Gold explorer, Corvette Resources (ASX: COV) has added to the lustre at Plumridge gold Project, 60 km south of the AngloGold Ashanti/Independence Joint Venture.
Latest high grade gold indentified was at the Stingray zone, which is located within the Plumridge Project.
Plumridge is 100% owned by Corvette and covers over 2,300 km2 of tenement leases.
Assays returned from Reverse Circulation drilling (RC) indicate continuous high grade gold mineralisation over substantial thicknesses at Stingray prospect:
- 10m at 8.3 g/t Au (including 8m at 10.0 g/t Au);
- 3m at 5.5 g/t Au (including 1m at 10.6 g/t Au);
- 3m at 4.7 g/t Au (including 1m at 12.2 g/t Au);
Six of the nine holes encountered gold mineralisation.
Plumridge is situated on the margin of the Albany Fraser Province and within the interpreted reworked transitional margin of the Yilgarn Block, which hosts the five million ounce Tropicana/Havana gold deposit, discovered by the Anglogold Ashanti/Independence JV partners.
All RC holes are targeting primary basement mineralisation, below previously identified surface geochemical and supergene anomalies. This is the exploration model successfully applied at the Challenger deposit (Dominion Mining) and Tropicana-Havana (AngloGold Ashanti/Independence Group JV).
The results continue the exploration success at the large and 100% owned Plumridge Project, north east of Kalgoorlie, and 60km south of AngloGold Ashanti/Independence JV’s Tropicana-Havana deposit. Corvette is an area of gold mineralisation approximately 12 km by 1.5 km within Plumridge and Stingray is located in the south of Corvette.
The assays continue the high grade mineralisation indentified at Stingray in June.
Managing Director of Corvette, Patrick McManus said the results supported the Company’s exploration model and the systematic approach of its discovery team to exploring Plumridge and the 12 kilometre long anomalous Corvette zone.
“These are outstanding results and increase confidence for the development of a significant, high grade deposit at Stingray. Six of the nine holes drilled in this phase have intersected gold mineralisation and we are eager to start follow-up drilling as a priority”.
McManus said, “drilling on the Corvette Prospect is continuing to improve its prospectivity and confirm its potential to host several significant gold deposits. We have funded work programmes in place for the second half of 2009, including RC and diamond drilling, to further define the mineralisation."
"Adding to this the mineralisation, over such a wide area, reinforces that at Plumridge there is real potential for a large gold project in what is an under-explored but emerging Australian Gold Province, that is seeing a high degree of exploration activity and interest by other mining companies”.
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