Karora Resources Inc (TSE:KRR) (OTCMKTS:KRRGF) (FRA:5RN1) reported what it called “encouraging” Phase 1 drill results from initial scout drilling on the Lake Cowan area just outside the company’s Higginsville Gold Operations in Western Australia, which included 3.64 grams per tonne (g/t) gold over 16 metres (m).
The company said initial scout drilling at Lake Cowan in the Higginsville Greater area has delivered “exciting” new drill targets in previously under-explored and sparsely-drilled land east of its Higginsville mining operations.
Karora noted that Lake Cowan represents a high-priority exploration area for the company in 2021, as part of its A$20 million drilling and exploration budget, as it has similar geology to many of the major gold deposits within the Kalgoorlie-Kambalda-Norseman area.
“Initial scout drilling results from our Lake Cowan prospect, which is part of the Higginsville Greater exploration area, have been particularly promising,” Karora Resources CEO Paul Huet said in a statement.
READ: Karora Resources now a "top tier" junior gold producer in Western Australia after completing acquisitions and disposals
He added: “All of the results are located at relatively shallow depths, including some particularly strong, and potentially open pittable, gold intercepts such as 1.35 g/t over 50 metres which includes a very robust intercept of 3.64 g/t over 16 metres in hole HIGA8864.”
“These are excellent results for first pass air core drilling and confirm the strong exploration potential of the Lake Cowan area.”
Karora Resources also noted that its CEO Paul Huet will be relocating to Western Australia in the first half of 2021 to lead its near-term organic growth initiatives alongside the company’s Managing Director Australian Operations Graeme Sloan.
Karora added that it expects to outline its growth plan to the market in the coming months.
The company also announced that Oliver Turner has been promoted to the position of Executive Vice President, Corporate Development and will continue to oversee strategic corporate initiatives and will provide senior leadership to support Karora's TSX listing and capital markets relationships in North America from his office in Toronto.
As well, Karora said it has confirmed its participation in the following upcoming investor conferences:
- BMO Global Metals and Mining Conference to be held March 1-5, 2021;
- Red Cloud 2021 Pre-PDAC Mining Showcase to be held March 3-5, 2021;
- PDAC 2021 Virtual Convention to be held March 8-11, 2021; and
- Stifel GMP 2021 Virtual Canada Cross Sector Insight Conference to be held April 21, 2021.
Contact Sean at sean@proactiveinvestors.com