With assay results from near surface (45 metres), the follow-up drilling by Strategic Minerals Corporation (ASX: SMC) has paid dividends.
Gold intersections at the Woolgar project, located 120 kilometres north of Richmond in north Queensland, included a wide and very high grade intersection of 8 metres at 28.2 g/t gold at Big Vein (including 2m @ 110 g/t gold).
Others included 2m @ 13.6 g/t gold intersection at Big Vein; and 21m @ 2.81 g/t gold intersection at Big Vein South (including 9m @ 4.73 g/t gold).
Clearly, these results have potential to add additional resources at the Woolgar project.
The regional area includes multi-million ounce gold deposits developed at Kidston (4.1 million ounce (oz) gold), Charters Towers (7.1m oz gold), Mt Leyshon (3.2m oz gold) and Pajingo - Vera Nancy (3.2m oz gold).
The company is planning an expanded drilling program and detailed surveys of the existing drilling and associated outcrops in 2011.
The program will include further infill drilling to allow resource estimations to be made at the Big Vein and Big Vein South prospects.
Strategic Minerals has a market capitalisation of A$13.95 million and had A$1.615 million at the end of the September quarter.