Volt Resources Ltd (ASX:VRC), a graphite producer, battery anode material developer and gold explorer, has identified four major gold anomalies during the first phase of an auger drilling campaign at its holdings in Guinea.
The auger drilling campaign identified drilling targets consisting of large geochemical gold anomalous areas at the Konsolon and Nzima permits. This work has:
- Extended the known gold anomalous areas in Kouroussa to more than 1,000 metres in length;
- Identified two major gold anomalies in the Konsolon permit for a combined strike length of more than 2,450 metres and which remain open and a number of other gold anomalous areas;
- A large open gold anomaly within the Nzima permit, which is currently 600 metres in length and remains open.
Investors responded positively with VRC’s share price rising as much as 7% this morning to $0.031.
Large anomalous zones
“The results of the auger campaign have identified some large anomalous zones which will be the target of future RC drilling programs and follow up auger drilling programs,” Volt Resources managing director Trevor Matthews said.
“With the recent exploration success by others in the region, particularly near the Kouroussa permit, the Volt board sees opportunities to provide funding for future exploration programs and to create value for shareholders through considering ownership options for the Guinea gold projects.”
All assay results have been received for the infill auger drilling program in VRC’s Kouroussa permit and initial auger drilling programs at Nzima, Konsolon, Monebo and Fadougou permits.
The anomalous areas are defined by a cut-off grade of greater than 0.05 g/t gold. Results exceeding 0.5 g/t can be considered robust RC drill targets, according to VRC.
Konsolon Permit auger results
The auger program at Konsolon was concentrated in three areas that have historical systematic soil sampling information. A total of 471 auger holes with a total collective length of 4,773 metres were drilled at the permit with spacing of 400 metres by 100 metres.
This program utilised inexpensive and efficient methodology which would penetrate and sample below the laterite cover, intended to improve the geochemical understanding of the areas.
Two main anomalous areas and four other small anomalies were identified by the auger program. The two large anomalies have strike lengths of 1,400 metres and 1,050 metres respectively, with both open to the northwest and southeast.
Upcoming program within the Konsolon permit:
- Infill auger drilling program is proposed at the anomalous area to better delineate the anomalies; and
- More analysis will be conducted on the samples with anomalous gold values and their adjacent samples in order to better understand the nature of the saprolitic material and the form of mineralisation present.
Nzima Permit results
At Nzima, the auger program was concentrated in the three areas (Area 1, Area 2, and Area 3) that had anomalous grab sample assays and artisanal workings present. A total of 101 auger holes for a total length of 972 metres were drilled.
After all assay results were received, analysis revealed Area 1 to have a geochemical anomaly. The area hosts a consistent anomaly with a strike length of 600 metres that is open along strike and to depth. Assay results with grades up to 1.14 g/t gold have been returned.
Upcoming program at Nzima:
- A total of 71 auger holes and four RC holes have been planned for 2,130 metres and 280 metres respectively;
- Auger holes have been planned to test extensions of mineralisation to the north at to the south; and
- RC holes have been planned to follow up intercepts from auger drilling.
Kouroussa Permit drilling
The auger drill program at Kourossa tested previously identified anomalies’ extension and infilled spacing between previous auger holes. Assay results have been received confirming the consistency of the anomalies and extending the previously identified anomalies to over 1,000 metres in total strike length.
Upcoming program at Kouroussa:
- Total of 1,980 metres of RC drilling planned in the area to follow up auger drilling mineralisation intercepts; and
- Planned length includes 980 metres of first-pass drilling and 1,000 metres of deep drilling.
Guinea Projects and Permits
VRC has six permits covering 348.7 square kilometres in Guinea’s highly prospective Siguiri Basin and has grouped them into three projects: the Kouroussa Project, Mandiana Project and Konsolon Project. Permits are held through Volt’s wholly-owned subsidiary Gold Republic Pty Ltd.
The Konsolon permit constitutes one prospective permit, but Kouroussa consists of the Kouroussa, Kouroussa West and Fadougou permits and Mandiana consists of the highly prospective Nzima permit and Monebo permit.
