Essex Minerals Inc (CVE:ESX) (FRA:EWX1) announced positive new results from its sampling program along the Drummer Fault on its Mt Turner gold project in Australia.
The junior explorer said it had sampled up to 14.45 grams per ton (g/t) gold and 11.6 g/t silver at the site, confirming the presence of “highly anomalous” gold and silver mineralization in portions where the fault is exposed over at least 14.5 kilometres (km) of the 19km long strike length.
Vancouver-based Essex is planning to drill a 40 metres (m) wide mineralized shear zone target called Drummer Toy in the eastern portion of the fault.
READ: Essex Minerals poised for drill start at Mt Turner gold project in Queensland, Australia
According to Essex, the fault has “limited outcrop exposure”, yet the firm’s geologists were able to collect 18 rock samples from outcrop within the pits and along the fault.
"The Mt Turner project and particularly the Drummer Fault target continues to produce results that suggests we have generated a significant gold target and we are excited to be the first company to test the mineralization below the shallow (15m) oxide zone,” Essex CEO Paul Loudon told investors in a statement.
"We look forward to an exciting few months ahead of us as we report results from the Mt Turner exploration programs."
Located in northern Queensland, the Mt Turner property is currently a 50-50 joint venture with private Australian company KNX Resources. Essex recently reached an agreement to acquire a 100% of the outstanding shares of KNX, which will give it 100% ownership in the property, as well as a majority stake in two other Australian gold projects.
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