An independent review of historical trench and drilling results commissioned by exploration company Frontier Resources (ASX: FNT) at the Saki gold deposit in Papua New Guinea has revealed a best surface grade of 535 grams per tonne gold.
The review is being conducted to determine if a JORC-compliant resource can be estimated for the deposit, which sits within Frontier’s wholly-owned Tolukuma tenement and coincides with known gold-bearing systems of the Tolukuma gold mine.
The Tolukuma tenement – which was granted to Frontier in March – covers 441.72 square kilometres and surrounds the gold mine which contains high-grade, narrow epithermal veins and has a long history of having its gold reserves continuously extended.
The region is highly prospective for satellite high-grade epithermal gold deposits and porphyry copper-gold deposits including the Saki gold-silver deposit.
Saki is believed to host up to six main veins, each up to 2m wide along a strike length of 4km an an area of 1,500m by 600m.
The deposit has been extensively drilled in the past, with 47 diamond holes for 5,398m of core completed in 2010 using 3D induced polarisation ground geophysics.
Frontier’s review is analysing historical results from a phase one drilling program and a subsequent phase two trenching program carried out by Tolukuma Gold Mines in 2002.
Drilling was completed with a view to supplement the ever-depleting ore at the Tolukuma gold mine within 10km trucking distance of the mill at Tolukuma.
Five of the Saki veins were drilled during phase one for 28 holes and 2,318.4m of core, while 29 trenches anomalous in gold yielded over 1,500 samples for assaying.
The review has so far shown best surface grades of 0.5m at 535g/t gold from Trench #29 of the Saki I vein and 1m at 55.69g/t gold from Trench #11 of Saki II.
The partly mined Tolukuma vein system occurs on a parallel structure 3km to the south‐southwest of Saki, surrounding but excluding the Tolukuma gold mining lease.
The system contains high grade, narrow epithermal veins which extend into Frontier’s acreage and includes historical exploration work which will be reviewed ahead of fieldwork activities such as geological mapping and rock chip sampling planned for late 2019.
The activities will aim to expand on the area of known gold mineralisation and define additional drill targets.
At mid-afternoon, shares in Frontier were trading 15.38% higher at $0.015.