Breakaway Resources decision to choose gold joint venture partner validated with early success

Breakaway Resources (ASX: BRW) made the strategic decision recently to allow Aphrodite Gold (ASX: AQQ) to farm-in to the company's Scotia project less than two months ago - with the decision already paying exploration dividends.
Aphrodite in maiden drilling has intersected 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 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.
David Hutton, managing director of Breakaway, told Proactive Investors today that Aphrodite's early gold exploration success validates Breakaway's strategy to choose a joint venture partner.
Hutton said the decision effectively de-risks the project for Breakaway, allowing the company to focus more on Queensland gold and copper projects.
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 joint venture 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/18297/breakaway-resources-decision-to-choose-gold-joint-venture-partner-validated-with-early-success-18297.html