GoldArc Resources (ASX:GA8) grade control drilling advances mine planning at Mt Stirling

GoldArc Resources has completed the first phase of grade control drilling at the Mt Stirling gold deposit in Western Australia, with assay results now received for the vast majority of samples from the partner funded reverse circulation program.

These results are informing updated mining models and mine planning in preparation for the anticipated approval of the Mining and Development Closure Plan (MDCP), while mine planning progresses at Mt Stirling and grade control drilling continues at the adjacent Mt Stirling Well deposit.

Highlights

The 34,000m reverse circulation grade control program is fully funded by BML Ventures Pty Ltd under a 50/50 net profit share arrangement, with GoldArc retaining 100% ownership of Mt Stirling (M37/1306) and Stirling Well (M37/1305).

Approximately 21,597m of the program has now been completed, representing the completion of the first phase of grade control drilling at Mt Stirling.

The results reported in this announcement relate to 13 holes for 478m covering the eastern sector of the Mt Stirling deposit and, according to the company, continue to demonstrate both broad ore envelope continuity, consistent with the pattern established across preceding batches.

The reported intersections include 21m @ 2.36g/t Au from 7m in hole BMLRC033, 16m @ 2.13g/t Au from 1m including 2m @ 6.05g/t Au in hole BMLRC032, 16m @ 2.35g/t Au from 13m including 2m @ 6.88g/t Au in hole BMLRC045 and 18m @ 1.5g/t Au from 16m in hole BMLRC034.

Localised higher grade intervals were also reported within the broader envelope, including 7m @ 3.25g/t Au from 29m including 1m @ 11.00g/t Au from 32m, together with 4m @ 3.32g/t Au from 8m in hole BMLRC047.

While mine planning progresses at Mt Stirling, grade control drilling continues at the adjacent Mt Stirling Well deposit, located approximately 700m southwest of Mt Stirling within the Leonora North hub.

A further 20 holes for approximately 480m have been completed, returning assays consistent with near surface mineralisation reported in the first batch.

The company stated that the results continue to confirm gold mineralisation consistent with the resource model at Mt Stirling Well, which hosts a JORC Inferred Mineral Resource of 198,000t @ 2.3g/t Au for 15,000oz.

The announcement outlines the geological setting of the Mt Stirling deposit, where gold mineralisation is hosted within high strain schistose mylonitic deformation within the Hydra Fault, within a greenschist style strongly hydrothermally altered meta basalt.

At Mt Stirling Well, gold mineralisation is hosted within narrow, flat dipping quartz veins within a granitoid host rock, a different structural setting to the Hydra Fault controlled schistose mylonitic mineralisation at Mt Stirling.

GoldArc Managing Director Paul Stephen said,

“Completing the first phase of grade control drilling at Mt Stirling is an important milestone for the project. We now have assay results for the vast majority of samples, and that dataset is feeding directly into updated mining models and mine planning as we prepare for the anticipated approval of the MDCP. Results like 21m @ 2.36 g/t Au and 16m @ 2.35g/t Au, including higher-grade zones within them, continue to support the geological model we’ve built across these rounds.”

The company stated that the resulting dataset is being used to update mining models and inform mine planning in preparation for the anticipated approval of the MDCP, a regulatory approval required before mining operations can commence at Mt Stirling.

The company also stated that it is advancing near term milestones, including continuing the 34,000m reverse circulation grade control program at Mt Stirling and Stirling Well under the BML Ventures partnership, with further result batches expected progressively.

—

Click here to view the latest ASX news.

Subscribe to The Day’s Play for daily ASX insights and capital markets updates.