Draig Resources is accelerating its drill activity at the Tribune Lode gold discovery within the Bellevue Gold project in W.A after another series of high-grade gold intercepts and hits of visible gold in several holes that are still to be assayed.
The ASX-listed junior grabbed market attention in November when it announced stunning gold hits from the newly discovered Tribune Lode, immediately west of the historic and now closed Bellevue mine north of Leinster. With a best result of 5m at 37.5 g/t gold, Draig’s share price soared from 12 cents to a peak of 27.5 cents, and remains well supported at 21.5 cents.
The results vindicated the company’s exploration strategy, which was essentially a model for parallel, high-grade repeats of the mineralisation at Bellevue.
When it was in production Bellevue produced about 800,000 ounces at an amazingly high average grade of 15 grams per tonne gold.
Latest drill results this week have added further evidence of a potential bonanza at the Tribune Lode. The best result from assays received so far include 12m at 12.0 g/t gold from 68 metres downhole and 15m at 5.8 g/t gold, including 0.3 metres at a whopping 242 g/t gold.
Significantly, the deepest drill hole to date produced 2.4m at 21.9 g/t gold from a depth of 162.8 metres downhole, and mineralisation remains open to the south and down dip.
A further seven holes have been drilled, with Bellevue-style quartz sulphide lodes intercepted in all holes. Visible gold was logged in several holes, and with assays still to come, market punters will no doubt be speculating about what might be coming.
Draig’s Executive Director, Steve Parsons, said: “Drill results and the observed mineralisation from the latest drill core have confirmed the continuity of the system from near surface to 180 metres vertical depth. Our focus is now on extending the down dip potential of this high-grade mineralised system below the current depth as well as stepping out.
“The Tribune shear has been consistently intersected in every hole drilled so far and we are having an excellent success rate at hitting the very high-grade, broad mineralised shoots. We have only just scratched the surface on this new discovery and look forward to keeping the market informed as results come to hand.”
The very encouraging results have prompted Draig to accelerate drilling activity, with two diamond drill rigs and an RC rig now on site to complete an initial program of 5,000 metres.
Draig’s systematic exploration program is targeting a high-grade underground and open pit gold resource in the near term.
The Bellevue Gold Project was once one of Australia’s premier high-grade gold mines until 1997, when the operation shut down about 430m below surface.
Draig’s game plan is to apply modern exploration and development techniques at Bellevue, which is within 100km of a number of producing gold mines, in a bid to rejuvenate this once great project.
By Matt Birney
