Austin Metals (ASX:AYT) defines three new gold prospects – The Market Herald
- Austin Metals (AYT) discovers gold in three new prospects in the Shadow target area of its namesake gold project in WA
- Of the three, the Everlong prospect is the largest, containing an 800 meter by 200 meter zone of mineralization hosted in mafic rocks – a first for the Austin project
- Austin Metals says the mafic and ultramafic host rocks are very similar to those at Musgrave Minerals’ (MGV) Break of Day and Lena deposits to the north.
- The company plans to do follow-up drilling and is also awaiting further assays from the recent program
- AYT shares ended the day 12% in the red to close at 2.2 cents
Austin Metals (AYT) has received preliminary results from a core drilling program at its Austin gold project in Western Australia.
The company drilled 193 holes, for 5,168 meters, in the Shadow Zone to define shallow, low-level anomalies.
Positively, the program found gold in three new Shadow Zone prospects, including the Everlong, Breakout, and Generator prospects.
The Everlong prospect contains a large area of 800 meters by 200 meters that remains open to the southwest and at depth.
Results from this zone include six meters at 1.2 g/t gold from 24 meters and 30 meters at 0.2 g/t gold from 15 meters including six meters at 0.4 g/t gold. t of gold.
The company said mineralization at Everlong is hosted in mafic rocks, which is a first for the Austin project and it is believed that mafic rocks are likely to be the favorable host rock for gold deposits at through the project.
Results from the Generator prospect include two meters grading 0.74 g/t gold from 40 meters and an upper zone of four meters grading 0.1 g/t gold from 28 meters.
Finally, drilling at the Breakout prospect intersected four meters at 0.1 g/t gold from 32 meters. The breakout sits on a prominent gravity rupture feature that may extend southeast and open northwest to the boundary of Musgrave Minerals’ (MGV) Break of Day deposit.
“The discovery of high-grade gold and significant widths of auriferous quartz veins at the Everlong prospect represents a game-changer for the Austin project and confirms that our new strategy is clearly very effective.” said technical director Leo Horn.
Mr Horn said the discovery of gold hosted in mafic rocks for the first time was also an important result.
“This represents a significant opportunity given the large amount of mafic rock on our buildings and the fact that these rocks host a cluster of high-grade Musgrave Minerals Break of Day deposits directly adjacent to the ground floor of Austin.”
Austin is awaiting assays from the Mt Sandy, Brunwick Hill and Brians areas and further core drilling is planned to target mafic and ultramafic rocks.
Shares of AYT ended the day 12% in the red to close at 2.2 cents.