Drilling at the Hub prospect has confirmed grade continuity NTM Gold Ltd’s (ASX: NTM) Hub prospect at the company’s 100%-owned Redcliffe Gold Project near Leonora in Western Australia.
Managing Director Andrew Muir said that new drilling results, particularly from the central part of the prospect, have added confidence to the robustness of the gold mineralisation.
The results have also extended the known strike area, with mineralisation been intersected over 200m south of the previous southernmost intercept, extending the strike of Hub to over 1,350m.
These latest results continue to demonstrate the potential of Hub with exceptional grades close to surface and a strike of over 1.3km,” Mr Muir said, Hub continues to grow with each drill program and we look forward to ongoing testing with drilling to recommence in coming weeks.”
The drilling programme of 31 RC holes for 4,643m and six diamond tails for 442m, was completed prior o Christmas, testing northern and southern extensions as well as shallow grade continuity.
NTM previously reported results from five metre composites from the first eight holes which returned exceptional grades close to surface. These were resampled on one metre intervals with results confirming the tenor of the previously grades and widths.
The five metre composite samples from the remaining RC holes have now been received, returning a large number of high-grade results. Additionally, the diamond drilling intersected high-grade mineralisation at depth.
Mr Muir said the recent drilling programme has successfully confirmed the grade continuity in the shallow high-grade central area as well as extending the mineralisation at depth and along strike.
However, drilling was partially hampered by high water flow rates and swelling clays in certain parts of the prospect. Consequently, a few RC drill holes were unable to achieve target depths.
NTM is assessing appropriate measures for future drill programmes. In addition, time constraints meant six holes that were designed to test the northern extents were not undertaken and will be drilled in the next programme.
Mr Muir said NTM has cash of approximately $5 million along with more than $4 million being potentially available from March 2020 in the money options
“Consequently, the company is very well positioned for an extensive and aggressive exploration programme in 2020.
“Whilst a key immediate focus will be on extending Hub, there will also be an emphasis on targeting new discoveries, and expanding the resource base.
“To this end, the company intends on undertaking extensive RC, diamond and aircore drilling programs across the year, with the next program scheduled for the coming weeks.”