Hastings Technology Metals has confirmed the existence of high-grade gold mineralisation at the Seven Leaders prospect, showing notable downhole intersections from 21 of 32 drill holes.
The company completed drilling of the Whiteheads gold project and confirmed high-grade gold mineralisation near the prospect.
Notable intersections from the 21 drill holes include one from five metres at 15.17 grams per tonne (g/t) gold (Au) from 27 metres. This finding includes a hit at two metres at 35.55g/t Au from 28 metres.
Another find is at 35 metres at 1.94g/t from surface, including one metre at 18.05g/t Au from 33 metres.
Hastings COO Tim Gilbert said the new drilling results indicate a larger and higher-grade deposit than initially thought.
“The next stage of results and subsequent resource estimation will really define how much bigger and better Seven Leaders might be,” he said.
Hastings said the drilling results indicated strong support for gold grades and thicknesses greater than results from historical intervals and the deposits remain open along strike and at depth.
Meanwhile, Hastings’ shareholders will be voting on Metal Bank Ltd.’s proposed acquisition of Hastings’ gold assets at the upcoming annual general meeting on November 28.
Metal Bank will issue 160,022,264 shares to Hastings, valued at AU$2.3 million. Hastings will then transfer the company’s gold assets and AU$300,000 in cash held by its wholly-owned subsidiary Great Western Gold Pty Ltd.
