Vancouver – As part of a confirmation and stepout drill program at its Gullewa project in Australia, ATW Gold (ATW-V) hit a 28 metre intercept grading 1.54 grams gold per tonne, 1.5 grams silver per tonne and 0.86% copper starting 66 metres downhole in hole 13.
The intercept, thought to be either a new mineralized zone or a fault offset of Gullewa’s Deflector zone, is good enough that ATW Gold president and CEO states ATW will mobilize drill rigs to the area around the hole so as to delineate any potential mineralization.
ATW reports that the mineralization in hole 13 is similar to the Deflector zone about 600 metres north and 300 metres east where ATW has outlined a gold-silver-copper resource. Both areas of mineralization are steeply dipping and northeast trending quartz veins with pyrite, chalcopyrite and pyrrhotite.
The hit comes at an opportune time as ATW is currently conducting a scoping study of the Gullewa project where at the Deflector zone ATW has calculated resources of 535,000 measured tonnes grading 3.87 grams gold, 8.03 grams silver and 1.18% copper and 1.2 million indicated tonnes grading 4.32 grams gold, 6.34 grams silver and 0.96% copper.
The Gullewa project is 300 km southwest of ATW’s operating gold mine Burnakura, which recently achieved commercial production, and 450 km north of Perth. It consists of 756-sq.-km of mineral tenements covering central and southern portions of the Gullewa Greenstone Belt.
ATW bought a 100% stake in Gullewa last year from Batavia Mining (BTV-A) for 2 million shares and A$13 million worth of installments payable over a three year period.
The purchase included licensed tailings disposal facilities, a 50-person camp and processing infrastructure that included a 300,000-tonne-per-year carbon in leach plant. All facilities are currently on care and maintenance.
On news of the drill intercepts ATW’s share price gained 3¢ to close at 65¢. ATW has about 61 million shares outstanding.
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