Gold exploration and development company Vango Mining (ASX: VAN) has reported “exceptional” intersections from drilling at the Trident deposit within its wholly-owned Marymia gold project, 300km north-east of Meekatharra.
The geotechnical drilling program was conducted over four holes for a total 1,060.3m and was designed to test key zones in the central part of Trident, located in the Marymia greenstone belt of Western Australia.
The intersections – which included a bonanza grade of 184 grams per tonne gold from 2m – confirmed the high-grade and continuity of the deposit first realised in mid-2018 during a major drilling program which extended the Trident gold zone.
Best results from today’s announcement were 11m at 36.2g/t gold from 213m including 2m at 184g/t gold; and 3m at 15.5g/t gold from 226m, including 1m at 34.9g/t gold.
The results will be integrated into a Trident resource estimate model currently being finalised for release.
Geotechnical information will also assist final mine planning and scheduling to be incorporated into a standalone mining and processing pre‐feasibility study for the Marymia project (formerly known as Plutonic Dome).
Executive chairman Bruce McInnes said the company has taken critical steps towards realising its vision of becoming a high‐grade gold producer at Marymia.
“In parallel with final mine planning, we will continue to generate near-term and larger scale, high‐grade gold drilling targets to further strengthen our initial mining plans and potentially generate significant new discovery opportunities,” he said.
The new targets will be tested over the coming months.
Data bank review
Meanwhile, Vango’s management team has launched a detailed and extensive review of a data bank containing historical drilling results and other information, inherited in 2016 when Vango acquired the Marymia tenements.
Much of the information – estimated to be in excess of $130 million in drilling costs alone, in 2019 terms – was obtained by Resolute Mining (ASX: RSG), Barrick Gold and Dampier Gold (ASX: DAU) during their respective ownership periods.
“The review is extracting valuable information and allowing for the development of ongoing exploration programs over multiple large-scale, high-grade gold targets in areas which have been identified as a priority,” Mr McInnes said.
“Marymia may well be one of the most prolific, undeveloped gold assets in recent Australian mining history and [we believe] we are on-track to become tomorrow’s overnight success story.”
At mid-afternoon, shares in Vango were up 25% to $0.175.