NTM Gold (ASX: NTM) has intersected “outstanding” high-grade gold during shallow drilling at the Hub prospect within its Redcliffe gold project near Leonora in Western Australia.
The reverse circulation drilling program tested northern and southern extensions at the prospect.
Initial holes from the program tested shallow mineralisation up dip and returned “excellent” grades.
Notable results were 15m at 8.5 grams per tonne gold from 25m; 25m at 5.4g/t gold from 20m, including 5m at 20.3g/t gold; and 15m at 4.9g/t gold from 20m, including 10m at 6.6g/t gold.
Additionally, deeper drilling to test grade continuity unearthed 10m at 4.5g/t gold from 135m.
“These shallow reverse circulation results highlight the substantial value of Hub with exceptional grades close to surface,” NTM managing director Andrew Muir said.
“Hub has continued to grow with each program and we are optimistic this continues with the current program,” he added.
The results are from the first eight holes of a planned 37-hole program for 5,000m, which is expected to continue until Christmas.
Once the shallower holes have been completed, reverse circulation drilling will focus on a number of diamond precollars before moving along strike to test further extensions.
Diamond drilling has also begun, which is a 400m program to test depth extensions and provide NTM with more geological information.
Using a 0.5g/t gold cut-off the Redcliffe project has a global resource of 12.52Mt at 1.34g/t gold for 537,862 ounces of the precious metal.
In addition to the current resource, NTM has devised a high case scenario exploration target of 21.55Mt at 2.5g/t gold for 1.7Moz.
The low-end exploration target is 14.38Mt at 1.8g/t gold for 840,000oz.
NTM is focused on expanding the resource by targeting existing deposits with open mineralisation and firming up new anomalies for drilling.
By mid-afternoon trade, shares in NTM had lifted 3.64% to $0.057.