M3 Mining has quickly begun a 4000-metre air-core program following the return of high-grade gold from the previously undrilled El Capitan Prospect at its Edjudina Gold Project northeast of Kalgoorlie.
Early exploration had highlighted El Capitan as an extensive gold-in-soil anomaly and a scouting campaign completed just last month returned 5.7g/t gold over 20m from 24m and a primary assay of 13.5g/t over 4m from 24m – with re-assays coming in up to 638.8 g/t Au.
M3 Mining Executive Director Simon Eley said it was highly pleasing and exciting to be back in the field so soon, following up on high-grade strikes and testing the extent of primary mineralisation at El Capitan.
It is a credit to our small but motivated and enthusiastic team that we’ve been able to return to the field so quickly following the receipt and processing of the initial results received in early June. The significance of potential positive results from this rapid subsequent AC program is considerable,” Mr Eley said.
M3M has a stream of assays coming in from three other prospects at Edjudina after wrapping up drilling over the Jump Up prospects last month, and the young Australian gold explorer has a string of targets on hand in a Kalgoorlie region which continues to reprove its huge gold endowment.
With high gold prices and plenty of ounces left for discovery as the world’s central banks load up, commodity analysts see an industry ripe for consolidation. Musgrave Metals unanimously urged its shareholders to rebuke a Westgold offer just this morning, and there are much bigger offers on the tablewith gold re-proven as a premium haven asset.