For the second time in less than month, Dacian Gold has revealed a significant upgrade in prospects at two key WA projects.
In mid-February it revealed its maiden ore reserve estimate for the Hub and GTS deposits at its Redcliffe Gold Project in the northeastern goldfields.
On Monday it told the ASX that it had intersected broad zones of gold mineralisation from drilling at the Jupiter mining complex within the Mt Morgans gold operation in WA.
Dacian said that drilling beneath the established Heffernans open pit at the mine site yielded up to 55.1 metres at 1.5 grams of gold to the tonne from 496.7 meters, including 10.6 meters at 6.9g/t gold.
Three more holes have drilled with assays still to come.
And as well as the Jupiter extension program, “a resource definition drilling campaign from the base of the Heffernans open pit commenced in January to target the mineralisation to a depth of 150m with completion expected in March,” the company said in the statement.
Dacian CEO Leigh Junk said in the statement to the ASX “Each hole we have drilled to date of this Jupiter extension program has intersected broad mineralisation, with our understanding of the opportunity continuing to evolve. We anticipate further momentum from our remaining holes at Doublejay as part of this initial program.”
In February, Dacian Gold said the maiden ore reserve estimate for the Hub and GTS deposits at its Redcliffe Gold Project was estimated at 490,000 tonnes at 3.2 grams of gold a tonne (g/t) for 51,000 ounces.
Total ore reserves now stand at 11.8 million tonnes at 1.1 grams of gold to the tonne for 436,000 ounces, before 2021-22 mining depletion.
The ore reserves were estimated using $A2,100 an ounce gold price (now much higher at more than $A2,800), with total reserves of 490,000 tonnes at 3.2g/t for 51,000 contained ounces. This is an increase of 13% to the company’s previously reported ore reserve estimate as at June 30, 2021.
The company said additional resource expansion and infill drilling activities are in progress across the Redcliffe project to support further potential conversion of resources.
Dacian said it will continue to develop the Hub and GTS open pits, with mining planned and on schedule to commence during July this year.
Dacian shares closed up 8% on Tuesday at 26.5 cents because of the near record gold price at just under $US2,000 an ounce.
