Assays from four out of five diamond holes drilled at the Pearse North deposit within the Mineral Hill mine in New South Wales have confirmed the presence of significant gold-silver mineralisation for owner Kingston Resources (ASX: KSN).
The mineralisation was encountered down dip and outside the current ore reserve pit shell, which was determined at a gold price of US$1,300 per ounce in 2015.
Best intercepts were 10m at 6 grams per tonne gold and 33g/t silver from 72m; 3m at 5.5g/t gold and 6g/t silver from 31m; and 11m at 1.4g/t gold and 8g/t silver from 136m, including 4.3m at 2.4g/t gold and 16g/t silver from 142m.
Initial diamond hole
The new assays follow strong results from the initial diamond hole at Pearse North, which had best intercepts of 39m at 4.2g/t gold and 37g/t silver from 37m, including 3m at 26.7g/t gold and 27g/t silver from 38m.
Phase one drilling is now complete following five diamond drill holes for 655m and 17 reverse circulation drill holes for 2,454m.
Drilling was designed to confirm the geological model and interpretation of Pearse North, and to test the down dip and along strike extension potential of the mineralisation.
Mineral resource update
Kingston managing director Andrew Corbett said geological work was progressing towards a mineral resource update for the Pearse North deposit later this year.
“We anticipate the update will provide further support for potential future mining at the Pearse pits following completion of the current tailings processing operation,” he said.
“We expect to receive the balance of the results from drilling at Pearse North, Southern Ore Zone, Jacks Hut and Missing link by next month.”
Zone of mineralisation
Review of the Pearse North geology and resource and reserve model highlighted a zone of gold mineralisation on the western margin of the drill pattern, which sits outside of the reserve pit shell and is not fully constrained down dip or along strike to the south.
Mr Corbett said one of the drill holes “successfully confirmed” this interpretation, returning best assays of 3m at 5.51g/t gold and 55g/t silver from 31m; 5.6m at 1.1g/t gold and 9g/t silver from 41.5m, including 2.6m at 1.5g/t gold and 7g/t silver from 41.5m; 2.9m at 1.1g/t gold and 10g/t silver from 49m; and 4m at 1.3g/t gold and 3g/t silver from 64m.