GoldArc Resources (ASX:GA8) reports strong Mt Stirling Well results as mine planning progresses
GoldArc Resources has reported further grade control results from the Mt Stirling Well and Mt Stirling deposits within the Leonora North hub, with the latest results providing additional information for updated mining models and mine planning as the company progresses towards the anticipated Mining Development and Closure Proposal (MDCP) approval process.
Highlights
The third batch of grade control results from Mt Stirling Well (M37/1305) delivered the deposit’s strongest results to date, including 4m @ 9.24g/t Au from 16m including 1m @ 27.5g/t Au from 18m, 2m @ 15.5g/t Au from 18m including 1m @ 25.5g/t Au from 19m, and 2m @ 9.75g/t Au from 18m including 1m @ 18.7g/t Au from 18m.
Multiple intercepts above 7g/t Au at Mt Stirling Well confirm the presence of high grade shoots consistent with the deposit’s 2.3g/t Au resource grade.
The eighth batch of Mt Stirling results covered the eastern edge and western upper zone, returning elevated grade intervals including 2m @ 8.11g/t Au from 4m including 1m @ 14.9g/t Au from 5m.
Approximately 23,654m of the 34,000m combined grade control program has now been completed, with the first phase of grade control drilling at Mt Stirling largely complete.
GoldArc Resources has reported a third batch of grade control results from the Mt Stirling Well deposit (M37/1305) and an eighth batch from the Mt Stirling deposit (M37/1306), with both forming part of the partner funded reverse circulation grade control program in the Leonora North hub.
The grade control data is being used to inform updated mining models and mine planning in preparation for the anticipated approval of the MDCP.
Mt Stirling Well is located approximately 700m southwest of Mt Stirling within the Leonora North hub and hosts a JORC Inferred Mineral Resource of 198,000t @ 2.3g/t Au for 15,000oz.
The latest results represent the third batch of grade control results from the deposit, with a further 50 holes completed for approximately 1,369m.
Gold mineralisation at Mt Stirling Well occurs within narrow, flat dipping quartz veins hosted within granitoid rock, which differs from the Hydra Fault controlled schistose mylonitic mineralisation at Mt Stirling.
The company said the latest batch of results included multiple intercepts above 7g/t Au and subintervals exceeding 10g/t Au, confirming the presence of high grade shoots consistent with the deposit’s geological model.
Results from Mt Stirling covered 40 holes for 688m across the eastern and western upper zone sectors of the deposit.
These areas represent the deposit margins and upper benches, where mineralisation is characteristically narrower than the broader central envelope reported in prior rounds.
The results returned elevated grade narrow intervals that are informing mine boundary definition and ore/waste discrimination in these sectors.
GoldArc Managing Director Paul Stephen said the latest Mt Stirling Well results represented the strongest batch received from the deposit.
“The Mt Stirling Well results in this batch are the strongest we’ve seen from that deposit. Intercepts like 4m at 9.24 g/t Au and 2m at 15.5 g/t Au are encouraging and consistent with the 2.3 g/t Au resource grade, they give us confidence that grade control coverage at Stirling Well is tracking well.”
The 34,000m 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 Mt Stirling Well (M37/1305). With the first phase of grade control drilling at Mt Stirling now largely complete, GoldArc and BML Ventures are progressing mine planning using the resulting dataset to update mining models in preparation for the anticipated approval of the MDCP.
GoldArc is continuing mine planning and updated mining model work at Mt Stirling with BML Ventures in preparation for the anticipated MDCP approval.
The company has completed approximately 23,654m of the 34,000m combined grade control program, with focus shifting to Mt Stirling Well and mine planning at Mt Stirling.
Subject to MDCP approval, GoldArc and BML Ventures anticipate advancing towards commencement of mining at Mt Stirling.
Results from the Mt Stirling Well deposit are expected to contribute to broader Leonora North development planning, while further results will be released progressively as batches are received and QA/QC validated.