Long section with drill results at Korong. Credit: File
Si6 Metals’ Monument gold project in the world-class Laverton Tectonic Zone of Western Australia is starting to look the goods. Initial results from recently completed drilling have returned significant gold with a stand-out intercept of 6 metres grading 3.15 grams per tonne gold from 95m depth leading the pack. Results from a further twenty-five holes remain pending with a resource update expected to follow.
Monument covers some 310 square kilometres of tenure in the gold-rich region which collectively has produced over 30 million ounces of the precious yellow metal. The project is host to around 30 kilometres of under-explored banded iron formation which is interpreted by the company to be the same host-rock as the Westralia gold deposit located along strike to the south-east. Westralia is held by ASX-listed Dacian Gold as part of the Mount Morgans 2.1-million-ounce resource base in the region.
Monument itself already hosts a resource at Korong with 860,000 tonnes grading 1.8 g/t for a total of 50,000 ounces of gold in the inferred category. Si6 appears to have identified further high-priority targets within the project tenure through a recent reconnaissance sampling program. Bedrock mineralisation grading over 1 gram per tonne gold and extending over 9km in strike has been reported.
This week’s results are from the first nine holes of a 4,375m campaign at Korong and Waihi located some ten kilometres apart. Results from a further twenty-five holes remain pending and anticipated in the coming weeks.
Results received to date are highly encouraging, with numerous broad zones of gold mineralisation intersected at Korong and Waihi proximal to existing mineralised drill intercepts. Mineralisation remains open down dip and along strike in a number of holes. In addition, the drilling also intersected numerous zones of gold mineralisation in the hanging wall of each prospect. This is a fantastic result from the first assays received and we look forward to reporting additional results as they become available.
Si6 Metals Chairman, Patrick Holywell
The drilling campaign was designed to test down-plunge extensions of mineralised zones identified through previous modelling. It was also looking to drill through the gold-hosting banded iron formation which historical drilling failed to do.
As Si6 eyes out a resource update, once all results are in, the campaign is also aiming to increase the company’s confidence in historical drill data, better understand the distribution of gold mineralisation and infill and extend the mineralisation along strike and at depth.
At Korong, a total of twenty-one holes for 2,660m were drilled with the results from the first five holes released this week. All five holes hit gold with best intervals of 6m grading 3.15 g/t gold from 95m and 5m at 3.22 g/t gold from 130m reported.
The initial results appear to bode well for the company. According to management, the results confirm previous interpretations of the prospect and the presence of a high-grade south plunging zone together with a north plunging mineralised zone. The majority of the mineralisation looks to be located at the base of the banded iron formation horizon.
At Waihi, thirteen holes for 1,715m have been completed that aimed to extend the known mineralisation along strike and at depth with all holes designed to drill through the banded iron formation.
Two of the four holes released this week hit significant gold with a 3m at 2.38 g/t gold and a 5m at 1.17 g/t interval reported. The mineralisation in both holes remains open at depth, to the north and for several hundred metres to the south according to the company. Further drilling at Waihi is required to determine if structural controls are similar to Korong, management said.
Si6 is off to a flying start in this gold-rich region of WA. With results from twenty-five drill holes still pending and a resource update anticipated to follow, expect plenty of short-term news flow from this Perth-based explorer.
SI6 Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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