Gold Road Resources Ltd (ASX:GOR) and joint venture partner Cygnus Gold Ltd (ASX:CY5) have mobilised a second drilling rig to Lake Grace where around half of a 20,000- metre aircore drilling program has been completed.
The program is targeting high-grade gold on the Lake Grace and Yandina JV in Western Australia’s southwest where Cygnus is managing exploration on behalf of Gold Road.
This program is expected to be completed early next month with first results anticipated over the coming weeks.
Gold Road has now notified Cygnus of its intention to begin management of the JV at the completion of the current program, which marks a key milestone in the evolution of the JV and strong endorsement of the projects’ technical merits.
Cygnus Panhandle project
Meanwhile, Cygnus Gold is targeting the discovery of gold and base metals deposits within the Southwest Terrane, in the Wheatbelt region of Western Australia and has announced a new tenement application in the prospective Panhandle Greenstone has been granted.
The Panhandle Greenstone Belt is considered prospective for base metals and gold similar to the Rover prospect being explored by Twenty Seven Co Limited (ASX:TSC) to the north which has intersected high-grade gold including 5 metres at 9 g/t.
Cygnus’ tenement covers about 100 square kilometres and is immediately adjacent to Cobre Ltd’s (ASX:CBE) Perrinvale Project where drill intersections of 5 metres at 9.75% copper, 3.4 g/t gold, 34 g/t silver and 3.1% zinc were found.
Cygnus Gold managing director James Merrillees said: “Cygnus remains focused on exploration at our 100% and joint venture projects in the Wheatbelt, however, we have always kept a close watch on opportunities elsewhere in the Yilgarn.
“Our ability to quickly recognise the potential of the Panhandle Greenstone Belt and successfully apply for a strategic section of this very competitive region is part of this strategy, and we look forward to updating the market with results from our exploration programs there in the coming months.”