TNM Drill Down: Best Gold Assays of Apr. 21-28

TNM Drill Down May 5-12

Our TNM Drill Down features highlights of the top gold assays of the past week (Apr. 28-May 5). Drill holes are ranked by gold grade x width, as identified by our data provider Mining Intelligence.

TNM Drill Down: Apr. 28-May 5

Last week’s top gold assays come from Australia and Ecuador. Bellevue Gold (ASX: BGL) leads the rankings with its namesake project in Western Australia. On May 1, the Perth-based company reported that hole DDUG0613 returned 4.9 metres grading 91.5 grams gold per tonne from 46.4 metres depth for a grade x width value of 448.35. The assays from the highlight hole were among results from more than 50 grade control drill holes in the Armand Upper Lode at Bellevue. Along with the Marceline and Bellevue South lodes, the area has returned high-grade results from underground drilling. “These exceptional results are important because they demonstrate the extremely robust nature of the resource model and therefore the strength of the production forecasts,” said managing director Darren Stralow in a release. While exploration drilling continues, first gold pour at the underground mine is expected in the second half of 2023, with an initial mine life of 10 years. Bellevue hosts probable reserves of 6.8 million tonnes grading 6.1 grams gold for 1.3 million oz. of gold.

The second best assay of the week came from Gascoyne Resources’ (ASX: GCY) Dalgaranga project in Western Australia. On May 2, the company reported that hole DGRC1186, cut 50 metres grading 6.46 grams gold from 144 metres depth for a grade x width value of 323. That reverse-circulation hole, from the Never Never deposit, also cut 10 metres at 23.7 grams gold. It also represents the fifth best intercept found so far at Never Never, said Gascoyne CEO and managing director Simon Lawson. “These standout results, provide further validation that Never Never is one of the most exciting new gold discoveries in Australia, with high-tenor, high-grade mineralisation now defined over a significant strike and dip extent just north of the existing mine,” he said. An updated resource for Never Never, released in January, shows it hosts underground and open pit indicated resources of 157,300 oz. gold in 1.3 million tonnes grading 3.69 grams gold. Another 145,800 oz. are in 710,000 inferred tonnes grading 6.43 grams gold. The company expects to release another resource update in the second half of the year. Dalgaranga was a producing gold mine until it was put on care and maintenance last November. Gascoyne’s exploration program at the site began in February 2022.

The third best assay of the week came from Lundin Gold’s (TSX: LUN) producing Fruta Del Norte project in southeast Ecuador. On May 4, the miner reported diamond drill hole BLP-2022-016 cut 39 metres grading 8.27 grams gold from 97 metres depth, for a grade x width value of 322.53. The hole, in the Bonza Sur target, also returned 1 metre grading 277 grams gold from 70 metres depth hosted in a wide hydrothermal alteration zone. Bonza Sur is a new mineralized target discovered in near-mine drilling at the beginning of the year while testing a 1.2-km-long geochemical soil anomaly along the south extension of the East Fault, located 1 km south of the main Fruta Del Norte deposit. Additional drilling confirmed the mineralization continues along strike to the south and at depth. “These results demonstrate the significant exploration potential of our land package that we have just started to test,” said CEO Ron Hochstein. Lundin plans to drill up to 23,000 metres in the near-mine program this year at an estimated cost of $24.6 million. The company has already completed 4,110 metres across eight holes since mid-April.

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