Vango Mining Ltd (ASX:VAN)’s joint venture (JV) partner Lodestar Minerals Limited has hit anomalous gold intervals in drilling over 340 metres of strike at the Neds Creek JV Project in Western Australia, refocusing attention on a distinct magnetic anomaly hosted within this strike.
A previously reported intersection of 17 metres at 0.7 g/t gold from 122 metres drew the company’s attention to an untested 'bull’s eye' magnetic anomaly within the Contessa shear zone of the project.
Exploration update
Previous aircore drilling near the magnetic anomaly also intersected elevated gold associated with prospective geology, with one hole (LNR840) reporting elevated gold (greater than 0.1 g/t) from 60 metres to the end of hole at 84 metres, up to a maximum value of 3.14 g/t gold.
Lodestar says it has hit anomalous gold consistently over 340 metres of strike to the northeast, coinciding with strong alteration and deeper penetration of aircore drill holes to a maximum of 122 metres.
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Contessa shear zone showing 'bull’s eye' magnetic anomaly and adjacent transition zone gold anomalies aircore drilling (red dots).
The discreet 'bull’s eye' target is now considered a priority for reverse circulation (RC) drilling, with geophysical modelling already underway to identify the depth and orientation of the target.
A program of work approval is in place, and drilling will begin once a suitable contractor can be mobilised to site.
Vango Mining is earning a 51% interest in the Ned’s Creek JV by contributing $5 million of expenditure over three years.