A presentation given by Westgold Resources (ASX: WGR) at a conference in the Northern Territory last week pointed to its licences covering a field that may match the historic Tennant Creek goldfield, which produced 5 million ounces of gold as well as significant copper and bismuth. Famous mines in Tennant Creek include Nobles Nob, Warrego and Peko.
Just prior to that presentation Westgold released latest results from its Rover 1 copper-gold-cobalt project, 100 kilometres south of the town of Tennant Creek.
They included high grade gold intervals of 7 metres grading 185 grams/tonne gold, 13m @ 7.3 g/t and 16m @ 9.7 g/t, while high grade copper hits included 3m @ 3.6% copper, 13m @ 3.7% and 7m @ 4.1% Cu.
Those results saw Westgold's share price to about A$ 0.50/share after starting a steady rise obviously on the basis it was undertaking a new major drill programmme.
The latest drilling had targeted an area 30m below a recently reported 135m long intercept of mineralisation.
Westgold's managing director, Andy Beckwith, said the copper and two of the gold zones occurred within a broad overall intercept of 128m grading 1.2% Cu, 1.2 g/t gold, 2 g/t silver, 0.07% bismuth and 0.05% cobalt from 402m depth.
The discovery area is in the Western Zone of Rover-1 which is about 250m west of the Jupiter Zone where previous outstanding hits last year included 65.75m @ 11 g/t Au, including 11m @ 18.3 g/t and another section of 15.75m @ 29.4 g/t. These intercepts were below 500m.
"It was these very high grade gold zones within the classic Tennant Creek ore bodies that delivered enormous value, and which are an important focus of our exploration efforts alongside the broad overlapping zones of high-grade copper with associated silver, bismuth and cobalt that occur in the Rover 1 deposit," said Beckwith.
He said bonanza gold zones in the iron oxide copper-gold (IOCG) systems may be small targets but they are "fantastically rich and it would appear we have found two within the Rover system."
The positive news prompted another NT explorer Adelaide Resources Ltd (ASX: ADN) to point out that Westgold's latest results occur within metres of a licence it holds.
Adelaide Resources' managing director Chris Drown said his company would closely monitor Westgold's progress to see when or if drilling for an extension of Rover 1 was warranted.
Recently, Adelaide Resources announced significant copper drill hits from its Rover 4 prospect, 2.2 km north of Rover 1, where it currently has a drill rig on site.
Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.
Just prior to that presentation Westgold released latest results from its Rover 1 copper-gold-cobalt project, 100 kilometres south of the town of Tennant Creek.
They included high grade gold intervals of 7 metres grading 185 grams/tonne gold, 13m @ 7.3 g/t and 16m @ 9.7 g/t, while high grade copper hits included 3m @ 3.6% copper, 13m @ 3.7% and 7m @ 4.1% Cu.
Those results saw Westgold's share price to about A$ 0.50/share after starting a steady rise obviously on the basis it was undertaking a new major drill programmme.
The latest drilling had targeted an area 30m below a recently reported 135m long intercept of mineralisation.
Westgold's managing director, Andy Beckwith, said the copper and two of the gold zones occurred within a broad overall intercept of 128m grading 1.2% Cu, 1.2 g/t gold, 2 g/t silver, 0.07% bismuth and 0.05% cobalt from 402m depth.
The discovery area is in the Western Zone of Rover-1 which is about 250m west of the Jupiter Zone where previous outstanding hits last year included 65.75m @ 11 g/t Au, including 11m @ 18.3 g/t and another section of 15.75m @ 29.4 g/t. These intercepts were below 500m.
"It was these very high grade gold zones within the classic Tennant Creek ore bodies that delivered enormous value, and which are an important focus of our exploration efforts alongside the broad overlapping zones of high-grade copper with associated silver, bismuth and cobalt that occur in the Rover 1 deposit," said Beckwith.
He said bonanza gold zones in the iron oxide copper-gold (IOCG) systems may be small targets but they are "fantastically rich and it would appear we have found two within the Rover system."
The positive news prompted another NT explorer Adelaide Resources Ltd (ASX: ADN) to point out that Westgold's latest results occur within metres of a licence it holds.
Adelaide Resources' managing director Chris Drown said his company would closely monitor Westgold's progress to see when or if drilling for an extension of Rover 1 was warranted.
Recently, Adelaide Resources announced significant copper drill hits from its Rover 4 prospect, 2.2 km north of Rover 1, where it currently has a drill rig on site.
Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.
