Octagonal Resources (ASX: ORS) has intersected gold at the Burns Prospect within the Hogan’s Project in Western Australia, with the results from a recently completed 10,000 metres aircore drilling program.
Highlights include:
- 3 metres at 12.06 grams per tonne (g/t) gold from 82 metres;
- 1 metre at 1.29g/t gold from 84 metres; and
- 3 metres at 0.86g/t gold from 44 metres.
Hogan’s is highly prospective as the project is located 70 kilometres southeast from the 70 million ounce Kalgoorlie Super Pit and 30 kilometres east of Gold Fields’ (NYSE: GFI) (JNB: GFI) 12 million ounce St Ives Goldfield.
The project is also in proximity to the Silver Lake Resources (ASX: SLR) 800,000 ounce Daisy Milano Mine and Integra Mining’s (ASX: IGR) 400,000 ounce Salt Creek Mine and Lucky Bay Prospect discoveries.
The drilling also tested the potential of the southern side of the Salt Creek – Lucky Bay Gravity Trend and the southeast side of the Carlson Prospect to host a major gold deposit.
Encouraged by the results, the company intends to complete a closer spaced aircore drilling program later this year to better define the distribution of gold mineralisation and further assess the potential for this target to host a major gold deposit.
The prospect area is subject to farm-in and joint venture agreements with Gladiator Resources (ASX: GLA), Gold Attire Pty and West River Pty.
Mining giant Newmont Mining (NYSE: NEM) (TSE: NMC) holds an 8% stake in Octagonal.