Ausgold Limited (“Ausgold” or “the Company”) (ASX: AUC) is pleased to announce significant assay results returned from its reverse circulation (“RC”) drilling program undertaken at its Yamarna Project on Exploration Licence (“EL”) 38/2129. The Yamarna Project is located in central Western Australia and comprises around 600km² of prospective ground over the eastern-most Archaean greenstone belt of the Yilgarn Craton.
Two holes at the Winchester Copper-Nickel Discovery (refer ASX announcement 23rd September 2010) returned significant Copper, Nickel and Cobalt intervals, reported as Copper Equivalent (Cu Eq*) values below:
- 21m @ 1.24% Cu Eq from 88m (Hole YMRC009)
- 28m @ 1.16% Cu Eq from 99m (Hole YMRC010)
This current drill program was designed to follow up the discovery hole drilled in late 2010 that intersected:
- 33m @ 1.55% Cu Eq from 27m (Hole YMRC003)
In addition, a reconnaissance hole at a separate target returned an anomalous:
- 153m @ 0.1% Ni from 5m (Hole YMRC012)
The Company believes that these results are significant in terms of early first pass drilling results from Yamarna and demonstrate the potential of the area to host multiple Cu-Ni-Co sulfide and Ni sulfide deposits.
Commenting on the successful results from Yamarna, Chairman Robert Pett stated, “The results from the work our field team has been undertaking at Yamarna confirms the potential we believe for this project to host a significant copper-nickel-cobalt discovery. Whilst the Katanning Gold Discovery remains our key focus, we have a number of other projects within our portfolio that warrant further exploration – as these latest results clearly demonstrate”.
