GME Resources Limited (ASX: GME) has identified a shallow, largely oxide gold Exploration Target, at its Fairfield Project near Laverton in the North Eastern Goldfields, Western Australia.
The current Exploration Target estimate ranges from 90,000 tonnes at 2 g/t for 6000 ounces of gold up to 135,000 tonnes at 3 g/t for 13.5 thousand ounces of gold.
The Exploration Target was determined from 3D modelling of two mineralisation zones interpreted from historical drilling and preliminary surface mapping of historical workings. 3D mineralisation solids/zones were interpreted using a nominal 0.5 g/t lower cut and up to 3 m of internal dilution. Gold grade was determined from the weighted average of drill hole intercepts contained within the 3D solids and the application of a 40 g/t upper cut.
Sporadic exploration focussed on gold has been completed over the last 35 years at the Fairfield historical mine area. Exploration has involved regional scale geological mapping and surface soil sampling as well as various drilling campaigns.
The company has now delineated mineralised zones over a strike length of 225 m which envelop two medium to high- grade lodes at the northern and southern ends.
Historical drill hole intercepts returned from the north lode include: 7m @ 13.5 g/t Au from 49m; including4m @ 22.7 g/t from 49m; and 14m @ 4.9 g/t Au from 30m; including1m @ 40.6 g/t from 35m and 2 m @ 8.4 g/t from 42 m.
Managing Director, Jamie Sullivan, said further work is planned in Q3 and Q4 to upgrade the exploration target to a JORC compliant resource and complete preliminary evaluation of options to monetise the asset through the development of open pit operation with ore processing to be undertaken at a third-party plant within the region.
Ongoing work will include:
- Detailed Literature Review and subsequent corrections and updates to databases;
- Field validation and prospect scale geological mapping; and
- An RC drill programme to test tenor and extent of moderate to high-grade gold lodes.
