Strata Minerals Restricted (ASX: SMX, “Strata” or “the Firm”) is happy to announce graduation of a maiden drill program at its Penny South Gold Undertaking in Western Australia.
Highlights:
- Maiden drilling program underway at Strata’s Penny South Gold Undertaking in WA’s Goldfields
- Drill targets lie ~500m instantly south of the high-grade Penny West and Penny North gold deposits at present being mined by Ramelius Sources Restricted (ASX:RMS) (723,000 tonnes at 17g/t Au for 3G5,000 ounces1)
- The deliberate reverse circulation (RC) drilling program will include 13-holes for ~2,800 metres, concentrating on two precedence areas at Penny South
- Drilling goals to check the interpreted alongside strike and down plunge mineralised pattern from Ramelius’s Penny deposits and fast down-dip extensions of shallow anomalous intersections from historic drilling
- The drilling marketing campaign, which is a part of a drill-for-equity settlement with Topdrill, is predicted to take roughly 4 weeks with preliminary outcomes anticipated late March/April
Pic 1: Drone picture displaying RC drill rig on Strata’s Penny South Gold Undertaking in foreground and the Penny West open pit on Ramelius Sources Restricted (ASX.RMS) tenure within the background approx. 500m to the North.
Managing Director Peter Woods commented:
“It’s incredible to begin drilling at Penny South, concentrating on two of our precedence goal areas. We’re excited to see what’s uncovered at depths instantly alongside strike from the Penny Mine which is simply to the north of us and take a look at down dip extensions of historic shallow anomalous intersections, neglected by the challenge’s earlier homeowners. With latest gold discoveries throughout WA, we’re pushed to make Penny South a type of success tales. This primary spherical of drilling will present vital data to help us in that pursuit.”
Penny South Gold Undertaking, WA
The Penny South Gold Undertaking (Determine 1) is positioned in a world class gold district, solely ~500m south of the Penny Mine Undertaking – certainly one of Australia’s highest grade producing gold mines, owned and operated by Ramelius Sources Restricted (ASX.RMS), with Ramelius not too long ago saying plans to increase exploration at Penny to the south, in direction of the northern boundary of Strata’s tenements2.
The Penny West Shear, which controls the situation of gold mineralisation at RMS’ Penny North/West gold deposits, extends south into Strata’s Penny South Undertaking, with ~2.5km of strike contained throughout the challenge space.
The deliberate program of 13 reverse circulation (RC) holes, totalling 2,864 metres, goals to check the interpreted alongside strike and down plunge mineralised pattern extensions of the high-grade Penny West and Penny North Gold Deposits, in addition to investigating zones of anomalous mineralisation from historic drilling3 (Determine 2).
Strata’s identification of a demagnetised zone inside Strata’s Penny South Undertaking, just like the one related to the Penny West and Penny North Gold Deposits simply to the north of the Penny South Undertaking (~500m), was a key part of the concentrating on course of. The de-magnetised zone is interpreted because the pathway of a mineralising fluid system alongside the important thing structural pathways (Determine 3).
Determine 1: Location of the Penny South Undertaking (E57/1045)
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