Several flexures and a suite of northeast trending structures add to its complexity, which the company believes makes it highly prospective for large-scale gold mineralisation, due to a series of dilation zones being conducive to the emplacement of hydrothermal fluids.
The 2-D survey at Haflinger delineated a high-chargeability anomaly about 1km in width, coincident with the structural intersection, pointing to the possibility of disseminated sulphides within the shear zone. In a further boost to its potential, the anomaly coincides with the contact between mafic and intermediate volcanic units. Elsewhere within Yandal, the contact between the units has acted as a host for gold mineralisation.
Notably, historic wide-spaced rotary air blast drilling conducted to the west of the chargeability anomaly, kicked-up encouraging results of 16m grading 1 gram per tonne (g/t) gold from 36m and a 20m stretch at 0.6g/t gold from 48m which was still mineralised at the bottom of the hole. A further hole 300m to the south produced 15m going 0.9g/t gold from a depth of 68m to the bottom of the hole.
Management says the three holes ended in weathered material and did not intersect the anomaly or shear structure, due to being offset too far west.
Dusk ’til Dawn’s northern intrusion, or Comanche prospect, lies directly along strike from its mineral resource. The survey revealed a 300m-wide chargeability anomaly, indicative of mineral sulphides, within the shear zone coinciding with the northeastern fault intersection. Resistivity data indicated the silicified cap sits at a depth of about 40m and previous air-core drilling failed to penetrate the cap, leaving the anomaly and shear zone untested.
The company plans to plunge its first diamond hole from the program into the prospective zone.
At Dusk ’til Dawn, the western intrusive body has been classified as a sanukitoid, with sanukitoid intrusions a common feature associated with multi-million-ounce gold deposits found within the Eastern Goldfields.
Gravity inversion modelling and hyperspectral analysis of drill chips across the Dusk ’til Dawn region have identified multiple targets along the margin of the sanukitoid.
Results from the 3-D survey indicate the Dusk ’til Dawn deposit is within a resistivity anomaly that wraps around the sanukitoid margin, with increased chargeability.
The company says a second resistivity anomaly is present on the eastern margin of the intrusion, adding to the potential for a new gold discovery within the Dusk ’til Dawn corridor and highlighting the importance of proximity to sanukitoids within Yandal as part of a targeting methodology.
At the eastern intrusion, the 3-D IP survey identified very high chargeability responses on both margins of the intrusions spanning 4km of strike and coinciding with interpreted shear zones.
The company is in the enviable position of sitting on a $12.1 million stash of cash at the end of June, which has been bolstered further with a $22.5 million recent capital raise. It is noteworthy that executive chairman Bray stumped-up a cool $1 million to participate in the raise, with fellow directors and related parties chiming in for a further $675,000.
Bray continued to show his faith by bumping up his shareholdings with further on-market purchases to the tune of $8 million in the space of one month.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
