Cygnus Gold Ltd (ASX:CY5) has defined several high-priority targets with coincident surface gold anomalism at its Lake Grace joint venture project in Western Australia.
The targets were identified using surface sampling and ground gravity surveys over prospects delineated in historical work, including the Panhandle and HR3 anomalies.
Follow-up drilling will commence once all results are received and interpreted.
Lake Grace is subject to an earn-in agreement with near-term producer Gold Road Resources Ltd (ASX:GOR), with Cygnus managing the initial exploration programs.
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Cygnus managing director James Merrillees said it was great to see the exciting results from the first programs at Lake Grace and Wadderin.
He said: “We’ve made significant progress since listing in January, from targeting to on-ground programs, including the use of low-cost gravity surveys to define high quality gold targets for follow-up.
“We appreciate the support of our partner Gold Road Resources on these projects as we prepare targets for drilling in the coming months.”
The company’s sampling program consisted of around 200 handheld motorised auger samples and identified two geochemical anomalies near the HR3 prospect.
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Surface sampling defined a thin, 500-metre-long gold anomaly associated with a northeast trending structure.
This anomaly is adjacent to a coherent multi-element anomaly, prospective for arsenic, antimony, bismuth, tellurium, molybdenum and lead.
These ‘pathfinder’ elements are typically associated with gold mineralisation in the region.
Follow-up sampling is expected to be complete later this month and drilling is planned later this year.