White Cliff Minerals (ASX:WCN) has intersected some impressive gold intersections from the first four holes of a reverse circulation program at the company's Aucu gold project in the Kyrgyz Republic.
Drilling along strike from the Lower Gold Zone delivered:
- 6 metres at 38.4 g/t gold, including one metre at 95.5 g/t gold and; 1 metre at 10.3 g/t gold.
Highlights encountered 550 metres along strike from Upper Gold Zone:
- 3 metres at 41.4 g/t gold, including 1 metre at 71 g/t gold; 1 metre at 58 g/t gold; and 6 metres at 3.2 g/t gold.
Todd Hibberd, managing director, commented:
“The company is very pleased that drilling continues to demonstrate that the deposit has extensive high grade gold intersections and that the mineralisation extends along strike while remaining open in both directions and at depth.
“The initial results are exceptional and further results will be available shortly.
"Given the exceptionally high grade and free gold encountered in these initial samples duplicate testing has been undertaken to confirm the results.
"High levels of gravity recoverable gold are fantastic for mining but challenging for the assay laboratory. It is a great problem to have.”
Aucu gold resource is currently 156,000 ounces at 4.2g/t gold.
A number of operating mines are within 50 kilometres of Aucu, including Charaat Gold’s (AIM:CGH) 6-million-ounce Charaat mine and Fortune LLC’s 5-million-ounce Ishtamberdy mine.
Analysis
Today's exceptional drilling results confirm that high grade mineralisation extends along strike while remaining open in both directions and at depth.
Initial assay results for this 2015 drill program have boosted the size and grade of Aucu, with the potential scale of the project growing in significance. In fact, given results to date, and areas along strike and at depth yet to be drilled, this has all the hallmarks of a monster resource in the making.
Assays are still pending for 10 holes and the final 4 holes have been dispatched to the laboratory.
The drilling program has now been wrapped up for the season due to heavy snow.
Work doesn't stop there as White Cliff is currently selecting samples from the 2014 drilling program for preliminary metallurgical test work.
This includes testing of gravity recoverable gold and cyanide leachable gold, which will be undertaken in Perth over the next 3 months.
Exploration news flow though will continue from the company's Merolia Nickel project in Western Australia.
During the September quarter White Cliff obtained all necessary work approvals and completed the planning processes to undertake drilling of targets, which is expected to commence in November 2015.
White Cliff also recently extinguished the final US$65,000 of convertible notes by way of a cash payment to Magna Group LLC.
The company has now fully repaid all its convertible debt liabilities, which has the potential to remove an overhang on the stock.
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