Octagonal Resources (ASX:ORS) has commenced reverse circulation drilling in the Pig and Whistle area of the Pearl Croydon Gold Deposit in Central Victoria.
The Pearl Croydon Deposit is located 40 kilometres southwest of the company’s Porcupine Flat gold processing facility at Maldon and contains an Inferred Mineral Resource of 570,000 tonnes at 2.9g/t gold for 53,000 ounces of gold.
This drilling program will consist of 14 holes for 550 metres, and is designed to test for near surface gold in an area that is already approved for open pit mining.
Previous drilling intersected 10 metres at 5.5g/t gold from 30 metres, and 3 metres at 5.9g/t gold from 74 metres.
Octagonal recently raised around $3 million via a rights issue on the basis of 3 new shares for every 5 shares held, at $0.05 per share.
The company is currently trading at $0.05 and is capitalised at $8.5 million.
