Polymetals Resources Ltd (ASX:POL) is testing the potential for Siguiri-style shallow oxide gold across its Alahiné licence within the Guinea section of the prolific gold-producing Siguiri Basin, with a team of geologists including a senior POL geologist on site managing the phase-2 drilling program.
The focus is to test the lateral and vertical extent of the phase-1 hole 14 gold mineralised zone as well as areas enclosed by the 40 ppb gold-in-soil contours generated from two previous geochemical soil sampling campaigns.
Phase-2 drilling
A total of 112 holes along 14 drill fences are planned as part of the 5,100-metre phase-2 aircore and reverse circulation program which began on June 29, 2021.
It will test artisanal gold diggings enclosed by the 40 ppb contours at the East Alahiné North, Central and South prospects.
A senior POL Australian geologist is on-site managing the Phase 2 drilling program, assisted by four local geologists and the company’s country manager.
All samples generated by the company’s drilling activities are to be analysed by SGS at their Bamako facility in Mali.
Proximal gold deposits relative to the company’s exploration licences.
In prolific region
The West African region hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.
Polymetals’ Exploration Licences, known as Alahiné (64.2 square kilometres) and Mansala (48.2 square kilometres), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.
The company also continues to investigate new business development opportunities within the Siguiri Basin as well as advanced mining opportunities in Australia in a bid to diversify its asset base.
Recent listing
Polymetals recently listed on the ASX, commencing trading on June 29, 2021, after raising $5.2 million in an IPO at $0.20 per share, marking a major milestone for the company in progressing its aim of becoming a gold explorer and producer.
The IPO was supported by institutional investors, resource-focused funds and sophisticated and retail investors, with the company having 79.44 million ordinary shares on issue.
Polymetals’ board consists of non-executive chairman David Sproule, independent non-executive director Dr Christopher Johnston and independent non-executive director Christopher Schroor who together have a broad range of experience in gold exploration, mining, production and corporate management.