Perth-based Red Mountain Mining (ASX: RMX) has completed a diamond drilling campaign at its wholly-owned Mt Maitland gold and base metal project in Western Australia’s Murchison region with assays due over the coming weeks.
The latest drilling focused on the Maitland South prospect and successfully intersected the Maitland South Shear Zone between 266.77m and 281.42m down hole.
The 14.65m wide zone of alteration, veining and sulphide is considered prospective for gold mineralisation and is being immediately sent to the laboratory for assay.
The Maitland South prospect is a shear zone measuring more than 500m long and is characterised by numerous historical workings. Earlier shallow reverse circulation drilling returned significant intercepts including 7m at 3.3 grams per tonne gold from 34m and 13m at 2.53g/t gold from 9m.
Red Mountain’s announcement said assay results are expected in the next three to six weeks.
Prior to Maitland South, Red Mountain completed drilling of the Jacia induced polarisation (IP) anomaly with encouraging base metal and gold indications.
In addition, the presence of chalcopyrite (copper), sphalerite (zinc) and galea (lead) within quartz veining provides encouragement that the Jacia trend has the potential to host a base metal deposit and therefore warrants further investigation, the company reported.
Another two zones of intercalated, pyrite bearing, banded iron formation (BIF) and amphibolite, which are prospective for gold mineralisation, were intersected during drilling. Theze zones and others of interest will be assayed and reported on over the coming month, Red Mountain said.
The Mt Maitland project
Red Mountain’s Mt Maitland project is within 50km of major mining operations including Sandfire Resources’ (ASX: SFR) DeGrussa copper-gold mine.
Gold was first discovered in the area in the last 1800s in high-grade quartz veins and production has predominantly occurred at two main prospects, Mt Maitland North and Mt Maitland South.
Gold production records from 1933 note an average grade of 19.3g/t.