Aureka Reports Visible Gold Discovery
Aureka Resources has reported visible gold in multiple diamond exploratory holes at its flagship Irvine Project in Victoria. The company stated that this discovery is a promising development in its ongoing exploration efforts and highlights the project’s growing potential for high-grade mineralization.
Visible gold identified at Aureka Resources’ Irvine Project in Victoria.
Gold was observed in several areas around the Resolution Lode, and the intersection areas proved that gold-bearing structures do exist at depth. The findings are based on three parent and wedge holes that are aimed at enlarging the geological knowledge about the mineralised corridor.
Brightening up of Drilling Results Affirms Zones of Gold
According to what Aurake said, the most significant intercept was 4.65 metres at 2.93 grams per tonne of gold at 681.35 meters. There was also a high-grade interval of 0.4 metres and 10.4 grams per tonne in this section. The other intersection gave 4.00 metres at 2.55 grams per tonne at 699 metres with one metre at 8.4 grams per tonne.
Aureka’s drilling operations continue to reveal promising intersections at the Irvine Project.
Such findings validate the fact that gold mineralisation goes far beyond the limits of the known past. The technical team of Aureka believes that the data will be integrated with the current model of geological data to hone future drilling targets. The Company has seen these intersections as possible extensions of the known mineralised areas.
Interpretation of Faults and Structures
One of the geological characteristics that was determined by the geologists of Auraka is the Tenacity Hanging Wall Fault, which regulates the distribution of gold. The visible gold and other sulphides are found along this fault, and this is a sign that the structure could contain more mineralised shoots.
The new understanding of the Company is that mineralisation sinks on steeper angles, which are approximated to be 20-25 degrees. Future drill orientation and depth targets could be affected by this new understanding in order to maximise resource definition and explore more along the strike.
Potential of Resources and Exploration
The inferred mineral resource currently stated in the Irvine Project is 304,000 ounces of gold at an average of 2.43 grams per tonne. Moreover, another target of exploration with a 2 to 3 grams per tonne grade has been determined by Aureka between 280,000 and 420,000 ounces.
Geologists at work evaluating new mineralised zones within the Irvine Project area.
The management said that the new drilling outcome would most probably lead to an upgrade in the resources in the future. The firm intends to develop on the inferred category by reassuring continuity of mineralisation in infill and extension drilling programs. This method will improve the confidence of resources in the Tenacity fault zone and the Resolution fault zone.
Repetitive and Future Drilling Programs
Aureka intends to keep on drilling diamonds throughout the Irvine Project, after the finding of visible gold. The second step will be concerned with testing extensions of Hanging Wall and Resolution Footwall faults of Tenacity, on which the structural continuity and mineralisation potential are unconstrained.
Additional drilling will also be used to test the extensions to the north and untested intervals in between the existing holes. The new structural data will be used by the Company to prioritise regions that exhibit intense alteration and sulfide, which are significant signs of gold mineralisation.
Shareholder Response and Investor Accent
Reporting of visible gold led to a sharp rise in the share price of Aureka, and the volume of trading in the share significantly increased on the Australian Securities Exchange. The discovery was taken positively by the investors who saw it as a move towards approving the high-grade potential of the Irvine Project.
According to the market analysts, favorable location and increasing base of resources of the project further consolidate the presence of Aureka in the gold industry of Victoria. The success of the Company’s exploration effort has brought back focus to the institutional and retail investors who want their presence in the emerging gold exploration in Australia.
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Final Thoughts
The gold discovery seen by Auraka at the Irvine Project helps strengthen the geological potential of one of the most promising gold exploration sites in Victoria. The input of the known mineralised areas, good structures of faults, and good assay values position the Company well to continue its growth.
As more drilling is conducted and its structural models are being improved, Aureka is still learning more about the Irvine system. The Company anticipates more releases of new information as new assay results come in, which should help allocate more resources and outline new gold-bearing areas across the project.
FAQs
1: What is the visible gold discovery at Aureka’s Irvine Project?
Aureka has encountered visible gold in several diamond drill holes along the Resolution Lode within the Irvine Project.
2: What were the key drilling results from the visible gold finds?
Significant intercepts included 4.65 m at 2.93 g/t gold (with 0.4 m at 10.4 g/t) and 4.00 m at 2.55 g/t (including 1 m at 8.4 g/t).
3: How does this discovery affect the resource base at Irvine?
The visible gold findings strengthen potential to upgrade the current inferred resource of 304,000 ounces at 2.43 g/t and expand exploration targets.
4: Where is the Irvine Gold Project located?
The Irvine Project lies in western Victoria, about 16 km south of the Stawell Gold Mine.
5: What structural feature is now a priority target at Irvine?
The Tenacity Hanging Wall Fault has gained priority status after visible gold and sulphide mineralisation were found along it.
6: What is Aureka’s next step in exploration at Irvine?
The company plans further diamond drilling to test extensions of the Tenacity Fault, Resolution shoot, and northern zones.
