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Saracen Mineral Holdings hits high grade gold at Red October

Published: 04:40 23 Jun 2014 BST

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Saracen Mineral Holdings (ASX:SAR) should trade firmer after intersecting multiple high grade gold zones at its Red October underground mine in Western Australia.

The resource extension drilling confirms high grade continuity at depth; with intercepts including 12.4 metres at 32.8g/t from 152.7 including 4.9 metres at 72.5g/t, and 5.4 metres at 55.4g/t from 167.9 metres.

Narrower intercepts up to 319g/t were also assayed.

Resource extensions are now undergoing modelling for inclusion in next year's mine plan.

These results which are some of the highest grade intercepts ever drilled at Red October and are a prelude to the commencement of the most significant exploration drilling program to be conducted at Red October.

A significant pipeline of exploration news flow is coming over the coming quarters, with the Red October underground drilling program to be followed by major exploration programs at Thunderbox and Karari.

Saracen shares jumped earlier in the year after acquiring acquire the Thunderbox and Bannockburn gold mines and operations from Norilsk Nickel, the giant Russian mineral producer.

 

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.

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