Repeated gold discoveries are an enviable caveat for any gold junior, and so it is proving with small cap Marindi Metals (ASX: MZN).
In addition to encouraging gold results, the gold junior is also hoping to see lithium potential realised from its portfolio of resources assets in Western Australia.
Earlier today, the emergent gold junior announced it had discovered “widespread fine visible gold” from stream sediment samples at its Bellary Dome Project in the Pilbara region of Western Australia.
The gold junior said that it has received high-grade assay results from 20 different stream sediment sample locations at Bellary Dome, as part of an initial prospectivity study.
The sampling and exploration work was carried out by Mr George Merhi, an experienced consulting geologist with decades of Pilbara experience, to undertake initial sampling and exploration across the company’s tenements.
Marindi said that one sample, in particular, yielded more than 150 grains of fine visible gold from 1kilogram of sample material.
The alluvial gold discovery comes hot on the heels of earlier high grade finds last month, further corroborating the company’s view that its particular plot of tenements will yield high-grade gold supplies for years to come.
Working towards gold discoveries
As this study was conducted on a tenement-wide basis, the results were varied with further exploration now likely to be crucial as part of the company’s ongoing work in the region.
To assist in establishing certainty and greater understanding of the extent of alluvial potential at Bellary Dome, Marindi has collected several in-situ conglomerate samples from the so-called Bellary Formation and reports that “stream samples taken from areas closest to the Bellary Formation conglomerate outcrops were consistent in yielding fine visible gold.”
“The results of this initial work have exceeded our expectations,” said Mr Simon Lawson, managing director of Marindi Metals.
“Mr Merhi designed and executed a rapid reconnaissance sampling program for us within a short timeframe and to budget which providing Marindi with significant insights into the emerging potential of this project. Further work utilising Mr Merhi’s team has already begun with the focus to establish location and extent of Bellary Formation conglomerate outcrop mapping across the west of the project area,” said Mr Lawson.
With its Bellary Dome exploration proving up consistent alluvial and close-to-surface gold discoveries, Marindi is also casting its eye towards an alternative source of commercial endowment: the Forrestania Lithium-Gold Project, also in Western Australia.
Marindi first began applying for ground in the region in early 2016 prior to it becoming “one of the premier addresses for lithium in the world” according to Marindi.
Marindi saw tenement ground granted in September last year with comprehensive soil sampling commencing soon after. The company said it has just completed its maiden soil survey comprising the collection and multi-element assaying of over 8,000 sites.
The results have been delineated into “multiple targets” for explorative drilling scheduled for later this month, although the gold explorer is awaiting regulatory approvals before the drill bit can hit the ground.
The targets to be drilled include multiple Lithium Caesium Tantalum “LCT” style pegmatite anomalies as well as gold anomalies.
As a strong indicator of where its near-term commercial fortunes may lie, Mr Lawson conceded that Forrestania is likely to become the company’s flagship project despite the strong alluvial results from Bellary Dome.
“While our primary corporate focus is on rapidly advancing the LCT-pegmatite drill-out at the Forrestania Lithium-Gold Project, we intend to continue to conduct further inexpensive, value-adding exploration activities across the Bellary Dome conglomerate gold project,” said Mr Lawson.
Mr Lawson added that “this accretive approach will systematically build options into the project for us, with the view that we can utilise one, or all, of those options in the near-term to extract maximum shareholder return on the initial investment.”