First JORC Compliant Resource For Historic Gold Exploration Area
Dampier Gold Limited (ASX:DAU) has reported a maiden JORC Resource from the Credo Well tenements in Western Australia under the Credo Well Joint Venture with Torian Resources Limited (ASX: TNR).
The release of theResource Estimates follows the drilling of high grade gold intercepts from the Credo Well and Credo Well North prospects. The Inferred Resources total 86,519 t at 4.41 g/t Au for 12,259 oz Auare from the Credo Well and Credo Well North West deposits.
Within the Resources there are open cut resources of 79,137 t at 4.2 g/t Au for 10,684 oz Auwithin two preliminary pit optimisation shells, demonstrating the economic potential of these resources. Outside of the pits, resources have been restricted to zones with a 5 g/t Aucut off.
The completed programme included 12 reverse circulation holes for 1,032m targeting extensions to mineralisation at Credo Well and Credo Well North. In addition to this, a 56-hole Aircore programme was also completed with a total of 2,620m of aircore drilling. The aircore drilling intersected anomalous gold (>100ppb Au) at Fidelitas West and Area 10 with key geological information taken from all prospects.
At Credo Well, drilling was oriented to test the intersecting zone between the Credo Well Shear and the Credo Well Antiform, a regional fold system.
Dampier Gold’s Executive Chairman, Malcolm Carson,said these results have improved the JV’s understanding of the controls of the system and most encouraging is the intersection of a high-grade zone outside of the main Credo Well Shear structure. Hole DCRRC0187 intersected 5m @ 6.7 g/t Au (including 1m @ 18.35 g/t Au).
This zone falls within a gold corridor thought to be controlled by the regional folding. This corridor can be traced between Credo Well North and Credo Well in a northwest-southeast trend, will be further tested.
“This is an exciting and extraordinary result given that it is our first drilling campaign since entering into the Credo Gold Project JV. Particularly for the Credo area, which has been subject to significant drilling over the past 30 years and this is the first JORC compliant Resource to be identified and confirmed,” Mr Carson said.
“The hard work of the Dampier team has resulted in a greatly enhanced understanding of the mineralisation systems and unravelled the complex structural controls resulting in quantifying 12,259 oz of gold at relatively shallow depths that could support mining operations.
“The exciting results have clearly demonstrated the presence of gold structures lying within a northwest trending high grade corridor, which has a potential for a number of parallel or en-echelon mineralised zones subject to further exploration. The combination of RC and Aircore drilling has generated sufficient data for us to estimate further significant new exploration targets in addition to the current defined resources. The focus of ongoing drilling will be aimed at establishing significant, high-quality resources at Credo that will be included as part our next resource upgrade.
“This excellent result demonstrates our continued commitment to build an exceptional resource portfolio through cost- effective and measured exploration, adding significant “incremental value to our existing gold assets.
There is good scope for further success at the Credo Gold Project and we will be shortly commencing work on the recently signed Zuleika Gold Project JV. Zuleika is a much larger land holding within a key gold producing area of the Eastern Goldfields, located along the gold rich Zuleika Shear near Kalgoorlie, the gold capital of Australia.
“This early success demonstrates the significant potential of Dampier’s asset portfolio and its committed team which forms the base for future growth. We are well positioned towards achieving our objective of rapidly building a sizeable and high- quality gold resource in the Kalgoorlie / Menzies region of Western Australia.”