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Encounter Resources samples high grade gold from Telfer West

Encounter Resources Ltd (ASX:ENR) has received results of up to 61.4 g/t gold from a rock chip sampling program completed at the Telfer West project in Western Australia.

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Encounter Resources Ltd samples high grade gold from Telfer West

The company’s shares were last trading at $0.10, up 18% intraday.

Telfer West is located 25 kilometres north-west of Newcrest Mining Ltd’s (ASX:NCM) major gold-copper operation at Telfer.

Historical drilling at the Egg Prospect at Telfer West has identified a substantial volume of stockwork style gold mineralisation within the Malu Formation.

The recently completed rock chipping program was in an area adjacent to the historical drilling at the Egg Prospect.

The results, including 61.4 g/t, 39.3 g/t, 18.2 g/t and 12.2 g/t gold, indicates the potential for multiple lenses of high grade gold quartz veining within a broader stockwork system.

An induced polarisation (IP) survey is scheduled to commence in November 2016.

Encounter has also scheduled diamond drilling to commence at Telfer West in November 2016.

This diamond drilling will initially focus on continuing the prior drill testing at the Egg Prospect and to test a magnetic anomaly.

Encounter has also recently acquired an additional gold project in the Telfer region at East Thompson’s Dome.

The consideration for the acquisition was 250,000 ordinary shares in Encounter and $15,000 in cash.

The ground exploration activity at East Thomson’s Dome, that may include IP surveying and drilling, is scheduled to commence in early 2017.

Quick facts: Encounter Resources Ltd

Price: 0.13 AUD

ASX:ENR
Market: ASX
Market Cap: $36.51 m
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