Kalgoorlie Mining Company: gold discoveries continue from East Lode at Bullant

Kalgoorlie Mining Company (ASX: KMC) has successfully identified that gold mineralisation still occurs at the East Lode at the Bullant gold project in Western Australia.

The significance of the gold discoveries are that they are at the East Lode which runs parallel to the “Main Lode”, and highlights that the Bullant mine contains areas of high grade gold mineralisation in very close proximity to the current Bullant mine workings.

The latest highlights from 22 holes to finish the current program which covered over 5900 metres included:

- 6.53 metres at 9.77 grams per tonne (g/t) gold from 140 metres;
- 1.68 metres at 12.90g/t gold from 70 metres; and
- 2.76 metres at 6.84g/t gold from 85 metres.

Kalgoorlie Mining is already planning the next exploration stage which will include drilling aimed at defining any extensions to the East Lode.

The company will also incorporate the latest results into an updated resource model which is forecast for release within the next six weeks. The lode already has a resource of 446,900 tonnes at 4.68g/t gold for 67,300 ounces, which importantly pushes the total resource at the project past 300,000 ounces.


Kalgoorlie Mining - a self funded gold explorer

Providing some background on Kalgoorlie Mining, the company has a revenue generating ore agreement with Barrick's (NYSE: ABX) Australian subsidiary in place - which provides cash flow until the company can pour its own gold from around mid-next year.

Last month Kalgoorlie Mining announced that gross proceeds of $5.7 million had been received to date. The company is targeting gold production at an annualised rate of 40,000 ounces.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22722/kalgoorlie-mining-company-gold-discoveries-continue-from-east-lode-at-bullant-22722.html