Ark Mines (ASX:AHK) has commenced drilling at its Golden Honcho gold project in the Northern Territory to extend the strike and further define the size of the existing known mineralisation.
Drilling is scheduled take 2 to 3 weeks to complete and is expected to define a high grade, near surface oxide deposit.
A second phase of drilling is also planned with a view to defining a JORC resource at the Golden Honcho and Golden Slips deposits.
Average surface grades of 17.6 grams per tonne gold over 420 metres have been recorded at Golden Honcho while Golden Slips has returned 18.2g/t gold over 180 metres.
Earlier in the year, Ark secured full ownership of the Babinda Polymetallic Project in New South Wales’ Lachlan Fold Belt.
This project includes 20 historical mines, with one line of shafts previously recording 7% copper, 31 grams per tonne gold and 367g/t silver in multiple veins.
Ark highlighted the correlation of gravity highs and anomalous base metal results at the Elaine prospect as potential targets to follow up.
The company is lightly valued at $3 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.