Meanwhile, yesterday at its Comanche target, also in the Yandal project, Gateway completed its first diamond drill hole to a depth of 398.8m in a planned 4,600m program.
The hole was drilled on a westerly azimuth and confirms prospective potassic alteration in conglomerate on the margins of the Dusk ’til Dawn intrusive. It is reflected geophysically by a classic induced polarisation anomaly about 300m wide that was crying out for drilling.
In response to that initial success, Gateway plans to further probe the Comanche zone before year-end with a second hole, which will be on the opposite azimuth to the first, so that it will pierce the intrusive body and properly determine its composition and the nature of the contact.
In the interim, the rig has shifted to the company’s Haflinger target for two scissor holes into a 1km-wide IP chargeability anomaly whose signature points to possible sulphides at depth, cupped between two fault-bounded apophyses of what appears to be the same intrusion.
The IP anomaly aligns with a well-defined shear convergence, a major fault, a major shear flexure, and a key mafic-intermediate contact that has been found to host gold elsewhere in the locality.
The presence of a significant intrusive body adds icing to the cake as it is likely to have been the source of heat and mineralising solutions that could have passed into the enclosing regional plumbing system .
Gateway ended the June quarter with about $12.1m cash in the kitty and other liquid securities, bolstered by a recent $22.5m raising, which it says will ensure full funding for its 2025-26 exploration campaigns.
With a regional-scale magnetic geophysical survey about to become airborne and drill bits probing below the surface on multiple high priority gold targets, Gateway looks set to prise fresh gold potential out of these two key WA projects.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
