TNM Drill Down: Best Gold Assays of May 19-24

A core logging facility at Heliostar Metals' Ana Paula project in Mexico. Credit: Heliostar Metals

Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence.

top 10 Gold Drill Results May 19 - 26

Last week’s top assays came from the Americas, Europe and Australia. Heliostar Metals (TSX-V: HSTR) leads the rankings with its Ana Paula project in Mexico’s southern Guerrero state. On Tuesday, the company reported that hole AP-23-292 returned 101.1 metres grading 8.35 grams gold per tonne from 43.9 metres depth, for a grade x width value of 844. That hole is among several targeting the High Grade Panel at the higher-than 10 grams gold core of Ana Paula, which the company believes has the potential to host a high-margin underground gold mine. Heliostar plans to continue the 16-24 hole program designed to grow the Ana Paula resource, with a focus on infill and expansion of the High Grade Panel. 

Ana Paula hosts proven and probable reserves of 14.1 million tonnes for 1,081,000 oz. gold grading 2.38 grams gold, and measured and indicated resources of 21.2 million tonnes for about 1.5 million oz. of gold at 2.16 grams gold, according to a preliminary feasibility study released in February. The exploration concession at Ana Paula covers more than 600 sq. km. Numerous holes were drilled at the site from 2005, when Goldcorp made the initial discovery and the project changed hands until it was acquired by Heliostar from Argonaut Gold in March.

The second-best assay of the week came from Rupert Resources’ (TSX: RUP) Rupert Lapland project in northern Finland. On Tuesday, the Toronto-based company reported hole 123019 returned 145.7 metres grading 3.1 grams gold from 36 metres depth for a grade x width of 452. The infill drill hole also cut 28 metres grading 2.9 grams gold and 1 metre grading 43 grams gold from 302 metres depth on a western section of the deposit, further defining high grade mineralization from surface. The hole was from Rupert’s 2022-2023 exploration program at its multi-million-ounce Ikkari gold discovery, about 970 km north of Helsinki. 

The program demonstrates the continuity of the deposit, the potential for higher grades in the core and extensions at depth in untested areas in the west. The program, which started last August, will comprise 72,800 metres of drilling, with 30,000 slated for infill and project drilling and 42,000 metres on satellites and Ikkari resource growth. According to a November 2022 consolidated resource statement and preliminary economic assessment for an open pit and underground development scenario, Ikkari hosts 46.4 million indicated tonnes grading 2.5 grams gold for 3.6 million oz. gold; and 11.8 million inferred tonnes grading 1.9 grams gold for 710,000 oz. metal.

The third best assay of the week was from Gascoyne Resources’ (ASX: GCY) flagship Dalgaranga project in Western Australia. On Tuesday, the Perth-based explorer reported that reverse circulation hole DGRC1183-DT returned 29.2 metres grading 11.09 grams gold from 449 metres depth, for a grade x width value of 323. The hole also cut 9.44 metres at 22.26 grams gold and was drilled into Dalgaranga’s Never Never deposit, located about 475 km northeast of Perth. The news about DGRC1183-DT is the second time in May that Never Never has been featured in the TNM Drill Down. 

Hole DGRC1183-DT intersected strong Never Never-style mineralization 110 metres below the current resource. When measured in gram-metres, it is the third best hit at Never Never to date. An updated resource for the project, 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. Gascoyne expects to release another resource update in the second half of the year.

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