Astro Resources NL (ASX:ARO) has moved to the third diamond drill hole site at the Needles Gold Project in Nevada, USA, with results from drill holes 1 and 2 expected in February.
Drill hole 2
Astro completed drilling hole 2 (21ND_002) on January 11, 2022.
The drill hole reached a total depth of 464.8 metres, was surveyed, plugged and abandoned in accordance with Nevada State requirements.
The hole intersected 80 metres of andesite between 306 metres to 386 metres containing generally 5% to 10% of pyrite and a further 33 metres of brecciated andesitic volcanics containing up to 10% to 20% pyrite between 386 metres to 419 metres.
Brecciated unit in hole 21ND_002 showing altered andesite clasts within a pyrite-rich matrix from 352 metres to 354.8 metres.
Within these pyritic intervals, propylitic alteration intensity was generally moderate to strong, with argillic and /or phyllic alteration encountered in the deepest intersections.
The hole then passed into a strongly broken zone of clay and rock fragments of andesite and of dolomite from the underlying basement between 419 metres to 421 metres.
Seismic Section A-A’ looking west, with chargeability anomaly overlain, interpreted faults (black), major sub-horizontal break (blue dashes), and conductive zone (pale blue patterned). The first two drill holes on this section that have been completed are shown in red.
The strong pyrite content of both holes is consistent with the strong DC/IP chargeability anomaly.
However, until the assays are received, Astro cannot determine whether there is gold mineralisation within the target zone.
The rig has been moved to drill site 21ND_003 and has commenced drilling.
Astro expects initial assay results of priority samples from drill holes 21ND_001 & 21ND_002 to be received during February.
Well funded for exploration
Astro recently raised a $3.553 million war chest from sophisticated investors to develop its existing precious metals and heavy mineral sand assets and take advantage of new gold opportunities in Nevada.
With a cash injection under its belt, Astro is primed to prove up its exploration portfolio in Nevada and Western Australia.
The explorer is focused on developing its Needles Gold Project in Nevada, an asset with numerous old gold workings on epithermal gold veins.
A geophysics campaign has identified a large, strong chargeability anomaly at the property that warrants further exploration.
As a result, an initial diamond drilling program to test the anomaly is underway.
Western Australian portfolio
In WA, Astro is prospecting for heavy mineral sands at the Governor Broome asset.
The project carries 52 million tonnes of ore at 4.6% heavy minerals (HM) in the indicated category, as well as 66 million tonnes at 4.0% HM in inferred resources.
Astro has also proposed an infill drilling campaign to upgrade resources at the recently acquired Jack Track deposits from the inferred to the indicated category.
With plans for a scoping study down the track, Astro believes Governor Broome has the potential to generate strong cash flows, with only modest capital required.