Millennium Minerals (ASX:MOY) has identified what it calls a “major new greenfields exploration target” near the Golden Eagle deposit at its Nullagine gold mine in the East Pilbara region.
Located just under 2 kilometers southwest of Golden Eagle, the new and appropriately dubbed Golden Eagle South West target was identified through a new methodology that combines 3D magnetic inversion, structural analysis and soil geochemistry.
The new tactic is based on a reinterpretation of Millennium’s exploration data sets, and will now be applied across all of the company’s tenements in Western Australia’s Mosquito Creek Basin.
Reconnaissance drilling returned assay results including 12 meters at 0.87 grams per tonne (g/t) gold from 184 meters, including 1 meter at 3.13 g/t gold from 191 meters. The company considers these results significant as they confirm the magnetic signature is associated with gold mineralization, and has similar alteration to the Golden Eagle deposit.
“This is an outstanding result, demonstrating that our new exploration targeting approach is capable of identifying new, high-quality exploration opportunities at depth,” Millennium Chief Executive Peter Cash said in a statement.
“While most of our exploration at Nullagine has historically been directed towards outcropping geochemical targets — which have been very successful in delivering ongoing increases in resources and reserves — we believe that an integrated targeting methodology based on a mineralized system approach has the potential to unlock major new discoveries,” he added.
Through the usage of 3D magnetic inversion, Millennium was able to identify additional magnetic targets, which the company says it will now “prioritize and pursue.” Follow-up exploration is set to commence shortly, and will be comprised of a gravity survey and additional drilling.
“This represents an enormously important technical breakthrough for the area and Millennium,” Cash said, emphasizing that the company will continue to explore at Nullagine.
Millennium’s Nullagine gold mine currently produces around 80,000 ounces per year, with material sourced from five mining centers over a 40-kilometer strike length.
The company’s owned land through the project covers 264 square kilometers of the Mosquito Creek gold belt, and hosts a mineral resource of 850,000 ounces of fresh ore. The company’s share price closed Tuesday (August 28) at AU$0.20.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
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From:: Investing News Network