St George Mining Ltd's (ASX:SGQ) drilling at the Ascalon target has intersected mafic rocks with thick zones of hydrothermal alteration - which may have a gold association.
Four of the five planned drill holes at the Ascalon gold target have been completed, with the fifth underway.
Ascalon forms part of the company's wholly-owned East Laverton Project in Western Australia.
John Prineas, executive chairman, commented:
“The strong hydrothermal alteration in the Ascalon drill holes is consistent with a favourable system for gold mineralisation.
"This is a very good start to the drilling at Ascalon.
“At Bristol, previous shallow drilling has established a gold anomaly over 1 kilometre.
"Our drilling will be the first ever test of the bedrock geology there and also offers the potential for a breakthrough discovery.”
Assay results will provide a conclusive determination on the relationship between the favourable alteration encountered and the possible gold content.
Ascalon
Ascalon is hosted within the thickest section of the Minigwal greenstone belt, which is situated in the hanging wall of the Minigwal Fault.
The Minigwal fault is a deep (trans-lithospheric) structure providing a pathway for gold-rich hydrothermal fluids to move from the mantle into the upper crust.
Bristol
The Bristol gold target is situated along the Central Belt, where widespread anomalous gold (>0.5g/t gold) was encountered over a 1 kilometre strike length from shallow drilling in this area in the 1990's.
The average hole-depth for the past drilling was 40 metres and identified anomalous gold in the lower regolith.
Significantly, gold anomalism in seven of the eight drill holes occurs at the end of hole.
The continuation of this gold mineralisation, or the presence of bedrock gold mineralisation, has never been tested.
The gold anomalism is situated on the contact of the Bristol ultramafics/mafics with granites, as defined by a distinct magnetic and gravity gradient.
This is a favourable setting for gold mineralisation.
St George’s drill holes are planned to test the bedrock and regolith geology along this extensive gold anomalous zone.
Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.