The Laverton Gold Project consists of two granted exploration licences and three exploration licence applications covering approximately 41km2 of prospective Banded Iron Formation (BIF) stratigraphy, within the Mt Margaret-Murrin Greenstone belt (MMMG). The project area is located 4km west of the Laverton township and has historically been the subject of sporadic, early-stage exploration activities.
Rincon Resources has completed a maiden Air-Core (AC) drilling program, which consisted of 103 holes for 6,416m. The focus of this program was to define the extent of gold mineralisation, intersected in historical drilling, over four priority areas, Area’s 1 to 3 and GG Anomaly.
Eight AC holes were drilled into Area 1 to follow up a historical Rotary Air-Blast (RAB) intercept of 7m @ 15.95g/t Au from 21m. Mineralised zones were observed to consist of ferruginous quartz veinlets associated with a mafic-felsic contact
Gold mineralisation at Area 1, inclusive of the historic drill intercept, has now been intersected over a strike length ~80m and remains open along strike and at depth. Best results include:
- 21LAC001 – 5m @ 0.40g/t Au from 25m and 15m @ 1.25g/t Ag from surface; and
- 21LAC006 – 5m @ 0.45g/t Au from 20m.
Thirty-three AC holes were completed at Area 2, designed to follow-up a low-level gold trend over 800m of strike defined by ≥ 0.10g/t Au in historical RAB and AC drill holes. The anomalous gold trend was found to be associated with the interpreted southern extension of the Banded-Iron Formation (BIF) sequence that is associated with the Gladiator Gold Deposits to the north of the Laverton Gold Project.
At Area 2, a thick, transported paleo-channel system was also observed to depths of +40m in most cases with most holes requiring to be drilled through the transported cover before intersecting the oxidised bedrock transition zone. Best results include:
- 21LAC097 – 5m @ 0.28g/t Au from 65m;
- 21LAC098 – 13m @ 0.30g/t Au from 58m to EOH;
The AC drilling confirmed that the prospective BIF is mineralisation and potential exists for higher-grade mineralisation to extend at depth. Follow-up RC drilling is proposed to test the deeper bedrock system below these holes.
Thirty-three AC holes were completed at Area 3 and twenty-six AC holes completed at the GG anomaly. Drilling at both areas return anomalous gold mineralisation only. It was determined that no further drilling is warranted at these target areas.