Strata Minerals Limited (ASX: SMX, “Strata” or “the Company”) is pleased to announce commencement of a maiden drill program at its Penny South Gold Project in Western Australia.
Highlights:
- Maiden drilling program underway at Strata’s Penny South Gold Project in WA’s Goldfields
- Drill targets lie ~500m immediately south of the high-grade Penny West and Penny North gold deposits currently being mined by Ramelius Resources Limited (ASX:RMS) (723,000 tonnes at 17g/t Au for 3G5,000 ounces1)
- The planned reverse circulation (RC) drilling program will consist of 13-holes for ~2,800 metres, targeting two priority areas at Penny South
- Drilling aims to test the interpreted along strike and down plunge mineralised trend from Ramelius’s Penny deposits and immediate down-dip extensions of shallow anomalous intersections from historical drilling
- The drilling campaign, which is part of a drill-for-equity agreement with Topdrill, is expected to take approximately four weeks with initial results expected late March/April
Managing Director Peter Woods commented:
“It’s fantastic to start drilling at Penny South, targeting two of our priority target areas. We are excited to see what is uncovered at depths immediately along strike from the Penny Mine which is just to the north of us and test down dip extensions of historical shallow anomalous intersections, overlooked by the project’s previous owners. With recent gold discoveries across WA, we’re driven to make Penny South one of those success stories. This first round of drilling will provide critical information to assist us in that pursuit.”
Penny South Gold Project, WA
The Penny South Gold Project (Figure 1) is located in a world class gold district, only ~500m south of the Penny Mine Project – one of Australia’s highest grade producing gold mines, owned and operated by Ramelius Resources Limited (ASX.RMS), with Ramelius recently announcing plans to expand exploration at Penny to the south, towards the northern boundary of Strata’s tenements2.
The Penny West Shear, which controls the location of gold mineralisation at RMS’ Penny North/West gold deposits, extends south into Strata’s Penny South Project, with ~2.5km of strike contained within the project area.
The planned program of 13 reverse circulation (RC) holes, totalling 2,864 metres, aims to test the interpreted along strike and down plunge mineralised trend extensions of the high-grade Penny West and Penny North Gold Deposits, as well as investigating zones of anomalous mineralisation from historical drilling3 (Figure 2).
Strata’s identification of a demagnetised zone within Strata’s Penny South Project, similar to the one associated with the Penny West and Penny North Gold Deposits just to the north of the Penny South Project (~500m), was a key component of the targeting process. The de-magnetised zone is interpreted as the pathway of a mineralising fluid system along the key structural pathways (Figure 3).
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