- Adelong Gold (ADG) hits wide zones of mineralisation at the Gibraltar mine in NSW
- Follow up drilling indicated a strong multiple vein system west of the Gibraltar mine workings with a peak intersection of one metre at 34.6 grams of gold per tonne
- The results confirm five zones of gold mineralisation previously intersected, and according to Managing Director Peter Mitchell, highlight the potential for major deposits
- Adelong says it can now begin bringing the Gibraltar deposit into the resource inventory for its namesake project
- ADG shares are up 114 per cent trading at 1.5 cents at 2:42pm AEDT
Adelong Gold (ADG) shares sky rocketed after the company revealed it hit wide zones of mineralisation at the Gibraltar mine in New South Wales.
The company received results for drilling completed in October, which indicated a strong, multiple-vein system west of the Gibraltar mine workings.
This work was completed to follow up drill hole 3DGIB003 that intersected five zones of gold mineralisation which collectively represented 11 metres at 3.45 grams per tonne (g/t) gold.
All samples from the latest bout of drilling returned gold values above detection, which the company said shows the entire 90 metres had some degree of mineralisation.
Individual intersections included three metres at 12.57 g/t gold, including one metre at 34.6 g/t gold, as well as one metre at 18.55 g/t gold.
Managing Director Peter Mitchell said the latest results confirm the results of 3DGIB003 and highlight the potential for major deposits.
“This drilling has shown for the first time very wide zones of pervasive mineralisation indicating the potential of the Gibraltar area to generate a large tonnage resource and enhancing the potential of the exploration concept of a larger deposit located below the Adelong Creek where the NE trending multiple veins intersect the Wondalga Shear,” Mr Mitchell said.
Given the results to date, Adelong said it can begin bringing the Gibraltar deposit into the resource inventory for its namesake project.
Moving forward, further investigation will test the potential for larger scale mineralised structures, as well as deeper extensions to a zone at the Percy Shaft workings, which ADG said could generate additional significant deposits.
ADG shares were up 114 per cent trading at 1.5 cents at 2:42pm AEDT.