Astral Resources (ASX:AAR) Reports Strong Gold Drilling Results
Gold Drill Program Results
Astral Resources (ASX:AAR) has announced the assays for the first two holes of a four-hole diamond drilling program at the Theia Deposit. Both holes ended in gold mineralisation at about 450 metres down-hole, confirming expectations to upgrade Inferred Resources to Indicated category.
Key results from MDRCD919A include 28 metres at 2.63g/t Au from 149 metres and 12.3 metres at 1.77g/t Au from 279.7 metres, with multiple significant intercepts indicating strong mineralisation potential. The second hole, MDRCD920A, returned critical intersections including 15.3 metres at 0.78g/t Au from 99.3 metres. These results are likely to enhance the confidence in the current mineral resource estimates.
Eos Deposit Exploration
The company also reported on a 16-hole extensional reverse circulation drilling program at the Eos Deposit, revealing substantial gold mineralisation. Highlights include 14 metres at 2.50g/t Au from 46 metres and numerous other encouraging intercepts across the drilling program. This exploration underscores potential extensions of the existing resource and the presence of significant gold mineralisation in the area.
Future Outlook
Astral Resources is preparing to update its Mineral Resource Estimate, which will occur during the March quarter, buoyed by the latest drilling results. Hydrogeological drilling has started at Mandilla, with plans for further diamond and air-core drilling at Feysville expected to commence shortly. Marc Ducler, Managing Director, expressed confidence in the continuity of results, stating, “The intersections appear to conform well to the current MRE, giving us belief that we will see increases in the higher confidence Indicated category.”
The company’s extensive exploration plans aim to solidify its resource base and support the ongoing Pre-Feasibility Study (PFS) for the Mandilla Gold Project, expected to be completed by June 2025.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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