While this has only been a small, first-pass campaign I am amazed at how quickly people read (or did not read) the announcement as there is plenty of detail to digest including the following (emphasis added):
Diamond hole 23LTRD001 was targeting previous drilling which intersected significant gold mineralisation (see Table 1 – Section 1 Verification of sampling and assaying) however a large influx of groundwater led to poor sample recovery and reliability. Encouragingly, we intersected two feeder fault zones in 23LTRD001 and encountered water and large zones of barite dissolved from the rock. The hole intersected2m @ 3.84 g/t Au, 0.45% Cu, 4.43% Zn from 107mwith intense dissolution of barite at 104m-109m considered likely to have affected gold content.
This drilling has highlighted high-grade targets within and adjacent to the NNE striking Main Feeder fault zone. Next phase drilling will target the Main Feeder fault zone and the footwall pumice breccia unit (north of 23LTRC002 and LTDD22055) where sparse drilling has returned2m @ 2.45 g/t Au, 6.58% Cufrom 58m(LLRC186).also be applying learnings from this work to targeting high-grade gold in the potential Carrington and Gap Zone Feeders in early 2024.”
To be fair there were not a lot of results to go off. There are plenty of results pending, including 96 assay results outstanding, resource upgrade and further drilling next year to test in more detail and see what may be in the resource growth zone on page 2. The fact that they have copper, zinc and lead is also a bonus as this will help with economics of a future mine.
Interested in hearing comments both for and against as I think it is premature to sell given the above and think some were obviously primed to sell on the news regardless of the outcome.
Rome was not built in a day so let's see how this progresses as the concept of feeder zones appears valid, if not yet proven to be sizeable.
