TNM Drill Down: M3 Mining reports ‘spectacular’ gold hit at Edjudina

Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our data provider Mining Intelligence.

Western Australia-focused M3 Mining (ASX: M3M) leads the week’s top drill assays, reporting on July 9 the presence of “spectacular” gold mineralization at its Edjudina project, north of the town of Kalgoorlie. The company reported the results of screen fire assays from the El Capitan prospect at Edjudina, with the highlight intercept of hole EDJAC164 being a re-sampled core returning 10 metres at 241.2 grams gold per tonne from 27 metres depth. This translates to a high width x grade value of 2,412. While that one-metre section might be an uncommon pocket not reflective of actual average concentrations underground, it further confirms gold is present at Edjudina. The company is moving ahead with drill planning and recently concluded a follow-up air core drill run. Samples from that drill run will be submitted to a laboratory, and an electromagnetic underground survey will occur later this month. The company has drilled more than 3,182 metres across 74 drill holes, testing north and south extensions of what is believed to be an underground gold system at the pre-resource project. The program was intended to reach 3,400 meters, but the company mentioned pending heritage legislation in Western Australia as a factor in the shorter overall campaign and mechanical issues.

Torex Gold (TSX: TXG) reported on July 11 ‘impressive’ results from its ongoing drill program at its El Limón Guajes underground mine in Mexico. Torex is exploring in zones referred to as El Limón Deep (ELD), Sub-Sill, Sub-Sill South, El Limón Sur Deep, and El Limón West (together called ELG Underground). The top intercept was from hole LS-220, which hit 14.5 metres grading 88.6 grams gold per tonne from 229.2 metres depth, for a width x grade value of 1,281. Infill and step-out drilling to the south at El Limón Sur Deep successfully extended higher-grade mineralization outside the current resource block model. Several drill holes returned good intersects over broad widths. The positive results from the underground drilling program support ongoing resource expansion and reserve growth within ELG Underground, which supports the company’s strategic focus on filling the mill with higher-grade feed from 2027 onwards. The ELG Openpit proven and probable reserves stand at 8.4 million tonnes grading 3.2 grams goldper tonne for 885,000 oz. metal, and the ELG Underground holds 2.6 million tonnes grading 5.8 grams gold per tonne for 508,000 oz. of metal.

i-80 Gold (TSX: IAU) reported the week’s third-best drill hit in hole iCHU23-11 at the McCoy-Cove project in Northern Nevada, which returned 29.3 metres grading 18.9 grams gold per tonne from 334.4 metres depth for a width x grade value of 554. The new results include the best intercepts to date and demonstrate the continuity of high-grade mineralization in the CSD/Gap zone. The continuing program, expected to total about 40,000 metres of drilling, is being completed on 30-metre spacings before an updated resource estimate and economic study follow in late 2024 related to the construction of mining operations at McCoy-Cove. This program is focused on the CSD/Gap and Helen zone portions of the deposit, including mineralization below the pit in the Cove South Deep and 2201 deposits that are not being drilled as part of this program.