With first drill samples on their way to the SGS laboratory in Mali, Polymetals Resources (ASX: POL) has extended the phase two exploration program at its Alahiné project in Guinea.
The company has completed 5,200m of drilling comprising three reverse circulation holes and 68 aircore holes.
Deep weathering at Alahiné resulted in greater than anticipated aircore drilling coverage throughout the phase two program. As a result, a further 2,000m of aircore drilling is now planned.
This additional drilling will test artisanal gold workings and 40 parts per billion gold-in-soil contours along with recently identified new priority targets.
Directing the drilling are geological interpretations and site geologist recommendations.
“The soft drilling conditions at Alahiné North has provided greater than anticipated aircore depths and increased drilling rates,” Polymetals chief executive officer Alex Hanly explained.
“Momentum will be maintained as we move to Alahiné South with a minimum additional 2,000m targeting existing geochemical anomalies in addition to testing new priority targets in areas never previously drilled,” he added.
The additional drilling is expected to be completed early next month.
Funded for accelerated exploration
Polymetals says it is well funded to accelerate exploration at Alahiné which covers 64.2sq km of ground in the Siguiri Basin following its $5.2 million IPO and ASX listing last month.
As well as Alahiné, Polymetals owns the nearby Mansala project which encompasses 48.2sq km.
Mr Hanly says the licences are “strategically positioned” within Guinea’s underexplored Birimian Greenstone belt which hosts “substantial geological potential” for delineation of a large gold inventory.
“We believe our exciting Siguiri portfolio combined with our strong and practical team will deliver significant value to our shareholders,” Mr Hanly added.
Plans are also underway for drilling Mansala.
The region hosts AngloGold Ashanti’s (ASX: AGG) Siguiri operation which is the largest gold mine in the area.
AngloGold’s Siguiri mine is less than 40km southwest of Polymetals’ ground and has produced more than 6Moz over its 20-year life.