Firetail Resources (ASX:FTL) has “substantially” increased its landholding around the Excelsior Gold Project in Nevada as the Australian smallcap continues its search for the precious metal in the prolific Walker Lane belt.
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The $33 million miner linked up with Athena Gold Corp (TSX:ATHA) to stake more interesting terrain around Excelsior after spotting tertiary felsic intrusives that have the potential to host “significant mineralisation.”
“This enhanced ground position we have secured gives us exposure to a trend of mapped felsic porphyritic intrusives with the potential to be gold-bearing,” Firetail’s managing director, Glenn Poole, explained today.
The intrusion-related gold potential Firetail’s spotted at the Excelsior Project has only undergone “limited exploration,” including geochemistry, spectral analysis, and small-scale mining through adits, shafts, and prospecting pits.
“In the region, these intrusives are an important host to gold mineralisation.”
Firetail’s next plans include field mapping and sampling – both of which are starting this week, HotCopper understands – as the Aussie explorer gears up for a diamond drilling campaign in the newly staked areas.
Past high-grade, thick mineralisation in the target area includes 51.8 metres at four grams per tonne gold from 39.6 metres and 33.5m at 5.35g/t Au from 41.2m.
“The aim,” Mr Poole said, “is to unlock the scale potential of the Excelsior project.”
Elsewhere, Firetail is looking to drill around a parallel structure at its Blue Dick Mine in the Excelsior Springs area after recent field mapping and sampling returned results of up to 6,630 grams per tonne silver.
FTL heads into Friday trade at 8.9cps. The company’s been up +12.7% YTD.
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