Aphrodite Gold (ASX: AQQ) has achieved some early exploration success at the Chameleon Gold Prospect, which is a farm-in and joint venture with Breakaway Resources (ASX: BRW).
The significance of any gold hits at the joint venture for Aphrodite is the strategic location of the prospect, which is just five kilometres from the company's existing plus one million ounce Aphrodite Deposit.
The highlight from maiden drilling by Aphrodite at Chameleon includes 12 metres at 10.99 grams per tonne (g/t) from 66 metres, 11 metres at 2.05g/t gold from 129 metres, and 8 metres at 1.51g/t gold from 227 metres.
The results are from the first 11 of a completed 15 hole reverse circulation program testing a length of 900 metres and down to a maximum vertical depth of around 230 metres.
Results from the final four holes are still pending.
Chameleon forms part of the Scotia Gold joint venture which Aphrodite recently farmed into with Breakaway, allowing Aphrodite to earn up to 80% of the gold rights in the tenements which cover an extensive 217 square kilometres - by spending $1.5 million over a period of up to four years.
Chameleon is the first of several identified gold targets within the land package that Aphrodite has tested.
Boosting the prospectivity of the deposit is the historic broad intersections which include 29 metres at 3.40g/t gold from 124 metres, 22 metres at 5.43g/t gold from 150 metres, and 8 metres at 3.39g/t gold from 202 metres.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/18293/aphrodite-gold-hits-12m-at-1099gt-gold-in-maiden-drilling-at-chameleon-jv-18293.html
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