News: Centrex Metals defines gold targets at Woolgarlo

Centrex Metals (ASX:CXM) has completed a dipole-dipole ground induced polarisation survey program at its Woolgarlo Gold Project in New South Wales, generating drill ready epithermal gold targets.

The Woolgarlo Gold Project lies just 50 kilometres from Canberra and within the prospective East Lachlan Fold Belt.

Historical exploration has demonstrated that epithermal gold mineralisation is present within Devonian volcanic host rocks at either end of the project at the Mt Mylora and Sugarbag prospects.

Centrex completed a high-resolution air-borne magnetic survey earlier this year between the two historical prospects, as Surgarbag to the south has been interpreted to be the top of an epithermal system, and Mt Mylora in the north to be the base.

The magnetic survey results suggested possible magnetic destruction along interpreted trending faults thought favourable for further epithermal gold mineralisation within the target host rocks.

Overall interpretation of the magnetics indicated a central north-south trending graben feature that is in line with an epithermal model.

Interpretations of the remaining induced polarisation survey will be completed over the coming weeks, and Centrex is formulating a drill program to test the targets interpreted to date.

In January, Centrex completed its second fully-franked special dividend within 12 months, dispersing $15.7 million, or $0.05 per share.

Centrex still retains $35 million cash and is capitalised at the same.