Polymetals Resources Ltd (ASX:POL) has received the first batch of assay results from its recently completed 7,320-metre phase-2 drilling program at Alahiné Gold Project in Guinea’s Siguiri Basin, West Africa, that returned up to 8 metres at 5.26 g/t from surface.
Polymetals is aiming to become a gold production company, with a focus on its two 100%-owned exploration licences, totalling 112 square kilometres, within the gold-rich Siguiri Basin.
This basin hosts several large active gold mining operations along with significant and widespread gold anomalism.
Encouraging assay results
There were several highlights from Polymetals’ latest batch of assays, derived from its phase-2 drilling program comprising 98 holes.
Apart from the 8-metre result from hole AH21ARC057, other results included:
AH21ARC056 -
- 2 metres at 1.53 g/t gold from 32 metres;
- 5 metres at 0.37 g/t from 39 metres; and
- 6 metres at 0.40 g/t from 45 metres.
AH21ARC032 -
- 2 metres at 1.10 g/t from 26 metres;
- 7 metres at 0.31 g/t from 35 metres, and
- 5 metres at 0.50 g/t from 48 metres.
AH21ARC033 -
- 1-metre at 5.24 g/t from 21 metres.
The program consisted of 94 aircore (AC) and four reverse circulation (RC) holes for a total of 7,320 metres.
"Clear follow-up targets"
“We are very encouraged by the preliminary results received from the Alahiné phase-2 program, particularly the high-grade results from relatively shallow holes and eagerly await further assay results,” Polymetals supervising geologist Clive Hastings said.
“The new results from the Phase 2 program provides Polymetals with clear follow-up targets for the upcoming field season, anticipated to commence in November.
"Based on Polymetals’ preliminary exploration results at the Alahiné Gold Project, it is apparent that the project demonstrates a number of similarities with our neighbours, AngloGold Ashanti (ASX:AGG), in terms of geology and mineralisation styles and we look forward to the next phase of drilling to test the fresh rock potential beneath the north-south zones.”
What’s next for Polymetals
With the first batch of assays received from a program that was designed to test new priority targets, Polymetals is now waiting for the next batch of assays, to help it plan further drilling as it looks to extend the oxide mineralisation and test new targets.
Over the following weeks and months Polymetals is expected to:
- Receive the second batch of assay results (expected) in mid-September.
- Deliver the balance of phase-2 samples to SGS Bamako, Mali this week.
Polymetals remains focused on extending the oxide gold mineralisation and testing for primary gold potential at Alahiné and will continue to update the market as results are made available.