ASX-listed gold hopeful, Coziron Resources, has followed up a high-grade discovery drill hole at the Top Camp prospect at its Croydon project with an encouraging gold hit in what is fast becoming one of WA’s hottest exploration districts.
The Perth-based gold explorer’s Top Camp discovery sits about 75km west-south-west of the distending Hemi gold deposit discovered by De Grey Mining in the Mallina region in the Pilbara.
Broking firm Argonaut says Hemi may already contain an estimated 3.9 million ounces of gold from ore averaging 1.8 grams per tonne, with the potential for the resource at De Grey’s Mallina project – which includes Hemi – to expand to a monster gold endowment of 10Moz within two to four years.
De Grey’s market cap ballooned to above $1.5 billion during trade today, rallying from a valuation of sub-$50 million just six months ago.
Hemi has inspired a startling transformation across the region, raising its profile to that of a rapidly emerging major gold province.
Coziron is one a growing list of canny companies including Capricorn Metals, Novo Resources, Calidus Resources, Caeneus Minerals and Kairos Minerals to name a few who are leading the Pilbara gold rush charge.
According to Coziron, Croydon takes in about 35-40km of the key regional structures of the Tabba Tabba shear zone corridor that hosts Hemi, with the geology dominated by granitic, mafic and ultramafic rocks in the east and sediments of the Mallina Basin in the west.
Its latest RC drilling program at Croydon, comprising 12 holes totalling about 3,000m, homed in on the Top Camp prospect where the initial discovery RC hole assayed an impressive 8m grading 10.2 grams per tonne gold.
The most notable intercept in the follow-up round was 5m going 3.2 g/t gold from 132m, including 1m at 8.6 g/t from 133m. The company says the first of the follow-up holes intersected the interpreted trend of the main mineralised structure.
Results for 10 of the latest RC holes drilled at Top Camp are pending.
Coziron’s maiden RC drilling at the Top Camp prospect late last year pierced through weathered material beneath large areas of outcropping altered rocks that host extensive areas of shallow historical workings and display anomalous soil geochemistry.
In the limited first program, nine of the 13 widely spaced holes drilled to 200m depth intersected intervals of gold mineralisation with 1m samples at greater than 0.5 g/t.
The company has moved the RC rig to the nearby Bottom Camp prospect where it will kick off a maiden drill program.
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