A month after its ASX debut, IRIS Metals (ASX: IR1) has completed the maiden drilling program at its Kookynie gold project near Leonora in Western Australia’s goldfields, with assays anticipated in the new year.
The initial reverse circulation program comprised 96 holes for 5,950m and focused on the Rise and Shine, Lily and Treasure-Whale prospects.
This included an additional 950m than planned due to favourable geology and identification of new targets.
Drilling at the three priority targets tested around historic high-grade workings and mineralisation at depth.
Airborne survey data
Last week, IRIS revealed it had firmed up 24 more high-priority targets at the project using data from a recent high-resolution aeromagnetic survey.
Magspec Airborne Surveys carried out the work with the detailed magnetic data feeding into IRIS’ modelling and interpretation of the project’s geology and structure.
IRIS chairman Simon Lill said the survey data had confirmed a high level of prospectivity across the Kookynie tenements.
“Kookynie is a historic high-grade gold field that has experienced little modern-day exploration and we believe the historic workings only scratch the surface.”
“Our aeromagnetic interpretation shows the potential for discoveries and extensions at depth, along strike and beneath areas of alluvial cover [and] we look forward to systematically testing these new structural features during future drill programs,” he added.
Aircore drilling program
While assays are pending from drilling at Rise and Shine, Lily and Treasure-Whale, IRIS is planning an aircore program that will focus on the 24 high-priority anomalies identified in the airborne survey.
This program is expected to kick-off in December.
IRIS joined ASX ranks last month after raising $7 million in an oversubscribed IPO that saw the issue of 35 million shares at $0.20 each.
The company has brought to market Kookynie, which comprises 35.5 square kilometres of tenements and Leonora, which covers 71sq km of ground in the same region.
Kookynie is within its namesake goldfield, which has recorded historical production of 600,000 ounces of gold at 15 grams per tonne.
Within IRIS’ own Kookynie tenements there are more than 50 historic workings with records revealing gold grades as high as 63.8g/t from the Lily prospect.
Neighbouring projects to Kookynie have reported bonanza gold hits earlier this year.
Similar to Kookynie, IRIS’ Leonora project is close to five main mines that have historically produced 13.5Moz of gold.
Leonora is also surrounded by Kin Mining’s (ASX: KIN) 1.23Moz Cardinia gold project.