Ballarat Exploration Update Spectacular Gold Intersection
Castlemaine Goldfields Limited (ASX:CGT) announces results from exploration diamond drilling on the Sulieman Line of mineralisation at its Ballarat Gold Project. These results are from the Basking Fault Zone (BFZ) in the Llanberris Compartment and build on the knowledge gained from exploration success in the adjacent Britannia compartment.
Sulieman Line of Mineralisation Highlights:-
- Spectacular gold intersection from CBU095 on the lower BFZ Fault (SUL2):
29.1 m @ 32.1 g/t Au from 230.7m,
including 6.95m @ 6.3 g/t Au from 241.05m – massive spur vein zone
and 9.3m @ 91.5 g/t Au from 250.5m – fault related massive quartz
The CBU095 hole is located at the northern end of the Sulieman North target (see Figure 1) and lies approximately 135m west of the planned Lower Llanberris Decline. This decline is currently being mined to access ore from the First Chance Line of mineralisation, with first gold production planned to occur from this area in September this year.
The 29.1m interval comprises 70% quartz veining with the lower massive quartz section associated with a strong west dipping fault zone. This lower fault zone can be traced 140m along strike in existing drilling with the nearest hole, CBU054 45m to the south, containing 4.0m at 8.1 g/t Au including 1.4m at 20.2 g/t Au (ASX: Sept 2010 Quarterly Report).
The horizontal width for the CBU095 quartz intersection is estimated to be approximately 21m with height unknown. Follow up diamond drilling from the Lower Llanberris decline is now planned to test this new and exciting gold target across approximately 40m of strike.
CBU095 was part of a three hole program to test the BFZ within the Llanberris compartment. All holes were drilled from the Sulieman Decline. CBU093 intersected the Seven Stars Fault before the intended BFZ target with no result. CBU094 located the Basking Fault without significant quartz and although assay results are awaited, these are not expected to be highly gold bearing.
Managing Director Mr. Matthew Gill commented “This is one of the best underground gold intersections recorded to date in the Ballarat goldfield, and reinforces our conviction that the best area to explore and mine for gold at Ballarat is at the northern part of the goldfield.
As detailed in our ASX release on 26th May 2011, the Sulieman Line of mineralisation in Britannia holds potential for a 3rd ore source, and it was predicted that extensions to that gold mineralisation could be found in the adjacent Llanberris compartment. Now that we have returned to drill the Basking Fault in the Llanberris, it is very pleasing that the results are supporting our geological theories.
We are currently extending the existing underground decline and this will pass close by this intersection. We now plan to conduct in-fill drilling with the objective of being able to add this mineralisation into our near-term gold production plan. This represents a great upside for us, as we progress on schedule towards first gold production in September this year.”
For more information and Figure -1 please download this document.
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