 33 reverse circulation (RC) holes (3,741m) of the ongoing 9,000m drilling campaign being undertaken at the project, located 30km southeast of Yalgoo in the state’s Murchison region.

Best intersections from the Gnows Nest prospect (a historical gold mine) included: 4m at 20.4 grams per tonne gold from 51m, including 1m at 57.41g/t and 1m at 16.86g/t; 3m at 42.18g/t gold from 77m including 1m at 89.57g/t and 1m at 32.64g/t; and 4m at 18.32g/t gold from 95m including 1m at 51.66g/t.

At the Monte Cristo prospect, about 3km northwest of the historic Gnows Nest mine, results included: 3m at 13.35g/t gold from 67m including 1m at 19.9g/t; and 6m at 6.51g/t gold from 120m including 1m at 22.77g/t.

According to the junior explorer, the gold mineralisation remains open at depth and along strike at both prospects.

Extensional drilling is ongoing at the Gnows Nest prospect with the maiden drilling program expected to be completed at the end of the month.

Further assay results are anticipated over the next six weeks.

Change of focus reaps reward

The company only acquired the Gnows Nest project last September after exiting its Chilean gold-silver assets to focus on home soil in light of COVID-19 restrictions.

Emu also acquired three exploration projects in WA’s South West region – Sunfire, Viper and Graceland, considered highly prospective for copper, nickel, platinum group elements and gold mineralisation.

Emu chairman Peter Thomas said these “exceptional” early results from Gnows Nest are “just reward for loyal shareholders and the hard work of Emu’s management team and board following the transformational acquisition of our high quality precious and base metal portfolio in WA.”

“These results provide early and strong encouragement for the potential of a materially large gold deposit emerging at Gnows Nest and could be the catalyst for the company to transition from explorer to producer near-term.”

“Whilst we just might have a cub by the tail at the Gnows Nest gold project, we are excitedly awaiting the outcome of active programmes at all our projects during the remainder of the year,” he added.

Results confirm extensions to high-grade gold lode

The maiden RC drilling program was designed to extend and build upon shallow drilling completed by the previous mine owner in 2018-2019, which outlined a modest indicated and inferred resource of 113,400t at 3.78g/t gold for 13,777 ounces of gold.

The initial assay results from Emu’s campaign confirm extensions to the high-grade gold lode both at depth and along strike to the south, which was historically mined along five levels between 1923 to 1941.

Emu’s strategy for the Monte Cristo prospect was to verify previously reported drill intercepts and test for depth and strike extensions to the identified gold mineralisation, particularly associated with the historic Monte Cristo gold mine.

Further drilling is planned to test various other targets including old mine workings positioned along a further 1,500m of strike extent within the Monte Cristo tenements, Emu said.

Results of geophysical survey pending

In addition to the drilling program, Emu recently completed an gradient array induced polarisation (IP) geophysical survey and single dipole-dipole IP line (section) over the Gnows Nest gold mine area.

Emu said the processing of these geophysics results and the subsequent interpretation of the data, when finalised, is expected to provide insights and vectoring for further drill targeting.

It is also hoped to provide greater clarity to the structural controls of the northern and southern extensions to the main Gnows Nest lode.