This is Menzies drilling that was does we haven't got results for.
"The Lady Irene Gold Mine comprises two shallow (<40 m) abandoned open pits (refer Figure 3) some 9 kilometres north-west of Menzies and is the mostly northerly mine in the Menzies field. The deposit was discovered by Julia Mines Limited in late 1996, and open pit mined in 2001. It produced around 6,550 oz from 42,700 tonnes of ore averaging 4.77 g/t Au recovered, mostly from a high grade supergene zone, attaining widths greater than 10 metres wide in the oxide profile. Gold mineralisation is associated with two south-plunging shoots on a sheared contact between steep-west dipping basalt and komatiite, intruded by a typically 1 – 5 m wide quartz vein, with high grade gold associated with alteration on the footwall of the vein. The Company considers the shoots are under-tested and open at depth to the south. The current drilling programme commenced in April 2018 with a shallow RC hole (LIRC001) to test the southern plunge component of the upper shoot and 2 diamond tail holes (LIRD001, 002) in the lower shoot (refer Figures 3, 4). The drilling intersected expected quartz veining with associated sulphides in hole LIRD002 (refer Figure 5), but encountered a significantly wider quartz vein than anticipated in hole LIRD001 (refer Figure 6), with a downhole intercept of 37.5 m (anticipated true width >16 m). Although typically the quartz vein is only partially mineralised on the footwall contact, the Company is encouraged by the scope of the gold bearing system, which is completely open to the south. The Company’s geologists are currently orienting, logging and processing core from these holes ahead of sample selection for analysis. "
"The Yunndaga deposit (refer Figures 1, 2) is the largest ore body mined in the Menzies area, discovered as part of the initial gold rush to Menzies in 1894. The deposit is 6.5 kilometres south of Menzies and was mined as a significant (>600 metres deep) underground operation through to 1927, producing around 272,000 oz from 516,000 tonnes of ore averaging over 16 g/t Au recovered. Open pit mining of the deposit from 1995 to 1998 produced a further 64,300 oz from 800,000 tonnes of ore averaging 2.5 g/t Au recovered. The pit attained a maximum depth of 110 metres, and was oxidised to around 60 metres. The Yunndaga deposit is hosted in amphibolite rocks, along the margin of the Yunndaga sedimentary package. It consists of quartz lodes trending north-west to south-east, dips 70 degrees west and plunges south in a series of ore shoots that are hosted along the sheared and altered contact between a mafic amphibolite sequence to the east, and felsic volcaniclastics and shale to the west. Pyrite and arsenopyrite are dominant, with some chalcopyrite, galena, and sphalerite. Several late sinistral east-west faults cross the north end of the pit. The principal ore shoot was the Princess May (refer Figure 8) to the south of the deposit, consistently around 1 metre wide above 300 metres, and 2 metres wide below 300 metres in depth, typically averaging over half an ounce per tonne gold in grade. There are a series of narrower and lesser defined shoots to the north of this shoot, named the Link, Eva, and North shoots respectively. The Company believes the deposit is under-tested for extensions to these shoots, and drilled 3 diamond tail holes (YURD001, 002, 003- refer Figures 7, 8) into these shoots to establish confidence about the local geometry of these lodes. All holes intersected lode geometry in the target zone at expected thicknesses, typically less than 2 metres in width. The company’s geologists are currently orienting, logging and processing core from these holes ahead of sample selection for analysis. "
IRC Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
