Naracoota Resources intersects up to 46.4g/t gold at Horseshoe...

Naracoota Resources intersects up to 46.4g/t gold at Horseshoe Range

Monday, February 13, 2012
by Angela Kean

Drilling at Naracoota Resources’ (ASX: NRR) Hill 680 prospect in Western Australia has returned multiple intersections of high grade gold mineralisation, such as 5 metres at 10.58 grams per tonne (g/t) gold, including 1 metre at 46.4g/t.

Other highlights from the prospect, located on the Horseshoe Range 125 kilometres north of Meekatharra, include 2 metres at 8.98g/t gold and 2 metres at 5.21g/t.

This prospect lies around 25 kilometres southeast of the Fortnum Gold plant/mine and 2 kilometres west of the Cassidy Pit.

The project is located in the Peak Hill – Horseshoe Lights district of Western Australia, which is attracting significant attention off the back of Sandfire’s (ASX: SFR) DeGrussa copper-gold discovery and Doray Minerals’ (ASX: DRM) recent high grade Andy Well gold discovery of 172,000 ounces at 25.3g/t, open in all directions.

Horseshoe Metals' (ASX: HOR) 3.3 million tonne at 2.9g/t gold Horseshoe Lights VMS discovery is just 7 kilometres to the north of Naracoota’s Horseshoe Range tenements.

The recent drilling results confirm historic gold mineralisation reported from limited reverse circulation drilling conducted in the late 1980s at Hill 680 by Barrack Exploration, and importantly expand upon the known mineralisation in this area. The gold mineralisation is open along strike and at depth.

The latest drilling by Naracoota consisted of 259 metres of diamond core drilling in two holes and 841 metres of reverse circulation drilling in six holes for a total of 1,100 metres of drilling in eight holes completed.

Assays for five of the eight holes drilled have now been received, with the results from the remaining three holes anticipated in the coming weeks.

Planning is already well advanced for follow-up drilling, and the earth works necessary to create drilling pads will begin once approvals have been received.

http://www.proactiveinvestors.com.au/companies/news/25232/naracoota-resources-intersects-up-to-464gt-gold-at-horseshoe-range-25232.html