Kalgoorlie Gold Mining Ltd (ASX:KAL) has seen its shares rise more than 48 percent on news that it’s discovered extensive, thick zones of high-grade gold at its Wessex target – part of the wider Pinjin Project northeast of Kalgoorlie Boulder – with intercepts yielding grades beyond 3 grams per tonne of gold across 4 metres.
At 11:05 AEST, the company’s shares were sitting at 4.0 cents, a rise of 48.15 percent since the opening of the market, as the latter responded to the drilling results as reported earlier this morning.
The results were part of KalGold’s first pass aircore drilling at Wessex, with indicators suggesting the prospect could be part of a broader system connected to the proximal Hawthorn Resources Ltd’s (ASX:HAW) Anglo Saxon Gold Mine.
New intercepts from the work included 28 metres at 1.27 grams per tonne from 36 metres, including 8 metres at 1.90 grams per tonne from 44 metres, and 8 metres at 2.15 grams per tonne from 56 metres; and 12 metres at 1.17 grams per tonne from 52 metres including 4 metres at 3.07 grams per tonne from 56 metres.
Managing Director Matt Painter said he was impressed by the excellent results yielded from the program.
“Thick, coherent zones of shallow gold mineralisation were defined across the tenement boundary from historically recorded gold anomalism,” he said.
“The shape, geometry, and style of gold mineralisation at Wessex displays parallels with Hawthorn Resources’ neighbouring Anglo Saxon gold deposit, located less than 1 km to the northeast.
“This discovery at Wessex requires follow-up aircore and/or RC drilling to define the full extent of the mineralisation footprint.
“These results, in addition to the shallow gold mineralisation currently being incorporated into an initial JORC Code (2012) Mineral Resource Estimate at Kirgella Gift and Providence, highlight the incredible prospectivity of KalGold’s Pinjin Project.