Karora Resources Inc (TSE:KRR) (OTCMKTS:KRRGF) (FRA:5RN1) has wrapped up its 12,000 metres drill program at the Spargos Reward gold project that delineated high-grade gold mineralization within 100 meters (m) of surface along a 400m strike length.
Drilling at Spargos extended the high-grade gold plunging shoot to over 300m down-plunge, intersecting 6.1 grams per ton (g/t) gold over 14m, including 8.6 g/t over 5.7m.
The drill intersection supported Karora’s plunging shoot interpretation associated with previously announced near-surface, high-grade intersections at the south end of the deposit, where intersections included 27.3 g/t over 15m, including 168 g/t over 1.3m.
READ: Karora Resources announces “strong” initial gold drill results from Lake Cowan in Western Australia
Karora told shareholders that all outstanding new drill results from the infill drilling program, which was designed to support resource modelling and mine design for open-pit evaluation, are now received. Significant gold results include 14 g/t over 6.3m; 12.7 g/t over 4m, and 22.3 g/t over 1.7m.
Spargos covers 33 square kilometers in the Eastern Goldfields of Western Australia, just north of its Higginsville mill. The project contains an existing historical gold mineral resource estimate of 112,000 ounces (785,800 tonnes at 4.4 g/t) indicated resource and 19,000 ounces (151,000 tonnes at 4 g/t) inferred resource.
The company is planning to put out a new resource estimate at Spargos in the second quarter of 2021.
Karora CEO Paul Andre Huet said in a statement that he was “extremely pleased” with the outcome of the maiden drill program at Spargos.
“In mid-November, we announced some of the best drill results in Karora's history and today we have confirmed a major extension of the high grade plunging shoot thesis we originally outlined with our first pass results,” Huet said. “This is a new shoot, not previously recognized by previous owners and highlights both near surface high-grade mineralization, as well as the underground opportunity that exists at Spargos.”
Spargos is expected to provide high-grade gold feed for the Higginsville plant in the second half of 2021, according to Huet. The CEO added that the company expects gold grades will increase as it progresses through the year.
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