ActivEX (ASX: AIV) has started drilling at its Barambah epithermal gold-silver project in southeast Queensland.
Of interest, ASF Group (ASX: AFA) holds a 19.9% interest in ActivEX after subscribing for an additional 23.9 million shares at A$0.02 in October. This follows on its becoming a cornerstone investor of ActivEX in May 2012.
ActivEX had then placed 24.8 million shares at A$0.027 each to ASF Group.
This first phase of drilling will test three areas:
- extensions of high grade gold-silver mineralisation intersected in drilling of the Barambah Vein which confirmed a south plunging shoot of mineralisation extending from the open pit;
- recently discovered high grade outcropping vein material on the northern extension of the Barambah vein 160 metres north of previous drilling; and
- high grade parallel vein system located 500m northeast of the Barambah vein.
The second phase will be subject to results of the first phase.
ActivEX is also planning to drill scout holes to test two areas of outcropping vein material discovered during its 2012 field activities that are yet to be drill tested.
The northern Barambah Vein extension is an outcrop of brecciated silicified volcanic with crustiform veining averaging 4.3 grams per tonne (g/t) gold and 49g/t silver from 16 rock samples with values up to 11g/t gold and 164g/t silver.
The other target is a parallel vein system, 500 metres north east of the Barambah Vein, represented by poorly outcropping brecciated chalcedonic colloform veining which returned values up to 18.6 g/t gold and 214g/t silver.
Barambah is a joint venture (ActivEX 75%) with Norton Gold Fields (ASX: NGF) holding 25%,located northwest of Gympie.
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