Meeka Gold Ltd (ASX:MEK) has received broad gold intercepts from reverse circulation (RC) drilling at the Circle Valley Gold Project in WA's Albany-Fraser Mobile Belt, where the company has been testing for gold below a 1.2-kilometre by 400-metre zone of regolith (loose cover) gold.
Assay results of note include:
- 24 metres at 1.21 g/t gold from 24 metres;
- 16 metres at 3.06 g/t from 32 metres, including 4 metres at 10.80 g/t;
- 10 metres at 4.72 g/t from 120 metres, including 4 metres at 10.20 g/t – hole ends in mineralisation; and
- 4 metres at 2.51 g/t from 96 metres.
These assays originate from along strike and down dip from a previously reported result, which is restated here with results for 1-metre samples:
- 23 metres at 5.09 g/t gold from 13 metres, including 10 metres at 9.35 g/t and 7 metres at 2.91 g/t.
Meeka believes these results support the theory that Circle Valley could hold a very large-scale gold system similar to the Tropicana Mine, which is host to a 4.9-million-ounce gold resource.
Project is “fertile for gold”
“These results continue to support our thesis that the geology at Circle Valley is fertile for gold mineralisation and that the project remains vastly underexplored and is now the subject of systematic and focused exploration for the first time,” Meeka Gold CEO Tim Davidson said.
“The company is encouraged by the data that is being collected during the drilling and sampling process as it continues to indicate similarities between the geology and alteration present at Circle Valley, and that which is present at the Tropicana deposit to the northeast.
“We look forward to updating shareholders with respect to this developing exploration story over the coming weeks.”
Meeka has interpreted a zone of higher-grade gold mineralisation that sits within a 10 to 80-metre-thick section of lower-grade mineralisation, currently defined over a strike length of 700 metres but remaining open in all directions.
Assay results from step-out drilling to the north and west of this target zone are still pending, while additional drilling of step-out holes to the north is already underway.