Westar Resources Ltd (ASX:WSR) has completed an 11,038-metre aircore drilling program at the Coolaloo Gold Project near Mt Magnet in Western Australia testing high-priority targets, with samples submitted to a laboratory in Perth.
Drilling encountered the targeted prospective Banded Iron Formation (BIF), mafics and other prospective units.
Turnaround of results is expected over the next several weeks while reverse circulation (RC) programs at Winjangoo and Gidgee South are in the final stages of planning and are expected to begin in mid to late April.
Shares have been up as much as 10% on this news to 22 cents intra-day.
“Interpreted target lithologies encountered”
Managing director Karl Jupp said: “The interpreted target lithologies were encountered in numerous drill holes and the geological team will now integrate this new geological knowledge to our existing datasets in between assay turnaround and the RC drilling to commence soon at Winjangoo.”
He said these initial results provided Westar with the confidence to begin a follow-up exploration program following the receipt of assay results.
The maiden drilling program, which comprised 373 holes, was designed to penetrate regolith to the basement and provide a first pass geological and geochemical assessment of the high priority drill targets as well as provide information to refine the company’s interpretation of the bedrock geology.
Priority targets for the aircore program were identified from auger soil sampling, geophysical surveys and a litho-structural interpretation and targeting study completed by Southern Geoscience.
Winjangoo and Gidgee South drilling
RC drilling at the Winjangoo and Gidgee South projects is expected to commence in mid-late April with approved POWs in place with heritage surveys complete and the designated drilling contractor engaged.
Westar’s projects are strategically located in highly prospective parts of some of WA’s most prolific goldfields including Sandstone, Mt Magnet, Southern Cross and Nullagine.