New Murchison Gold Limited (ASX:NMG) has reported encouraging results from its ongoing diamond drilling program at the Crown Prince Gold Project, part of the company’s flagship Garden Gully Gold Project near Meekatharra, Western Australia.
The company’s latest diamond drill hole, NGGRCDD974, has intersected visible gold at a depth of 252 metres, marking the deepest known occurrence of gold mineralisation in the south-eastern zone (SEZ) of the Crown Prince deposit.
This discovery is particularly significant as it suggests a potential continuation of mineralisation at depth and down-plunge, extending beyond the current mineral resource estimate.
The drill hole, which comprises a 154-metre diamond core tail following a 150-metre reverse circulation (RC) pre-collar, targeted extensions of mineralisation down-plunge from the SEZ.
At 252 metres, drillers encountered a quartz-carbonate vein with strong showings of native visible gold.
This gold-bearing vein was found at the top of a 16-metre strongly sheared interval, characterised by sheared mafic schist, ultramafic rocks, and rafts of black shale.
The presence of abundant quartz-carbonate veining throughout this interval is consistent with typical gold mineralisation patterns at Crown Prince.
Alex Passmore, CEO of New Murchison Gold, expressed optimism about the findings, stating: “While we caution that assays are awaited from Diamond Hole NGGRCDD974, we are pleased to report the strong visual indications of mineralisation in a key extensional area for the Crown Prince resource.”
The diamond drilling program, which includes 12 planned holes, is ongoing.
Assays for NGGRCDD974 have been prioritised and are expected within two to three weeks.
Results from two previously drilled holes are pending, while a third is awaiting processing.
This latest intersection of visible gold at depth could potentially lead to an extension of the Crown Prince resource envelope and may positively impact the project’s economics.
New Murchison Gold recently completed a feasibility study for Crown Prince, which identified pre-tax cash flow of $226 million over 30 months at current spot gold prices.
As the company awaits assay results, investors and industry observers will be keenly watching for updates that could confirm the significance of this deep gold intersection at Crown Prince.
