Syndicated Metals (ASX: SMD) has covered high-grade gold while undertaking a maiden drilling program at its recently acquired Newington gold project in Western Australia.
According to the company, assays from the 12-hole reverse circulation program have extended historical results at the Dawsons, Newfield East and Newfield Central prospects.
At Dawsons, 2m at 17.53g/t gold from 76m was uncovered, while at Newfield East drilling returned 7m at 1.80g/t gold from 47m, and Newfield Central gave up 1m at 1.64g/t gold from 163m.
Syndicated managing director David Morgan said the program had confirmed the project’s potential.
“Being able to confirm extensions to the key mineralised structures at all of the prospects drilled is a very encouraging step forward, particularly as the new results correlate with the historical high-grade intercepts at Dawsons and broader shallow intercepts at Newfield East.
“These results are a solid first step in unlocking the potential at Newington for the discovery of a significant high-grade gold system.”
“All three prospects remain highly prospective for further extensions, new high-grade discoveries and remain open in all directions.
Syndicated plans to get on the ground next month to build on these results and test the potential for more high-grade discoveries.
Newington gold project
In April this year, Syndicated inked a farm-in agreement to acquire 85% of Newfield and an option agreement to secure the Carterton gold project.
Previous exploration at the prospects revealed 1m at 20.1g/t gold at Dawsons, 13m at 4.47g/t gold from Newfield East, and 6m at 6.43g/t at Newfield Central.
A peak interval of 2m at 29.95g/t gold was identified at Dawsons.
Newfield Central also hosts a historic pit that produced 32,366 ounces of gold at an average grade of 24.53g/t.
According to Syndicated, the historic pit and existing drilling data demonstrate a high-grade gold system is present at the project, which has seen “virtually no modern exploration”.
Today’s drill results spurred the company’s share price up more than 33% to $0.012.