Karora Resources Inc (TSE:KRR) (OTCMKTS:KRRGF) (FRA:5RN1) Wednesday reported initial drill results from its newly-acquired Spargos Project in Western Australia, which included 29.8 grams per tonne (g/t) gold over 19.0 metres (m).
The company noted that these drill results, part of a 12,000m drill program at Spargos, are all within about 100m of surface and could potentially be included in an expanded open-pit scenario. It also expects a new Spargos mineral resource to be included in the company’s upcoming fourth-quarter mineral resource and reserve update.
Karora Resources CEO Paul Andre Huet said in a statement: ”Our exploration drilling program at Spargos is off to a tremendous start. I am thrilled to share our new drill results with the market. Our first pass exploration drilling aimed at following up on the broad, high-grade historical drill intercept 19SPRRC004 (37.1 g/t over 18.0m) has returned outstanding results that have exceeded our internal expectations. It is not often that these kinds of grades are drilled over such widths this close to surface. I am very much looking forward to our exploration team continuing to test the area.”
READ: Karora Resources now a “top tier” junior gold producer in Western Australia after completing acquisitions and disposals
He added: “The results announced today are within and along strike of the main high-grade zone already included in the open pit planned by the previous owners of Spargos. The new mineralization we have encountered has identified a potential new plunging shoot, which remains open both along strike and down-plunge. We currently have two drills turning on the project with one focused on exploration and one focused on resource definition drilling ahead of our upcoming resource and reserve estimate in December, which will form the basis of an initial mine plan. I look forward to providing additional drill results from Spargos as they become available from our ongoing programs.”
Karora said the balance of the initial Spargos drill program will be completed before year-end.
Karora acquired the Spargos Reward Project in August 2020 for A$4 million in cash, which also requires a minimum spending commitment of A$2.5 million on exploration and development over a two-year period. The historic Spargos Reward Gold Mine produced 105,397 tonnes at an average grade of 8.56 g/t gold in the 1930s and 1940s.
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Story by ProactiveInvestors
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