Allied Gold hits spectacular gold intercept Gold mining and exploration company, Allied Gold (AIM: AGLD) climbed 5% higher after announcing that it intercepted “spectacular” gold grades over a 16 metre interval in a hole drilled only 250 metres east of the Pigiput oxide prospect.
Drill hole RC1555 returned 16 metres grading 15.12 grams per tonne gold from only 15 metres down hole. The second hole in the 11 hole campaign intersected a 3 metre zone grading 8.6 grams per tonne gold from 43 metres, including 1 metre grading 15.25 grams per tonne gold. Results from the remaining holes are pending.
Allied Gold is already producing at a rate of 84,000 ounces of gold per annum from the Simberi Project. Current drilling is targeting new resources, including Pigiput, which can support a proposed expansion to 120,000 ounces per annum.
Previous work on the Pigiput zone has suggested the potential for 500,000 ounces of oxide and sulphide gold accessible via an open pit.
ALD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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